A few weeks ago, relatives came to my husband, asking questions about how to pay for college. Without getting into specifics, let’s just say that they are in shock with the the cost of sending their child to college and they’re pretty overwhelmed at handling it all. While there are plenty of options, none of them are too desirable, particularly the one where the college bound student needs to take out loans. After all, my husband and I are well versed in the horror of student loans and we are none to pleased at the thought of someone else having to shoulder that burden.
If he had know what he was in store for, I’m fairly confident in saying that my husband would have taken a different route when it came to paying for college (and grad school. But that’s a different story). What that route is, I don’t know but it definitely would have been different. And involved us not paying on his loans 12 years after he graduated.
When we think about all we could have done had we not been paying that money back, we both get a little sick. We just consider it a blessing that I did not graduate from college or grad school with any student loan debt. Because then? We’d probably be really, really screwed.
My friends at NerdWallet have put together an infographic detailing student loans in real terms. Have a look:
Via: NerdWallet
I truly wish I’d known the whole impact of taking out student loans before I went to school. I would’ve worked much harder to minimize them. That’s a very interesting info graphic, all high school grads should be shown that!
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I agree. The relative discussed in the post included!
My husband and I were both fortunate to graduate with manageable college loans (I think we started with a combined $40K in debt… now paid down to under $20K). But we are going to be spending a lot of money on graduate school in the next 1-3 years, and so student debt is always on my mind.
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Grad school is approximately half of my husband’s student loans. When you consider that he paid for 18 months of grad school and 4 years of undergrad, that’s a lot of money for those 18 months.
My loans will be manageable, since I have been working full time during my degree to pay for it out of pocket, after my first and second year. It’s not been easy, but worth it – seeing some of these numbers is super scary.
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I admire the fact that you’ve been able to pull that off. I guess the trade off is a good one, though. Especially in the long run.
I love infographics! haha
My student loans are manageable — I graduated with about the average debt, owing $20,580. I’ve now got that down to $16,000 (with another $600 payment coming out 2 weeks from now!)
I feel like the balance is finally shrinking and I can see the light at the end of the tunnel… I will be debt free in 2013, and that is a great feeling.
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Having a end date for your debt is such a great feeling. We’ve yet to put a specific date on ours…just before we’re 40 is good for now (which is also kind of sad).
Student loans are a scary thing! I plan on paying around $2,500 a month for around 10 months and then they’ll be gone. Scary to think about though.
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That’s a pretty impressive feat to pay off all your loans in 10 months! I’m sure you will breathe a huge sigh of relief when they’re done.
Love the info although I feel like I get punched in the gut anytime anyone mentions college tuition. My oldest goes to a university and is there on an academic scholarship (tuition and books only). He lives with his mom and works a part-time job. My second oldest is going into sixth grade and is a smarty pants too but you never know what life will bring. Starting to research all of our scholarship and grant options. Of course savings for our kids college is a priority as will teaching them about loans and money management.
Love this graphic. It is exactly what I mean when I say talk to me like a five year old when finances are involved. Do they have one for investments?
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The thought of college tuition freaks me out. At least I have more time to prepare!
I inquired with NerdWallet about an infographic on investing. There isn’t one yet but if and when they do produce one, you can be assured I’ll share it here!