Tuesday, September 17, 2013

Student Loans

Student loans are the devil.  I've been in repayment since 2007 and I still have 10 or more years to go.  I try to pay a little more each month but it's already a lot!  Geesh.

I advise anyone who is having a baby to open up a college savings RIGHT AWAY!  Heck, while it's still in the womb.  Any amount helps (this goes for any savings, though) but even $100/month over 18 years is only $21,600.  Nowadays that's not even one year with room and board at college.  Yikes.  Consider an invested college savings which will help a bit more.

If I could do it all over again, I'd go to a community school for 2 years and then do the last 2-3 years at a college/university that best suits the selected major.  You can save thousands.

That is my advice for the day.  Sorry if I scared anyone...

Do you have student loans?  How much longer until they're paid off?  I hope it's less than mine!

4 comments:

  1. They ARE the devil! I hated making that payment for my husband every month! We paid his off last year and it's been bliss ever since! We were really dedicated to getting that paid off, tho, so used our tax refunds to knock down the balance every year. That hard choice paid off, tho! No more student loan payments! Good luck w/ yours!

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  2. It took me about 6-8 years to pay off my student loans, and I worked all through college. I used to think saving for my own kids' college education was a priority, but as I get older I realize that it's not - saving for retirement is actually much more important! When my kids are older they can get scholarships, work through school, or get a loan for their education. My husband and I can not get a loan to live in retirement. So our priorities have shifted, but if we ever hit the lottery, I would definitely put aside money for my kids' education. Good post!

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  3. I still have student loans! From 2006!! I think I have 7 years left?? But it could be more! That money could go to so many different things right now!! We already have savings plans for the boys, but know it won't be enough! It's so sad!

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  4. My student loans are ridiculous! I pay more towards them every month than anything else, and that includes our mortgage. I think they'll be paid off in about 8 years or so, but who knows. I can't imagine how much more money it'll feel like I have once that finally happens though!

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