Holy Student Loans Batman!

[MeNimbus]

I am able to pay off the remaining amount of my student loan right now, but I have cigars to buy. j/k The money is going towards the baby.

I started paying off my student loans since 2001 and I only have a few thousand left. After that I will be debt free!

[gnukfu]

Yeah that sucks - the students in my class in law school are always talking about the huge debts they are accumulating. Luckily my tuition and books are all covered by my employer. I think I had around $15K in debt when I got my undergrad degree 30 years ago which is probably comparable to about $60K today but I ended up with a degree in Chemical Engineering so it was well worth the investment.

[mikeyj23]

Originally Posted by gnukfu

. . .I think I had around $15K in debt when I got my undergrad degree 30 years ago which is probably comparable to about $60K today but I ended up with a degree in Chemical Engineering so it was well worth the investment.

At first I didn't think you were talking about inflation - I thought you were talking about how much your debt would be if compounded for 30 years. A quick compound calculation - had you left $15K in debt 30 years ago at 18% interest, you'd be in the hole about $3.2M today. Doesn't that make you glad you don't have debt?

[gnukfu]

Originally Posted by mikeyj23

At first I didn't think you were talking about inflation - I thought you were talking about how much your debt would be if compounded for 30 years. A quick compound calculation - had you left $15K in debt 30 years ago at 18% interest, you'd be in the hole about $3.2M today. Doesn't that make you glad you don't have debt?

Hehe I would have left the country!

[tchariya]

Originally Posted by jagmqt

I just renewed for another $15K on the fast track to $100K in debt...Can't wait for my payments...

jag

Awesome profile pic! Love that movie.

[BamBam]

This guy right here. I only finished with an Associates and have been out for 6 years. It sucks.