I know my past posts have related to this, but this is the most debt that I have ever heard of. In this article, a couple from Seattle graduated with a combined $500,000 worth of debt. I believe school loans can be good, as I stated in this post, but in this case, I’m not so sure they are worth the debt.
The couple has two children and a combined annual income of $80,000, and they couldn’t even make the initial payments on their loans.
“Of the 3.4 million federal-loan borrowers who entered repayment in 2008 (as the economy slid into recession), 7% defaulted within the year, the highest percentage in more than a decade. That statistic doesn’t include the thousands of borrowers who fell behind on their payments without defaulting, or those who couldn’t keep up with their private student loans.”
The article states ways to help you pay off your loan, but it also lists ways to defer it and what happens when you don’t pay. You should’ve realized that $500,000 is TOO MUCH!
Related Posts
I Thought I Was Too Good For Community College- Consolidating And Refinancing Student Loans – What You Should Know
- How I Paid Off $38,000 In Student Loan Debt In 7 Months
- What I Would Change About My College Experience
- How To Save Money On Textbooks + Campus Book Rentals Review
- Should I Ruin My Retirement By Helping My Child Through College?
Jessie says
oh wow….that is a huge amount of debt….crazy.
Live Simply- Live We says
That is way too much. You have to think about what you are doing
BTHappyHomeowner says
That is INSANE! I'm pissed off about having 40K in student loan debt after undergrad and 2 Masters degrees. I'd love to know what they studied and what was going through their heads when they kept agreeing to take on more loans!!
Michelle Parker says
I'm the same way. After I graduate I will have 2 undergrad degrees and my Masters, and I will have around $35k to $40K in loans. I wish it said what they majored in.
slobely838 says
That's insane! What's wrong with people! Unless their degrees are in some sort of medical field where they'll be making at least $200,000 a year EACH, that was a big mistake!
Eric Finlay says
How does that even happen?
Michelle Parker says
I don't even know how something like that happens! It doesn't make sense.
Michele says
My husband and I are chiropractors and we each have about 200K in student debt.