How much do you owe after you graduated from a university? or just a general...

Illusionz
Illusionz

How much do you owe after you graduated from a university? or just a general debt thread

All urls found in this thread:
http://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/
http://www.newyorker.com/magazine/2016/02/29/mr-money-mustache-the-frugal-guru
Evil_kitten
Evil_kitten

None, paid it off as I went.

Bought a house a couple years after that, pretty easy if you try.

Poker_Star
Poker_Star

I owe about $1000 to Discover with about $5000 credit limit remaining. I owe about $1500 to Home Depot with about $3500 remaining. I have a $2000 personal line of credit with $300 borrowed and $1700 remaining. We owe like $1-2000 to JC Penney with a shitload remaining. We owe a few hundred to Amazon with a shitload remaining. I use a Wal-Mart credit card in lieu of a debit card so there's a couple hundred there and every few months they bump up my credit limit another $500 or $1000 so that's just basically my credit score hack.

I have 3 or 4 other cards but I think they're paid in full. A PayPal one, another Discover, a Visa .. I think those are at $0 or close to it each with a good chunk for the spending limit.

My wife owes about .. boy $5-6000 still on her student loans but it's not too bad.

We owe the hospital about $8000 for delivering our son. That's our out of pocket. (Thanks Obama..)

I'm financing two cars and owe a few thousand on each. Thinking about trading in my commuter for a 3-seater.

I just bought my first home for $266,000. I've only made two mortgage payments so far.

I'm thinking of taking out a home equity line of credit to upgrade our deck and yard. That plus my tax return next year ought to take care of it. That'll set me back $5000 plus another $5000 in debt but could boost value of the home up by $50k (we're having a bit of a mini housing bubble here)

Yea my debt is pretty good. It's working for me.

BinaryMan
BinaryMan

pretty much devoting my gainz to my 9k student loan. up 130 now, only a bit more to go. VYM up and up

CodeBuns
CodeBuns

@Illusionz
$5k student loan, make $360 monthly payment.
it will be gone in a year.

Stark_Naked
Stark_Naked

None , because i don't live in a Jew controlled country

MPmaster
MPmaster

@Poker_Star
about $8000 for delivering our son. That's our out of pocket. (Thanks Obama..)
Honestly more people need to be prepared to pay for these kinds of expenses. Because they would have been expensive regardless of who was president lol
We had a family friend who had no medical insurance (that was her choice) and she ended up having to pay the entire $50,000 bill for her complication-free delivery....if there are complications you're talking about a 6 or 7 figure situation. 8k isn't too shabby, in my opinion; t-thanks, Obama

farquit
farquit

@Poker_Star
my debt is pretty good. It's working for me.
is this what murricans actually believe?

SomethingNew
SomethingNew

@farquit
actually yeah the "extending me a line of credit has been a godsend" mindset is common in America
we're a consumer culture

TreeEater
TreeEater

@SomethingNew
http://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/
they should read this

Burnblaze
Burnblaze

@TreeEater
lol wtf you actually go through that guy's blog
didn't you read the New Yorker expose about him; hes the literal definition of a vapid cunt

StonedTime
StonedTime

@Burnblaze
link? i read mostly his calculations and philosophy about saving and retirement and they looked solid he just talks too much about pointless shit.

TechHater
TechHater

@StonedTime
not gonna spoonfeed you find it yourself

eGremlin
eGremlin

@Burnblaze
unsuccessfulpeople.jpg
"focuses on people, not ideas"

AwesomeTucker
AwesomeTucker

@eGremlin
you would stop focusing on his ideas if you realized how naive he was

CodeBuns
CodeBuns

@eGremlin
it's true the guy has a cult-leader like attitude and sounds narcissistic but show me a mainstream politician that doesn't. otherwise he probably wouldn't put so much energy in his blog.
mmm taught me something very important that i will never forget. interest percentages really matter even a single percent difference over inflation makes a world of difference in 10 years.

Ignoramus
Ignoramus

@CodeBuns
lol he's not a politician he's a blogger
and a helicopter parent
and one debt crisis away from completely abandoning his platform

Stupidasole
Stupidasole

@AwesomeTucker
i already had similar practices/ideas that have served me and others i know quite well

found the blog searching for something one time and related to some of it

whereismyname
whereismyname

@Ignoramus
you really need to sauce this up cause i can't find it.

Nojokur
Nojokur

@Stupidasole
related to some of it
this is the key i think you never swallow everything without chewing. think it though use what you find to be true and suiting your purposes even extrapolate from it and discard the rest.

Spazyfool
Spazyfool

@whereismyname
http://www.newyorker.com/magazine/2016/02/29/mr-money-mustache-the-frugal-guru
fuck you

Dreamworx
Dreamworx

@Spazyfool
yeah i found this one but it does not mention him being in a debt crisis as you said. it just points out how he is enjoying the attention. and it's not a totally discrediting review if you actually read it.

Lunatick
Lunatick

@Dreamworx
I didn't say he's in a debt crisis
but his entire platform rests on the fact that his very very fortunate situation - which is, in all seriousness, quite difficult to attain and almost impossible to sustain - will last forever
one 6 figure debt situation - getting hit by a car, injury, getting sued, divorce, whatever
and he's gonna delete his entire blog and go back to work like the rest of us

Booteefool
Booteefool

@Spazyfool
He told me that his blog is now earning around four hundred thousand dollars a year

sounds like a kick ass passive income to me, living the good life

haters gon hate

King_Martha
King_Martha

@Lunatick
but his entire platform rests on the fact that his very very fortunate situation - which is, in all seriousness, quite difficult to attain and almost impossible to sustain - will last forever
in this i agree he was lucky right time right place and he did not blow it.
one 6 figure debt situation - getting hit by a car, injury, getting sued, divorce, whatever
and he's gonna delete his entire blog and go back to work like the rest of us
i see
well he might very well have millions in assets by now based on his attitude and where he started.
6 figure debt in usd is unimaginable to me really. how the fuck is it actually possible?
most you can get in debt by accident like this in my country is around $17k in extreme cases and $4k for a usual prolonged hospital stay with many surgeries after a car crash for example.

SomethingNew
SomethingNew

@King_Martha
what do you mean? do you know how expensive it is to get hit by a car? or to go through cancer treatment? a million dollar hospital bill takes only about 6 weeks to rack up. and like @Booteefool
this user points out, the guy has a high income from his blog (thanks to sponsored content) so he's definitely not gonna qualify for fucking emergency medicaid if he's put into that kind of situation

Inmate
Inmate

@SomethingNew
do you know how expensive it is to get hit by a car?
like i said i can't relate to this it is simply not true for me. a co-worker had her entire family crushed to barely living pulp in an accident took a year for them to get back to a semblance of normalcy. cost them about $20k most of which was covered by their insurances.

Methshot
Methshot

@Inmate
also if you have to drive for an extended period go to an other country drive especially dangerous roads you can buy insurance for that 1-3 days that will pay the fucking moon if anything happens yet still doesn't affect your yearly budget.

BinaryMan
BinaryMan

@Illusionz
$30k

I plan to move in with my longtime girlfriend into a comfy 1 bedroom apartment while I work at her dads medical device company.

StrangeWizard
StrangeWizard

@Illusionz
None, god bless Europe :)

Nude_Bikergirl
Nude_Bikergirl

@Illusionz

$145,411

Harmless_Venom
Harmless_Venom

none
full ride

takes2long
takes2long

@Poker_Star
We owe the hospital about $8000 for delivering our son. That's our out of pocket

and yet people don't vote for single payer

likme
likme

none
my dad got the promotion of a lifetime before I went to college and was able to pay for everything easily without me taking out loans
I love my parents

Deadlyinx
Deadlyinx

Altogether I'm at like 40k between school and a 10k used car loan since I needed a car straight out of school and my parents convinced me to buy something newer with only 20k miles rather than a cheapo 3k beater.

Methshot
Methshot

@Nude_Bikergirl
Was it NYU?

Evilember
Evilember

@Deadlyinx
le reliability/build ur credit meme

LuckyDusty
LuckyDusty

@Evilember
Yeah

I've worked out several times that assuming I keep my job and get no raises (thus no real permanent increase in payments) I'll have all my shit paid off in 5 years.

So fuck me I guess.

AwesomeTucker
AwesomeTucker

$50k for my B.S.

That said I'm not too worried about it. They're federal loans so the worst case scenario they can drag me down is 10% of my income/year for 20 years, then they disappear. Hopefully I'll be able to find something lucrative to pay them down soon though

Crazy_Nice
Crazy_Nice

None

GI bill paid my private school tuition for a BA and MBA entirely

Also paid me $57k housing allowance as well

Booteefool
Booteefool

@LuckyDusty
The rest pretty good, I've just had friends end up wage slaving to make car payments they didn't need to and never make it into college or if they graduated, have the capital to move out of town while I've bought and sold two aging sports cars for half that and still come out ahead of their "economical" and "reliable" choices when it came time to sell. Also put gas on a credit card and came out with the same credit score.

haveahappyday
haveahappyday

tfw received a full ride scholarship for my undergraduate and, now just recently, for my post-graduate studies too.

TreeEater
TreeEater

@Methshot

no

VisualMaster
VisualMaster

@Illusionz
64k after a master's

Depending on a starting salary, I'm gonna be okay. It's my first and singular focus after I get out. I study a hard science, so I'm confident about it.

Flameblow
Flameblow

@Illusionz
i owe about 2000USD for my car and 2000USD for my school loan. i'm almost there. i'll focus on my car loan first. after finish school i owed 10,000USD so far its been 5yrs trying to pay it off. i'm a car mechanic. i could have paid it off much quicker but my first year i didnt make much and hurricane sandy totaled my old car so i had to buy a new one. also i would have been finished by now but i lost my old job and went unemployeed for some time.

RavySnake
RavySnake

@Illusionz
None because I live in Germany

Harmless_Venom
Harmless_Venom

@Illusionz
not graduated. 20 credit hours short of STEM degree.

must take take 1 semester elsewhere before finishing.

60k+ in debt with first payment due yesterday.

haven't gotten deferment/ forbearance/ lesser bill yet, need to contact lenders asap.

have been considering military or an hero for months but just landed part time job.

as long as I can wageslave and stay on top of six months of payments I'll be able to take out more loans (hah!) and finish.

hope I make it

TurtleCat
TurtleCat

If you count in the money lost from not working the average undergrad costs about $200,000

hairygrape
hairygrape

will have $380k in debt by the time i finish med school

Sharpcharm
Sharpcharm

@hairygrape

LMFAO HAHAHAHAHAH

PurpleCharger
PurpleCharger

@TurtleCat
didn't even think of this. JUST my whole shit up senpai. but eh, i was a degenerate normie-wannabe drunk, can't really beat myself up too much

Playboyize
Playboyize

@hairygrape
have $380k in deb
@Illusionz
avition/pilot major here, im going to be somewhere around 100k-120k

PurpleCharger
PurpleCharger

@Illusionz
Was about $12k; paid it off in under a year. Also have a financed car with about $19k left on it. Some minor credit card balances that I pay in full every month. No house. Net worth about 30k.

I've been out of college for only 1.5 years, so this is pretty good for America.

w8t4u
w8t4u

paying off debt
any year

Well least in real estate, you owe 10 million, but make 3 figures from leases.

Raving_Cute
Raving_Cute

@w8t4u
expand on that math user
your numbers make no sense to me

Evil_kitten
Evil_kitten

A little less than $80k

If I don't land a decent job after I finish my PhD I don't know what I'll do. I'm in chem, which is a bad field right now, but an area that is pretty highly employable compared to the others.

takes2long
takes2long

I owe 20k for a BFA and an associates. I haven't been able to bring it down yet though and it's been 6-7 years since i graduated.

With that being said, it hasn't changed my life much having the debt. I avoid credit cards, and have 4 checking and 3 savings accounts.

I wish I had a nicer car from awesome credit, but it probably would not be a good idea at this time in my life anyway. I've only just matured enough to wash my car regularly, keep the interior clean and dust free and take it in to regular check ups. In a few years I'll be ready.

Stark_Naked
Stark_Naked

@Illusionz
$33,000

I prefer to live with roommates over living alone, however, so the amount I save on living costs more than covers the student loan payments. All in all, I got to go to college for 4 years and goof off and then get a well-paying office job so it was a pretty good investment.

Need_TLC
Need_TLC

@TurtleCat
The average gap between high school grads and college grads in wage is $17,500 and still growing. If the average worker works for 30 years, it has a return of nearly 300%. That's pretty damn good returns.

This doesn't even consider the gap for good, high-paying majors.

Harmless_Venom
Harmless_Venom

@Raving_Cute
well son, in real estate you take out a mortgage on a house then rent it out and pay the minimum amount of payments each month, you dont even pay the mortgage, the renters do. which still leaves you with a decent profit. after payments.

you then proceed to do this over and over again until you are making plus six figures.

i am not a robot

Lord_Tryzalot
Lord_Tryzalot

@Need_TLC
It only helps you to go to college if you have a guaranteed job afterwards. Otherwise you might as well have waited to find a career you could enjoy.

w8t4u
w8t4u

@Harmless_Venom
yeah that doesn't work tho. by the time you payed the mortgage from the rents you can spend again the equivalent of the original buy price on the home unless you want to let it go to shits. a couple of asshole renters can even increase this cost.

but i was talking about how in the hell do you think having 3 digit income on 10 million debt be a good thing specifically?

Lord_Tryzalot
Lord_Tryzalot

@w8t4u

I can get more images, for research?

SniperGod
SniperGod

@hairygrape
Shit man - that'll take you about 2 years to pay off!

Stupidasole
Stupidasole

@likme
i love living a privileged life
Scum

Booteefool
Booteefool

@Lord_Tryzalot
It only helps you to go to college if you have a guaranteed job afterwards.
And most people do.

Otherwise you might as well have waited to find a career you could enjoy.
A college degree opens up many careers you may enjoy but could never qualify for without one.

StonedTime
StonedTime

here is my situation anons
i can repay my debt that has 3.75% interest on it yearly
or i can put the same money into a fund that payed 12% on average so far and mostly consists of us and german stock portfolios but also has a little this and that in it.
in 20 years time it is unlikely that dollar average investment will not make me 10% yearly on my investment right?

why wouldn't i put money into this fund instead of repaying debt ahead of schedule?

Stark_Naked
Stark_Naked

@Illusionz
0€

Feels good not living in third world shitholes like the USA

Nude_Bikergirl
Nude_Bikergirl

@Stark_Naked
Want to leverage our 10k debt using indexes from our own equity markets and see who fares better?

Harmless_Venom
Harmless_Venom

@Methshot
What's with that anon's debt that made you think NYU ?

Firespawn
Firespawn

@Illusionz
$70,000
I used to have another $50k on my dads federal parent loan but he got discharged because he's disabled now. I can't believe they don't put me on the hook for that...
they did try to tax him like $15k because it counted as income but he can't afford it so they just let it go

GoogleCat
GoogleCat

Still in uni. Accounting. Owe nothing.

My dad makes a lot of money. Student debt is enough to make or break some people nowadays. I'll be investing the money I'd otherwise be spending on my loans.

Lord_Tryzalot
Lord_Tryzalot

104k so far for near worthless credits.
University of California is a scam, especially if you're out of state.

haveahappyday
haveahappyday

0 in student loans.

$3,612.90 in credit debt, most of it financed but I've changed my ways and I've been doing a lot of self improvement and paying it down without a problem.

StonedTime
StonedTime

@StonedTime
This would be just another reason why so many people are talking about an economy crash caused by student loans not getting paid...

Methshot
Methshot

@StonedTime
that doesn't make sense user
i'm asking if i really see this correctly and the math is heavily against paying the student loans AHEAD OF SCHEDULE instead of putting the same amount into a fund that yielded 12% so far.

if you compound the two the 12% wins by extreme amount. also i can just pay enough for the student loan so it's gone by 2022 or so and still do this.

Burnblaze
Burnblaze

@Illusionz
mommy and daddy pay my 16k/yr medical school, owe 0

Sir_Gallonhead
Sir_Gallonhead

$0. Not sure how student debt gets so high in the states, here in Canada it's pretty easy.

Real ting eh

massdebater
massdebater

@Illusionz
£50k
standard for a masters here in bongland

Burnblaze
Burnblaze

About $60k

TurtleCat
TurtleCat

Stem degree and Phd, cost a grand total of 4.5k.

Ireland!

eGremlin
eGremlin

just checked. I'm at $92k. if/when I finish easily over $120k

iluvmen
iluvmen

Wacky idea.

Instead of college, invest that $100,000+ debt into property. Get that same degree-not-required job you'll end up with in an irrelevant field to your major, work the 4 years full-time, earn $25,000 salary for those 4 years while living at home and renting out the house you purchased. All your friends graduate with $100,000 dept and begin working the same standard of job you have been working. Meanwhile, you get a modest promotion, own a substantial portion of your home, and you're doing alright. Maybe by then you can slowly chip away at a degree at night school or online if needed to further yourself

Deadlyinx
Deadlyinx

@iluvmen
Translated from "dood skool is dum" speak:
work at McDonald's for four years
earn less than enough to cover your living expenses in any first world country
take either community courses or online ones from some shit tier for-profit school
have zero job prospects and no money saved up because you were barely scraping by to afford rent and food

Crazy_Nice
Crazy_Nice

@GoogleCat

That doesn't sound right. I am pretty sure we live in a pure meritocracy where cross-generation wealth accumulation doesn't provide ungodly advantages.

Harmless_Venom
Harmless_Venom

@Illusionz
about $16k when I finished both BS and MS in mech eng. I paid it off completely 9 months after graduating.

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