I was very lucky to get out of college without any student loans (thanks, Mom and Dad!), but I did come out of law school with a substantial amount of student loan debt. The good news is, my student loans were well worth it. They’ll be entirely paid off 10 years after I graduate (10 years early for my private loans and 15 years early for my Stafford loans). I’m making substantially more than I would probably be making if I hadn’t gone to law school (about 33% to 50% more), and I’ll have that high earning power for the rest of my career. Thus, in my case, the loans were worth it.
Of course, I’m not saying that student loans should be taken on blindly. Like the authors of We’re In Debt, I made many financial mistakes in school that have cost me. I wish I’d known what I now know about personal finance and money management way back then. If I’d been more financially savvy, I’m sure I would have graduated with a lot less debt and be in an even better financial position today.
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We are still paying off Hubby’s law school loans… ouch! I fantasize about being finished… some… day….
I know … it’s a ton of money! But you’ll get rid of it, eventually!
My student loans were Not worth it! I accumulated about 30k and never bothered to graduate! Thankfully they’re all paid off. Plan for the kiddos: fund college with cash! Found you through Carnival of Debt Management.