How much do you owe in student loan debt? I owe 180k.
Go!

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I’m debt free as of two weeks ago... can thank the clerkship bonus/not going to a top 14 law school for that

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Congrats!

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Graduated in May 2017 with $130K. I’ve been dancing on the knife’s edge of financial ruin with my aggressive payment schedule. Down to about $85K at this point. Gonna be debt-free by the end of my fourth year if it kills me (it might).

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I believe in you.

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Is anyone else just paying the minimum with the hopes that the entire student debt system collapses and is erased in the next 5-10 years? Or is it just me making that bet

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Honestly if I was in a position where I had over 100k I would probably make minimum payments and hope for the best too but I only had $26k and got a bonus so I just paid it off one month ago. It made the most sense to do that then just hold out.

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I love how out of 80 comments, *literally* no partner has commented yet. Just a whole bunch of associates. Partners be over here like "oh I hear ya, I had to pay $300/month my first five years to pay off my loans! It was horrible!"

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That’s crazy. I went to NYU and it cost about that...

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It’s like having a Ferrari, except it’s the complete opposite

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I giggled

I don’t feel as alone anymore

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I wish one of these politicians would submit a bill that allowed us to completely deduct, dollar-for-dollar, all payments made to federal student loans in a year. I don't need forgiveness, or for them to be erased. Just let my money go further to repay my debt.

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THIS.

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Started with 300k but I’m down to 150k now!

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~$510k 😭😭😭🔫

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Graduated in 2000 with about $98,000 in federal and private loans. Had a partial academic scholarship after my first year. I was told by everyone, oh don’t worry about those loans. You’ll be raking in the money once your a lawyer. First job was an Assistant State Attorney General handling civil litigation. My salary was $45,000 gross. Got married the month after I was admitted to the bar. My wife was starting out as a public school teacher. Started getting bills from each lender on each loan and as was suggested took out federal and private consolidation loans to make one payment a month and lower the amount we paid each month. The federal consolidation loans were locked in at the interest rate at that time 8.4%. The private consolidation loan was around $20,000 or $25,000 and at a smaller variable rate, but the the $70,000 to $75,000 that remained were subsidized and unsubsidized federal loans. That first bill came in and my payment was over $900 a month, which we just could not afford at that time so I took the allowed 1 year deferment . Was given horrible advice on this. After that year, the balance ballooned to over $100,000 because of interest on the unsubsidized amount. We could not make ends meet, so I took a hardship forbearance. Also, went into private practice, for a more money in a larger city. Stilled has a hard time making that monthly payment as we couldn’t sell the small house my wife thought we needed the old city for 5 years. Long and short of it is that loan payment was the last bill paid, and sometimes had to go 4 months without paying it and then got a bonus and would make one huge payment to get balance due up to date. Thought this was fine but the principal balance grew when interest was capitalized. Grew to about $140,000 ! Due to subsequent forbearance and late payments. Looked into refinancing since rates dropped dramatically over those years and was told once your consolidate federal loans you are locked into. Due to the debt and late payments no way I could qualify for a private loan from a bank to refinance federal loans with 8.4%. They’re were lenders at the time like now specializing refinancing student debt. Needless to say, over the years have been paying it. Repaid more than I borrowed and still owe about $70,000. It’s ridiculous you can’t refinance federal loans years after the high interest rates dropped. Back in the ‘90’s they had private companies lending the money, but their money was guarantees by the federal government. They have since changed all of that and the money now comes from the federal government (Dept. If Ed.) and they have private companies serve as administrators. It was a huge racket and those private lenders were involved I shady allocation of students payments. However. Let me a warning to anyone to take those loans seriously and no Forbearances if you can help it. We have been struggling with this dam day rock around are neck for 20 years. We have three kids and my wife is still a teacher. Had someone sat me down and said look when you borrow this money it will that high was paying legal job they saw you’ll have will cost you about the same as a small house payment for 30+ years, I would have made other choices.

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$300K

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Same here. And I went to a “cheap” law school. But cumulative interest already has me owing almost $100k more than borrowed.

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$267,291.34-Principal
$96,956.62-Outstanding Interest

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Twinsies

$0. But I’m a 4th year associate so I’ve had time to make aggressive (read: crippling) payments

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I did the same thing - lived cheaply and paid my $140k down in 4 years (Chicago big law)

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$0. But only because I went to night school, worked the whole way through, and got tuition reimbursed. It was four years of misery, no social life, and sleep deprivation... so not much different from how things are now.

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$0 - Gi Bill.

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Graduated 2013. Full ride in undergrad, partial scholarship and lived on a BUDGET for law school, ended up right under 100k in debt when I graduated. Still blows my mind that it cost that much even after all the scholarship money, living super low cost, and side-hustling.

If you are curious, I was super aggressive re repayment, and I managed to pay it off by the end of 2018 (but I sometimes over did my aggressive repaying and probably should have bought nicer suits (inter Alia) that wouldn’t crap out after a few years.

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Started off $240k in debt for law school, and I aggressively paid it off in five years. For reference, I work at a standard big law firm in New York so salary was at the top of the scale. And luckily no undergrad loans. I also took very few vacations (maybe left the country once?) but managed to never have roommates. For me it was really about prioritizing payments and not getting sucked into my peers’ habits of buying expensive things to keep up with everyone around them.

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ZERO. Paid my way through night law school because I knew I was going to solo as a criminal defense attorney. Best decision I ever made.

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Made my last payment on Monday. Started with $70K.

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Congrats!!

Just dipped below $70K. Started with $120K.

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Nice! I used First Republic. They don’t have local branches so it’s all online.

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$320k. Never paying this off.

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I’m there with ya.

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