# How much was/is YOUR student loan

...and how many years did it take/will take to pay back?

I'm at a point in my life where I will soon be taking student loan for my studies, but the idea of taking a "huge" amount of money frightens me!

Ryan_m_b
Staff Emeritus
Well I can only talk about the UK but my loans were on the order of 6k per year (for three years). I can't tell you how long it will take me to pay it off as I haven't started yet however I would say that if you really want to study a particular subject and pursue a career in it then the money shouldn't be a factor.

It is something you should think long and hard about though, my 18k total debt would not be true of a UK student going to uni now, with increasing fees debt could rise to 36k in total.

I hear that in the States the figures climb quite quickly. Some people speak of having loans in the amount of 50-100k! Either I misread or this is very absurd...

Ryan_m_b
Staff Emeritus
I hear that in the States the figures climb quite quickly. Some people speak of having loans in the amount of 50-100k! Either I misread or this is very absurd...
Well I don't know too much about the American system but $50k is roughly £30k. The price in the UK reflects the amount the government is willing to pay, it was only ~5 years ago that uni was free. Then the government introduced "top-up" fees, the idea of these were that the government would no longer pay all of the costs but would pay most, leaving the student to pay ~£3k. This is what I had to pay in addition to another £3k for accommodation. In light of the budget cuts the amount the government is willing to pay is far less, instead of paying most of the amount the government is going to pay ~50% meaning either the uni has to front the rest (which they wont as they have had their budget cut also) or the student has to pay up to £9k. That's not accounting the money for accommodation and for living. None. Government grants and scholarships for women in STEM majors pays all of my tuition and most of my housing. I work to make up the difference but I'm graduating scot free! I'm hoping to start Uni next year, if Fridays meeting goes well. The thought of having c.18k debts slightly worries me but I know the education i'll be recieving will be almost priceless considering what prospects I could potentially have after education. Its a small fortune to finally get some decent tutoring. Well, my wife's undergrad loans (Belmont music business degree) total over$70k, and now we are paying cash for her law school and my undergrad (right now at a CC). The loans are set up at about $700/mo for 10yrs. dlgoff Science Advisor Gold Member I can understand your worries about the loans. Especially with the job prospect situation (here in the US). That's why I am glad to be poor since my daughters pell and state grants etc is keeping her out of this situation. I've know students with >$100k loans. I wonder if it's worth it considering they may be repaying for the rest of their lives. But that's just me; being poor and all.

I can understand your worries about the loans. Especially with the job prospect situation (here in the US). That's why I am glad to be poor since my daughters pell and state grants etc is keeping her out of this situation. I've know students with >$100k loans. I wonder if it's worth it considering they may be repaying for the rest of their lives. But that's just me; being poor and all. Well I'm from Canada and am looking forward to study in the US. I may change my mind depending on how much financial aid I receive (I'm hoping for much of it to be scholarship). Otherwise I'll stick to my Canadian education which isn't so bad and costs WAY less. On a sidenote:How many years does it take to pay an average of 50-100k loan? Ryan_m_b Staff Emeritus Science Advisor This only helps those of an English persuasion, other British nationals should check their regional policies, but here is a link from directgov (the government's official website) outlining http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034867 [Broken]. Last edited by a moderator:$0 is my projected Debt for when I graduate.

In total it will cost me ~$30k for my degree from a large state university (3 years --> 9 semesters). The Georgia state government has a program called HOPE that covers all tuition cost. Basically I just have to foot the bill for food, a place to live, and books. Ryan_m_b Staff Emeritus Science Advisor$0 is my projected Debt for when I graduate.

In total it will cost me ~$30k for my degree from a large state university (3 years --> 9 semesters) Thanks to the latest increases in pricing in the UK I struggle to see how anyone can work their way through university, conservatively they would have to earn £15k a year (9k for annual course fee, 3k for rent, 3k for living). With the current job market I'd be surprised if someone could earn that from working part-time. eri After 11 years of college (private 4-year school for BA, state universities for MS, PhD) I have about 40k in loans. Got a ton of scholarships for the private school, but had to take out a small loan most years in grad school to cover fees (tuition waiver but neither school had large stipends, so not enough to save for 1.5k in fees every semester). My postdoc pays upwards of 50k, so while I'll be hacking away at it for a while, I'm not that concerned. My sister (BA and MA in arts field) has easily twice what I've got in loans and no good employment prospects. Choppy Science Advisor Education Advisor After 11 years of university (BSc, MSc, PhD), I finished with enough money to get married and together with my wife, put down a small down payment on a house. I used a student line of credit to buy a car for the last year or so of my PhD, because the terms for paying that back were a lot better than what other financing companies were willing to offer. So technically, I had about 4k of student debt, but I paid that off within a year. After 11 years of university (BSc, MSc, PhD), I finished with enough money to get married and together with my wife, put down a small down payment on a house. I used a student line of credit to buy a car for the last year or so of my PhD, because the terms for paying that back were a lot better than what other financing companies were willing to offer. So technically, I had about 4k of student debt, but I paid that off within a year. Surely you mean 40k instead of 4k? But maybe in "your time" things were different financially, unless you graduated recently. Having married and succcesfully completed a PhD, with a down payment on a house and getting a car, 4k (4000$) seems...so trivial. Maybe I misunderstood something.

I'll finish my undergraduate degree with around 30k in loans. (American) Although, I'm hoping to get graduate school payed through a fellowship or research assistantship.

I thought graduate schools pay you and not the other way around. I mostly read around these forums that for grad schools it's an investment they make in you.

lisab
Staff Emeritus
Gold Member
I thought graduate schools pay you and not the other way around. I mostly read around these forums that for grad schools it's an investment they make in you.
Yes, it's true graduate students are usually paid, and in return they are expected to teach (usually labs) or be a TA or do research.

My student loan debt will be $13,500 in federally subsidized loans. However, I will have taken out several thousand dollars in home equity loans as well... on the order of 6,000 dollars or so. So, if you want to count that, my degree will have put me about$20,000 in debt.

fluidistic
Gold Member
...and how many years did it take/will take to pay back?

I'm at a point in my life where I will soon be taking student loan for my studies, but the idea of taking a "huge" amount of money frightens me!

0. Education is free in Argentina. Ok they are private universities but their level is a joke compared to state's ones so one would go there for a painless bought degree.
I still have to pay for books, pencils, etc. But nothing to fall into debts.

Choppy
Surely you mean 40k instead of 4k? But maybe in "your time" things were different financially, unless you graduated recently. Having married and succcesfully completed a PhD, with a down payment on a house and getting a car, 4k (4000$) seems...so trivial. Maybe I misunderstood something. I mean only$4k. I spent $12k on the car, some of which came out of my pocket, and I paid down part of the loan while I was still in school. I was awarded my PhD in 2005, so it wasn't that long ago. The sad part is that if you go to school you hope to pretty poor or pretty rich. The rich don't care about loans because they have the money out of pocket. The poor, like me, get a bunch of federal assistance. My first year of college my mother was unemployed and made$0 dollars the whole year. Take that plus a scholarship that pays around 70-75% and I was getting huge refund checks in the mail. Add a part time job and my bank account exploded with money. I also go to a pretty cheap school.

Of course now my mother has a decent job so the pell grants have been decreased by alot. Still I now have enough in my back account to pay anything.

Ryan_m_b
Staff Emeritus
I mean only $4k. I spent$12k on the car, some of which came out of my pocket, and I paid down part of the loan while I was still in school. I was awarded my PhD in 2005, so it wasn't that long ago.
You managed all that as well as getting a loan on a house??? The average age for that in England is approaching middle age!

jtbell
Mentor
For several years leading up to 2008 it was ridiculously easy to get a home mortgage in the US. Then people began defaulting on those mortgages en masse, which got us all into the Great Recession.

(not saying that Choppy falls into that group, of course...)

Stephen Tashi