# How much was/is YOUR student loan

1. ### inception7

41
...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!

### Staff: Mentor

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.

3. ### inception7

41
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...

9. ### inception7

41
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?

### Staff: Mentor

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 how student loan repayments are worked out.

11. ### Farmergregor

8
$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.

### Staff: Mentor

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.

13. ### eri

992
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.

14. ### Choppy

3,208
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.

41
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. 16. ### Thermalne 266 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. 17. ### inception7 41 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. 18. ### lisab ### Staff: Mentor 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. 19. ### Jack21222 772 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.

20. ### fluidistic

3,365
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.