1. Limited time only! Sign up for a free 30min personal tutor trial with Chegg Tutors
    Dismiss Notice
Dismiss Notice
Join Physics Forums Today!
The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

How much was/is YOUR student loan

  1. Jun 20, 2011 #1
    ...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!

    Share your experience!
  2. jcsd
  3. Jun 20, 2011 #2


    User Avatar

    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.
  4. Jun 20, 2011 #3
    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...
  5. Jun 20, 2011 #4


    User Avatar

    Staff: Mentor

    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.
  6. Jun 20, 2011 #5
    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!
  7. Jun 20, 2011 #6
    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.
  8. Jun 20, 2011 #7
    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.
  9. Jun 20, 2011 #8


    User Avatar
    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.
  10. Jun 20, 2011 #9
    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?
  11. Jun 20, 2011 #10


    User Avatar

    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 http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/RepayingStudentLoansCoursesStartingFrom1998/DG_10034867 [Broken].
    Last edited by a moderator: May 5, 2017
  12. Jun 20, 2011 #11
    $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.
  13. Jun 20, 2011 #12


    User Avatar

    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.
  14. Jun 20, 2011 #13


    User Avatar

    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.
  15. Jun 20, 2011 #14


    User Avatar
    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.
  16. Jun 20, 2011 #15
    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.
  17. Jun 20, 2011 #16
    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.
  18. Jun 20, 2011 #17
    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.
  19. Jun 20, 2011 #18


    User Avatar
    Staff Emeritus
    Science Advisor
    Gold Member

    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.
  20. Jun 20, 2011 #19
    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.
  21. Jun 20, 2011 #20


    User Avatar
    Gold Member

    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.
Know someone interested in this topic? Share this thread via Reddit, Google+, Twitter, or Facebook

Similar Discussions: How much was/is YOUR student loan
  1. Student loan question (Replies: 1)

  2. Student loans (Replies: 17)

  3. Student loan debt (Replies: 6)