Student Loans

I picked up my financial aid packet the other day in preparation for my exit interview. It included a summary of my student loans. I wasn't exactly surprised by the number, but it did make me feel sick to my stomach.

Ready for it?

Fed Perkins Loan: $1800
Fed Sub Stafford Loan: $34,000
Fed Unsub Stafford Loan: $46,000
Grad PLUS Loan: $133,362

For a grand total of... $215,162.00

Was law school worth it? Uhh. We'll see in a couple months...

8 comments:

Jolie said...

Ouch! That is a large number. I wish you every success in finding a great job that helps you turn that number into a smaller number.

Revanche said...

Whoa girl, that is ... yeah.

Well, if you need help getting your repayment plan together, you know plenty of us are willing to help!

Sallie's Niece said...

I remember that day, it's a lot to absorb. Good luck to you!

paranoidasteroid said...

At least your increased earning power should help you keep up with it! Any news on what the monthly payments would be?

Aaren said...

You know, you're only the second person I've "seen" with loans larger than mine. You're $10k higher than I was back in 2005 when I graduated. First thing I say, it'll be all right :D.

Second thing I say, the best thing I ever did was open up a separate account solely for my loans. The only transactions into and out of the account are loan payments. And pay off that silly Perkins loan before your grace period ends. You have bigger fish to fry.

Remember, you're not the first, you won't be the last, and we're here to help you along the way.

Sunflowers said...

Thanks for the support, everyone!! It means a lot :)

@paranoidasteroid: At one point I ran the numbers and it was going to be $1400. It depends on the repayment plan I choose, but at the current standard one, it'll be between 1400-1600, I think. :\

@Aaren: I'll definitely open up a separate account... that's a good idea. So you just have part of your paycheck automatically deposited in there? I agree, I need to get rid of the Perkins. Maybe it can come straight out of my bar loan... (more loans! ugh)

Aaren said...

Yep. I have a portion of my paycheck directly deposited into that account, enough to cover the deposits plus add a few hundred here and there to accelerate payoff. That way I don't have to remember to do it, don't have to stress about not having enough money for other things, etc. I don't even budget it, though I do check all correspondence to make sure if payments or rates go up or down I have notice. Surprisingly enough, it's my most hassle-free loan because of that separate account.

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