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Raptor
Not a Dumptruck

join:2001-10-21
London, ON
Reviews:
·Rogers Hi-Speed
reply to dragonfly5

Re: Student loans why don't some people pay them back?

said by dragonfly5:

- Landed an internship at a software engineering firm, hired on full time as a C#/ASP.Net developer, I now gross around $55k with two years experience.

Student loan of $37k mostly due to being ineligible for bursaries my final year. It'd be $28k otherwise.

I can afford to pay it back, but $300/mo for 15 years is quite a lot for anyone.

If you're grossing $55k a year, you should be able to pay down that $37k in less than 5 years, and that's still not being all that aggressive. I don't know what your interest rate is, but unless you can perform better on your investment returns, that ought to be your focus.

dirtyjeffer See Profile is right, I imagine your salary wouldn't be in the mid 50's and likely still to rise (as you're still new) if you didn't put down the coin to goto school in the first place.

As to the OP's original point, some people are just lazy. Others may have a more active money management style and their savings are returning higher growth than the interest on their loans. It's just math in that case.
--
....where's my fiber?


urbanriot
Premium
join:2004-10-18
Canada
kudos:3
Reviews:
·Cogeco Cable
said by Raptor:

If you're grossing $55k a year, you should be able to pay down that $37k in less than 5 years, and that's still not being all that aggressive.

More than a decade ago I was grossing a fuckton less than $55k a year and managed to pay off around $30k in 5 years so I don't see that as an issue for anyone. It does take a lot of working hours though... work hard now, play more later.


TOPDAWG
Premium
join:2005-04-27
Calgary, AB
kudos:3
Reviews:
·TekSavvy DSL
yeah during school I had no life hell don't have much of one now. I never smoked can't even tell you what alcohol taste like as I've never had any and it's rare for me to go out. I'm a boring Mofo.

I still have a lot of crap I don't need but yet never been in debt.


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
reply to urbanriot
said by urbanriot:

More than a decade ago I was grossing a fuckton less than $55k a year and managed to pay off around $30k in 5 years so I don't see that as an issue for anyone. It does take a lot of working hours though... work hard now, play more later.

The money is practically free though and the payment terms are the most flexible you'll ever encounter, so I can completely understand people taking as long as they want to pay it off. My wife certainly does, and the extra cashflow each month lets us pay for, you know, baby food and diapers.

You can't just walk away from it, though. One way or another the loan is getting paid off, even if you go bankrupt.