Monthly Student Loan Debt Roundup

I can't believe November is already over and soon 2009 will also be ending. It's been a long, crazy, but wonderful year. (More on that later of course.)

Right now I bring you my monthly student loan debt roundup.

On my way home from visiting family over Thanksgiving, I passed by many cars jammed with college students (and their stuff) heading back to campus and thought to myself "enjoy it now!" when contemplating the fact that I am still paying for the education I recieved as a freshman. And with only a few more weeks until my 30th birthday, my goal of paying off freshman year before I turn 30 is about $5,000 off (or about 3 years away at the current rate of payment).

But in the spirit of Thanksgiving, I remain thankful for my education, as well as my family, my fiance, our home, my career, and of course my furry friend.

Here are the numbers:



Private Undergrad Loan I must have messed up the totals last month when I reported them late so it shows no change.

And even though I managed to accidentally pay too much to Law School Loan, it and my Perkins loan do not reflect the amount of interest that has accrued this month as the website wasn't finished computing their totals. Hopefully that's an accident that can happen again as it will help me knock out my highest interest robbed-on-the-side-of-the-road loan at 8% so graciously given to me by my law school.

Was (is) It Worth It?

I read this post at MSN Money just now about "How Much Student Loan Debt Is Too Much" and it kinda pissed me off.

It says the average student has $20k in student loans and first of all, I just don't agree with that figure. I'm no economist, but I remember at my undergrad "Exit Interview" for financial aid, they told me my loan debt was less than $20k and when I looked at the forms, all that was listed on them were my federal student loans, not the whopping $20k private loan I took out. It's just an anecdotal piece of information but then the same thing happened yesterday when I called up the Department of Education looking for some help with my private grad school loan (they didn't have it listed in their records). I know many many people who took out private loans. Hell, at my grad school it was pretty much mandatory unless you were very wealthy to begin with. I have a feeling that many more students carry more debt than the studies indicate. But that's just my two cents.

Anyway, even though, gasp, I owe a significant amount of money due to my education, I don't regret it for a minute.

After college I briefly joined the "rat race" working as a secretary in a big city. I was making good enough money considering what I was required to do, but I HATED my job and wanted something more fulfilling. Most entry level jobs are pretty much the same unless you are 1) extremely lucky or 2) extremely talented in a field.

I always knew I wanted to get a professional degree to advance my career options and it wasn't about the money for me. Sure I did the cost/benefit analysis before packing my bags, but it's so hard to predict where life will take you after graduation.

Truth be told, I am looking for a more lucrative position right now, but I currently am proud of the career choices I have made, including going back to school, and I don't think the price tag should have scared me away. I was fortunate enough to go to a very selective liberal arts college and the education I received there was invaluable. Some people think state school is a bargain and maybe for them it is. But I have no regrets.

I also think, despite the staggering amount of my student loan debt, that I can get it under control and still live the kind of life that I want.

And now I'll step off my pedestal and get back to work!