Addiction to school?
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| Thu, 03-24-2005 - 4:35pm |
Hi everyone.
I am new here, and about to finish graduate school, with a school counseling. I am now $48,000 in debt from school. I am sure, most of you are thinking, well it's for education, so it's "good debt" - the problem comes in when I realize that my undergrad was completely free (scholarships and grants) but I still racked up $14,000 in loans. Then as a grad student, I took out another $34,000 - school wasn't free this time - but it certainly wasn't $34,000 for 2 years (closer to $10,000). I was offered these loans and once I saw that amount, figured, they are students loans, so they are "ok". Today, I realized that I will spend 25 years repaying these at the minimum amount due (that's almost the length of a mortgage). Now, my mind keeps telling me to get a second masters or a doctorate, because then I could afford to repay my loans and I could stall paying on my existing loans for at least another 3 years. I am only 23, and I have never been out of school. The thought of all of this debt is overwhelming (and that doesn't include the credit cards). I just don't even know where to start. Any thoughts?
Thanks
Shana

If you are only 23, and can get another degree
that would significantly increase your earning
potential, I'd say go for it.
Don't think of it as paying back 25 years, at the
minimum. Think about it as
'if I get degree X, I'll make Y more per year, I can
then knock out the debt in 8 years' or Z years LOL
But definately position yourself to get out of debt in
a few years, then you'll still have the education which nobody
can ever take away from you, plus the increased income.