How Much Debt Do I Have After 4 Years Of College?
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Credit cards, car loans, and student loans are the most common portals for a college student to fall deep into debt. Some come out so far down the hole that it takes years to clear their debt. I, on the other hand, am much more fortunate than most students.
My Debts
I attended a state school so my tuition was less than that of out-of-state residents. I have no car. My first credit card was opened in my 3rd year in school and I was responsible with it. As far as school loans go, I only borrowed money for 6 semesters out of 8 and I never borrowed the full amount available to me. Also, I utilized this great advice to college students which gave me some financial aid from grants.
- Subsidized Stafford Loan @ 6.441% – $6,352
- Subsidized Stafford Loan @ 3.610% – $2,625
- Credit Card – $320
- TOTAL DEBT – $9,297
Paying Early To Pay Less Interest
So after 4 years of college, I owe approximately $9,297. The first installment is due 6 months after the date of graduation, which would be in December. Although I don’t have to pay anything back as of now, I want to begin sending payments in even before they have to ask for it. This way, I will end up paying less interest.
I have to say that owing $9,297 feels like a dagger in my chest. Then again, my situation is nothing compared to those who attended more prestigious colleges or received less financial aid.
Photo credit: afagen
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5 Comments on this post
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Jake Stichler said:
That’s… amazing! I didn’t go to a prestigious college or university, but also didn’t get any financial aid. I lasted three semesters til I dropped out, and ended up with $30k in loans, which is half of my total debt. You should be feeling good about such a small amount of college debt.
June 13th, 2009 at 8:17 pm -
Jerry said:
Oy. I’m still paying off my student loans and feel like I will forever. But, you’re right. Your only insurance on not getting stuck with a bundle to pay off later is to pay early. It definitely leads to the most savings.
JerryJune 19th, 2009 at 3:13 pm
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