Incoming full-time Analysts: How much debt (student loan/cc debt) do you have?

Thought this would be interesting to see. How much in student loans did you take out? Do you have any existing credit card debt? If so, are you paying interest?

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Comments (70)

Nov 27, 2018

about 5k student loans which were paid off completely with signing bonus. Credit Card debt amounts to 700 - 800 a month which is paid off in full month to month. (Food, gas, alcohol, eating out, etc).

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Nov 27, 2018

May I ask what you are going into? IB? SnT? CF?

Nov 27, 2018

Corp Fin rotational program.

I was blessed in that I was able to go through college with minimal debt because of my parents. Let me know if you have any further / more specific questions.

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Nov 29, 2018

You shouldn't be getting MS for being honest...

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Nov 29, 2018

Gotta let dumb stuff like this roll off your back. Can't do anything about closed-minded people.

It's not my fault that my immigrant father worked hard and became successful. And I'm not flaunting it / taking it for granted. I've seen people / have friends that worked multiple jobs through college and feel blessed / have thanked my parents for the position they've put me in.

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Nov 29, 2018

I think they gave you MS because you aren't doing IB lol

Nov 29, 2018

Funny because odds are none of the people that threw MS are even in IB.

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Nov 29, 2018

Without a doubt the high school hardos that patrol this site.

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Nov 29, 2018

I've even known first year analysts that work in like CIB OPS and have "Corp Investment Bank Analyst" in their linkedin / personal bios.

Nov 29, 2018

Haha I see that weirdly often with girls on Tinder/Bumble.

-Profile says Investment Banking at [insert BB here]
-I'm like "damn thats legit. hows work?"
-She's like "well, it was actually an IB audit role"

Smh why

Dec 11, 2018

Let's get one thing straight here, buckaroo: I patrol this site.

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Dec 5, 2018

Same position with hardworking immigrant parents. This is something I want to be able to provide for kids when I eventually have them too, something like a 529 account would be ideal.

Dec 3, 2018
Nightman Cometh:

You shouldn't be getting MS for being honest...

I threw MS because of CF

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Dec 3, 2018

You'll die rich and alone.

Dec 4, 2018

He doesn't actually go to Harvard lmao ignore him

Nov 27, 2018

More than I should :(

Nov 27, 2018

Which role and where (location)?

Nov 27, 2018

Kids with student loans are cucks.

Welcome to indentured servitude!

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Nov 27, 2018

Had a boatload of student debt, can confirm I'm part cuck part indentured servant

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Nov 27, 2018

Yeah but you work in private equity

Nov 27, 2018

Yeah, and will most likely be debt free at the end of next year...can't wait for that feeling

Nov 27, 2018

Did you go through IB? How much student loan did you have when you graduated?

Nov 28, 2018

Yes, did the standard 2 years at an EB in NY.

~100k of loans, $0 credit card debt, and a lot of personal finance research my senior year along with having parents who are financially savy. Over halfway done with the principal and been maxing out my pre-tax 401(k) in the meantime and living pretty well month to month.

Biggest advice is to really make a budget and know where every $ is going. Always keep an emergency fund back too just in case it's never worth not having that.

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Most Helpful
Nov 27, 2018

None. Went to my state University, did a ton of scholarship applications in high school, and my family was poverty level growing up so not much in terms of tuition costs. Scholarships really, really helped with the room/board though.

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Nov 27, 2018
justphresh:

None. Went to my state University, did a ton of scholarship applications in high school, and my family was poverty level growing up so not much in terms of tuition costs. Scholarships really, really helped with the Room and Board though.

How the hell did the above get a monkey shit? This fucking site sometimes.....

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Nov 27, 2018

Lmao I was wondering the same.

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Nov 27, 2018

Shrug

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Nov 28, 2018

There are a lot of keyboard warriors on here... They are likely throwing MS at "state school."

Props to justphresh.

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Dec 3, 2018
THE PsYcHoLoGy:

There are a lot of keyboard warriors on here... They are likely throwing MS at "state school."

Props to justphresh.

Heck yeah we are

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Nov 28, 2018

It's that innate feeling that people get that they have to take you a notch down. Agreed, it is annoying when good post get MS.

Work hard, work clean, & most of all do not give up.

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Dec 1, 2018

I haven't seen one even halfway legit reason for MS, anywhere on the thread. Please, someone tell me why you mad, I think it's an interesting thread.

I was going to share my stats but I need to know which industry/SL//CC debt threshold, help from parents, etc is going to 'deserve' poo

Funniest
Dec 4, 2018

Wow, that like, ruined my day. How am I going to explain my SB:MS ratio to my children?

The people throwing MS at me don't have time to explain their answers because they're still trying to figure out how to use toilet paper and come from countries where you can still light women on fire.

Dec 4, 2018

Agreed - so laughable.

Dec 3, 2018
buysidehotshot:
justphresh:

None. Went to my state University, did a ton of scholarship applications in high school, and my family was poverty level growing up so not much in terms of tuition costs. Scholarships really, really helped with the Room and Board though.

How the hell did the above get a monkey shit? This fucking site sometimes.....

I wanted to throw monkey shit at this comment but I alredy wasted all my MS on the shmuck that works in CF. Guy is a waste of MS>

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Dec 5, 2018

HarvardBoy did your wife or mum cheat with a CF guy? Rough times mate.

Nov 28, 2018

Same here - grew up solidly middle class, right in the not-so-sweet spot where we were too rich to get need-based financial aid but not rich enough to pay full tuition at a target school like Stern. Ended up going to my state university for $2k a year after scholarships and came out the other end with an EB offer. No ragrets.

Nov 28, 2018

Yeah, this is me right now. Currently deciding if it's worth it, as I've got several siblings going to college as well in the next few years and my parents make just enough that I don't get more than a couple grand in financial aid. Is an Ivy League really worth 160k in student debt more than a place like Lehigh?

Nov 28, 2018

Are you in high school right now?

Nov 28, 2018

No, I made a previous post going into a bit more detail a while ago, but I graduated last year and have been working for the last several months and will continue to work until next summer at a nonprofit in Latin America. It's been an incredible experience and I definitely needed the mental break from academic competition, but because I didn't really put any effort into the college search last year I have to go through it this year. It's definitely made the essay writing easier however having this much more professional experience under my belt and has definitely opened up opportunities that I would have considered impossible in the past.

Dec 4, 2018

+1 for having the awareness to take a step back and gain professional/real world experience. There also plenty of maturity to be gained in the process. Where in Latin America may I ask?

Work hard, work clean, & most of all do not give up.

Nov 28, 2018

How much do your parents make? Check the upper limits for Ivy Leagues. A couple are up to 125k (don't quote me on that) and under for family income and its tuition free

Nov 28, 2018

Unfortunately, my parents' income places us solidly upper middle class, I'm from such a high COL area that the savings potential are nowhere near what it would be if I was from rural Arkansas. Don't get me wrong, the opportunities this has provided me with I wouldn't have traded for anything, but it just makes this process that much more stressful.

Nov 28, 2018

Waiting for that sweet signing bonus to drop in my account around March. Will have a 9 month grace period after graduation (before interest starts kicking in) so will pay the ~7k off piecemeal.

Nov 28, 2018

Aren't bonuses taxed at 40%? 10k with 40% tax = 6k?

Nov 28, 2018

Nope just ordinary income and dependent on bracket

Array
Nov 29, 2018

Just to elaborate / clarify this point. Yes, bonuses are taxed at ordinary income.

The problem is that the way taxes work roughly (except SS, which is always the same and once you are above $127,500 for the year you no longer pay it) is that it takes your paycheck, multiplies it by 24 (to annualize it) then taxes it as if you made that paycheck all year. Obviously you don't since it is a bonus and so you can see tax rates of 35-50% on your bonus since it think you are raking it in, but at the end of the year your tax refund will reflect if for the full year you over or under paid your taxes.

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Nov 29, 2018

I thought it was something like that.

Surprised you can't have hr modify the tax rate. Or is it a legal requirement. Obviously you get the money back eventually.

Array
Nov 29, 2018

Believe legal / that's just how it goes. You can claim up to 11 federal allowances without triggering an immediate IRS audit (i.e. claiming 12 is the trigger I think...) and that will lower your federal taxes if you want more money now / less in your refund. At the end of the day I always tell people your refund makes you 100% whole no matter what so it isn't a huge deal.

Nov 28, 2018

$50K student debt
$2K Credit card debt

Nov 28, 2018

$50k in student debt. I made a deal with my parents so they pay the half and I pay the other. It has to be paid over 4 years so they are paying the first 2 years to let me some time to save some money on my first months working.
It's a pretty nice deal I had with them because it made me responsible from day 1 in college in term of money and I'm not completely alone against a 50k student debt.

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Nov 28, 2018

dd

Nov 29, 2018

Investment Banking? What city?

Nov 29, 2018

sdssd

Nov 28, 2018

30k student debt, no credit card debt; that's asking for trouble given the 20-25% interest rates charged on late payments.

Honestly, I think people overemphasize the lump sum of the debt and panic instead of analyzing it. No, it's not ideal to have, but it's fairly doable for anyone to set up a repayment schedule and have regular payments set up to get rid of the debt. Its the same set up as car payments or house payments or insurance.

Given the state of the market, I'm planning to focus more on my debt bc that's effectively a 6-7% "return" on my principal once I graduate and start working. My living expenses will be fairly low given my industry anyway, so I should have paid off my debt within 5 years.

Dec 5, 2018

Where do you plan on living though?

Nov 29, 2018

Starting full time in July as an IB analyst. $10.5K in ~4.25% subsidized federal student loans, might end up being lower. No CC debt, I use a charge card so I can't carry a balance.

Grew up in a single parent household without a lot of money so my school was mostly paid for. My loans are mostly from sophomore and junior year, and I turned my federal work study into loans every year so I didn't have to work. Might get a scholarship from my business school next semester that would lower that. Spending money came from the ~$50K I made working during the summers. Overall, my situation worked out well and I'm very grateful for it, because I know a lot of people's are very different.

Nov 29, 2018

$100k SL Debt. 0 Credit card. Naively went to an expensive state school my freshman year for $55k+. Transferred for my sophomore year when I realized I could have the same amount of opportunities & fun at a different school for half the price. Incoming S&T analyst. Interested in this topic and best methods for paying these off as I begin work. +1 SB

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Dec 1, 2018

~$40K in student loan debt. My weighted average cost of debt is just over 4% so I'm more focused on having cash available to invest than paying down my debt as fast as possible.

Dec 5, 2018

WACC rules supreme

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Dec 3, 2018

None - joined the military and used it to pay from bachelors to two graduate degrees. Not in IB but a data scientist working on risk management for cyber security.


"I am always saying "Glad to've met you" to somebody I'm not at all glad I met. If you want to stay alive, you have to say that stuff, though."
-- J.D. Salinger, The Catcher in the Rye

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Dec 4, 2018

No student loan but owe my parents about $120k or more. I plan on paying them back slowly. Even tho no loan on my books but it's shitty feelz when you forever owe someone something even after you pay them back, because they bet their life saving on you

Dec 4, 2018

No student loan but owe my parents about $120k or more. I plan on paying them back slowly. Even tho no loan on my books but it's shitty feelz when you forever owe someone something even after you pay them back, because they bet their life saving on you

Dec 4, 2018

I started with a $65k student loan, expected to pay back at the end of next year. Saved a lot on rents but it's the annual bonus that pays down most of my debt. So in a way it feels like I'm making only the base salary on IB/PE hours in Manhattan. But it is what it is.

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Dec 11, 2018

I was all geared up and ready to load myself with debt to do an MBA on the other side of the world with a wife and three kids, then very VERY fortunately received a full scholarahip including flights and living costs.

What was going to be an incredibly tough couple of years ended up being a great family experience with the extra money we had.

I now work for a BB in transaction services in case its useful and very fortunately, have no debt.

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Dec 11, 2018

Incoming IB. No debt and a few grand in savings/stocks. Go to a state school and worked full time to pay and avoid debt. My parents combined income is just above the cut-off where I don't qualify for student aid, which really sucks, because they can't actually afford to help even if they wanted to. They make the equivalent of minimum wage.

Some notes which helped me and might be helpful to others reading this:
- GPA isn't as high as it should be due to focusing more on work, but IMO there's a lot to be learned from working while in school (meet people, mature, etc.), just don't slack on the important assignments and keep it above 3.5
- Conservative spending habits unless hobbies or things I'm very passionate about (not blowing money on clothes every weekend or eating out every day)
- Read a book called "Rich Dad Poor Dad"
- Friends will be buying the latest clothes, taking trips, buying drinks and food frequently (social media doesn't help), it's hard not to give in and should totally indulge every once in a while, but don't make it a habit. Keep a long term focus in mind and learn to find fulfillment in non-Instagrammable things (see point below)
- Learn to manage your time to balance school + work. Pick all your classes on certain days, have your work days and your study days sorted out. Whatever is left over spend with friends/family/hobbies (you will enjoy this time much more)

Might edit later with anything else that comes to mind.

Dec 13, 2018

Feel you on the cut-off situation. It's actually funny, because if one of your parents quit their job for the 4 years to put you below and if you qualified for half to full aid at a private school (~50k/yrish) then when you add up all the savings, make it "pre-tax" dollars it is normally more than that original job provided in income (i.e. it's more cost effective for one to be unemployed for the 4 years).

Great list btw

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Dec 15, 2018
Dec 11, 2018
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Dec 13, 2018
Dec 13, 2018