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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Nov 27, 2018 - 5:17pm
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.....

Nov 28, 2018 - 12:29pm

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 - 10:28am

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

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Funniest
Dec 4, 2018 - 3:19pm

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.

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Dec 3, 2018 - 8:39pm
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>

Nov 28, 2018 - 2:25am

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 - 1:05pm

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 - 7:43am

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 - 12:34pm

$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.

Nov 28, 2018 - 4:35pm

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 22, 2018 - 10:27am

Non NY/SF major city. I'm exaggerating slightly with the 5 years thing (I'm probably going to divert my funds into some investments still), but I'm in a good spot. I've done some basic financial projections on my reoccurring expenses, COL factors, etc, and I'll have more than enough to pay off debt fairly quickly. To be fair though, I've worked throughout college and have saved up a good chunk, and my firm is fairly generous with comp.

Nov 29, 2018 - 11:09am

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 - 3:09pm

$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

Dec 3, 2018 - 2:27pm

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 11, 2018 - 8:23am

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.

Dec 11, 2018 - 12:55pm

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 - 6:00pm

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

Aug 10, 2020 - 7:49am

I have about 8k student loans I am working hard to pay it off and it's very heartfelt for me to hear that someone have problems with loans. In our days there are a lot of untrusted companies with a big interest rate and hidden fees. I am not very happy to have loans until payday but this company really helps students to take some money for their needs, I have taken 5k and 8k several times and i had no problems with approval and also I would like to say that they have very good customer service.

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