US student loans?

Hi all,

I decided to start a thread about student loans, feel welcomed to share your stories, how did you get through school and graduate, what options exist, explain the differences between private student loans and federal student loans, how did you apply and where did you apply,  interest rates, what were your experiences, etc.

If you were to do it all over again, what would you do differently?

Comments (15)

Most Helpful
Dec 20, 2021 - 8:38am

My parents paid for my college. I had an academic scholarship that covered most of tuition, so my rent actually ended up being more than my actual college. All in-cost from freshman-senior year was probably $50k or so.

I'm of the firm belief that if you have kids, you should be able to provide fully for them. In my mind, this includes paying for their college and their first car.

My parents grew up poor compared to how I've grown up. They used to sell phone books and take the coupons from the back to eat. Meanwhile, I was spending $100 a week on food and partying during college.

Thanks to my parents, I was able to graduate college debt free. I originally intended on cutting them a check for several hundred thousand one day, but no way my dad will accept it. Have thought of planning expensive vacations, but he's the one who always organizes what we + extended family do, so still thinking about what to do.

I will say, for those of you like me who have had basically everything provided for you, show appreciation. My dad could have retired long ago but continues to work to build wealth for his family.

Education is key - very rarely will you meet a college graduate from a good school who has done nothing with their lives. Coming from an Asian immigrant family, I was raised to understand how important education is. The majority of my extended family is well off after coming to America poor. This was all accomplished due to hard work. This is also one reason why you'll see me bash "diversity" in many comments. Asian family values have a high regard for education and a nuclear family, resulting in successful people. This is not a coincidence

Dec 23, 2021 - 8:49am

Thank you for taking the time to comment. I am curious about a few things and I hope you are not offended if I ask you a personal question if I may. My question is if your living costs exceeded your tuition costs, may I ask why didn't you choose to live at home with your parents in order to save money on rent, or did your family live too far away from the university campus?

If you were to do it all over again, my second question is, would you have attended a university closer to home or would you have attended more online university courses (e-learning), for example. These are all cost saving incentives that a lot of students are now confronted with given the current situation.

Alternatively, what would you do differently if you had to go back to university today and start all over?

I know these are somewhat difficult questions to answer but I would like to say I enjoy reading your comments

Dec 23, 2021 - 10:01am

I went to college like 2 hours from my parents' house. Also, living at home in college sucks. I did it for a bit while taking online classes. College is about "finding yourself", which really means partying and doing stupid shit before you become an adult and have responsibilities. I didn't party until my last two years.

Saving money is important, but not so important that you should sacrifice meaningful moments of life to save a few bucks. $50k is a large amount of money even for my parents, but not large enough to decrease my quality of life 10x to save that amount

Dec 23, 2021 - 10:05am

As I told a friend a while back, life is more about money. Money is important when you don't have any. If you can cover your basic necessities, money becomes much less important.

If I could do college again, I probably would party my first two years. Do more drugs. Try and be nicer to people. Study harder. Actually go to class. Try not to hang out with some of the bad people I hung out with

  • Analyst 1 in IB - Gen
Dec 23, 2021 - 11:37am

I'm not paying back that shit. We'll get inflation or they'll print more money anyone who is seriously paying federal loans is frankly an idiot. Waiting for the washed out ASO/VP to come in here and cry about how he paid it all back so "it's not fair!!" that we don't. Fuck you we not paying shit. The writing has been on the wall for years now that there will be some level of forgiveness.

  • Associate 1 in IB - Cov
Dec 23, 2021 - 11:58am

I have no plans of ever paying my loans back. The joke is on the American tax payer as AOC demand my loans be forgiven as I skate away with $350k a year. This is an issue where I am FIRMLY on the side of democrats lol. Huge thanks to Biden and Co! 

  • Analyst 1 in IB - Gen
Dec 23, 2021 - 1:45pm

Not sure if you are trying to be sarcastic and shit on what I said above. But yes I unironically believe this pretty much. 

  • Associate 1 in IB - Cov
Dec 23, 2021 - 5:15pm

No, I'm fully on board. No sarcasm here. C'est La vie brother and big thanks to all of the libs who are campaigning on our behalves. 

  • Intern in IB-M&A
Dec 23, 2021 - 5:21pm

I think of you birth a child into the world it is very irresponsible to make them take 200k of debt at 18yo. If you want a child, prepare to pay for their college, and if you cannot, dont have a child

  • Analyst 1 in Consulting
Dec 23, 2021 - 8:25pm

I went to college for free and not because my parents were super rich. Decided to forgo going to a fancy private college that would have put me alone into $200k of debt and attended the same university my father was a professor at. The university covered the tuition, so all we were left with was a couple thousand in fees over my four years. I don't regret having no loans right now and would not have chosen differently in hindsight (although I recognize the privilege of my situation in the first place). 

Dec 23, 2021 - 10:50pm

Got a full ride to undergrad based on financial need (parents make about 30k/yr each), so no loans for that.

For MBA I am taking about 160k of loans despite having a small scholarship. took the max 20k subsidized federal loans each year, and the rest in private loans. biggest regret is I unfortunately took variable loans for the first year. thankfully I should be able to pay it off reasonably quickly, altho I don't have a job yet

  • Associate 1 in PE - Other
Dec 23, 2021 - 11:36pm

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