View Full Version : Student Loan Balance
HoserSooner
4/21/2006, 01:02 PM
As of today, equals $0.00.
Someone's getting drunk tonight. :D
Mine's around $93,000. But I'm still gonna drink. (Congrats, BTW)
Congrats! I retired mine last year and rolled it all into paying off my car which is now paid off too. I'll get drunk tonight to celebrate your good fortune.
olevetonahill
4/21/2006, 01:31 PM
Mine's around $93,000. But I'm still gonna drink. (Congrats, BTW)
You need to do a coupla surgeries there Doc . ;)
SoonerInKCMO
4/21/2006, 01:32 PM
Mine's around $93,000. But I'm still gonna drink. (Congrats, BTW)
Thank you for making my original balance of $50k-ish sound not so bad. :)
Also, congrats Hoser!! I'll be joining you in the zero-balance club by the end of the year.
crawfish
4/21/2006, 01:34 PM
Mine's around $93,000. But I'm still gonna drink. (Congrats, BTW)
You're obviously not stuffing enough people into your waiting room.
Hamhock
4/21/2006, 01:35 PM
Congrats.
Well done.
Osce0la
4/21/2006, 01:35 PM
You're obviously not stuffing enough people into your waiting room.
Because they can't just walk in...See, you complain about needing an appointment and you lose business...
King Crimson
4/21/2006, 01:37 PM
right on Hoser. get some Elsinore beer.
Ehh, I've got another 25 years to pay it off.
Stanley1
4/21/2006, 01:38 PM
I would have killed myself had I had that much debt. Killed. Myself.
HoserSooner
4/21/2006, 01:39 PM
right on Hoser. get some Elsinore beer.
Good idea.
And if I can find a mouse in one of the bottles, the drunk will be free of charge.
:cool:
You're obviously not stuffing enough people into your waiting room.
....or shipping enough transplantable organs to China.
I would have killed myself had I had that much debt. Killed. Myself.
You get used to it.
Okla-homey
4/21/2006, 01:50 PM
Homey's observations on student loan debt:
It succs, but at least it makes possible the achievement of professional goals for many who wouldn't otherwise be able to pursue them.
That said, taking a student loan to achieve a degree which isn't likely to lead to a job that pays very much seems rather counterintuitive to moi. For example, I could never understand people going deeply into hock to pay for a degree in art history or French literature, etc.
OUstudent4life
4/21/2006, 02:14 PM
Heh. The wife and I are only about $200K behind you.
Which is why your kids' doctor bills are gonna be supafun in a couple of years ;)
Heh. The wife and I are only about $200K behind you.
Which is why your kids' doctor bills are gonna be supafun in a couple of years ;)
Yeah!
Except he lives in Canada, so he probably won't have to worry too much about that, eh?
Someone's getting drunk tonight. :D
who???
1stTimeCaller
4/21/2006, 04:52 PM
question for the banking types. Do student loans impact your credit score? Sure I know that making your payments or missing them impacts it but do banks look at the balance owed when it comes to student loans?
BeetDigger
4/21/2006, 04:56 PM
You're obviously not stuffing enough people into your waiting room.
Too much time posting, not enough time doctoring. That student loan bill's not going to pay itself down.
Stanley1
4/21/2006, 06:05 PM
question for the banking types. Do student loans impact your credit score? Sure I know that making your payments or missing them impacts it but do banks look at the balance owed when it comes to student loans?
No, it doesn't. Pretty sure of that.
LilSooner
4/21/2006, 06:06 PM
2700 dollars left for mine, will be paid off in a few months. Pretty good for a political science degree. :)
SoonerInKCMO
4/21/2006, 09:19 PM
No, it doesn't. Pretty sure of that.
:confused:
Why would they be treated any differently from other installment loans?
BajaOklahoma
4/21/2006, 09:43 PM
Eldest son graduating May 6th. Started his first "real" job this week - with unbelievable benefits. Will owe zero.
Second son graduating in July, if they hold the class and lab that his advisor didn't realize that he needed to graduate. Probably will graduate in December, so the major hike in tutition will affect us. Will owe zero.
Lil Baja - a sophomore, hoping to get into PT. That is a six year program for a masters. And now she has informed her father that OU is going to offer a Doctorate in PT.... he is still laughing about that. She will owe nothing, though we aren't paying for her doctorate.
We made a choice to fully pay for their college, knowing it may decrease what they inherit someday. Hopefully they will realize it before we die.
1stTimeCaller
4/22/2006, 11:30 AM
I never took out any student loans or got money from home for school. I was on the take what you can pay for plan. Well, that and the Nat'l Guard.
I was just wondering if having a large student loan balance would affect the chances of someone getting a car or home loan after college.
I was just wondering if having a large student loan balance would affect the chances of someone getting a car or home loan after college.
Apparently not. I have both.
All three of the above, actually. :D
etouffee
4/22/2006, 02:32 PM
Sorry folks, but I worked in the mortgage banking industry for a few years and yes, banks and financing companies do look at student loan debt. Some (not many) may weight it slightly less than others, but it's definitely figured into the equation when calculating your debt-to-income ratio and approving you to borrow money.
What does happen sometimes, however, is that banks override their normal approval guidelines for really high-income borrowers with lots of student loan debt, but not for normal wage earners. In other words, a doctor with a 6-figure income and $100K of student loan debt is still going to get the bigass loan. Why? Because he makes a lot of money now and is virtually guaranteed to be making even more than that in the future. There's really very little risk in lending money to a doctor; he's always going to have a job and always going to make a lot of money. Conversely, your average $40K/yr Joe with a huge student loan may not get the loan, or may get a higher interest rate. Why? Because 40K Joe is not likely to ever have a high-6-figure income, nor is he even guaranteed to stay gainfully employed and able to make that loan note. There's definitely more risk in loaning money to him if he already has $100K in other debt to meet.
So the moral of the story is don't take out that 100K student loan unless you're going to make a buttload of money, or it could hurt you later.
MamaMia
4/22/2006, 02:35 PM
Good for you! :D
It took us 10 years to pay ours off. That was indeed a happy day.
HoserSooner
4/22/2006, 09:12 PM
Good for you! :D
It took us 10 years to pay ours off. That was indeed a happy day.
Thanks. I was in year eight, but I got a bit of money through an inheritance, so figured the best/smartest use was to pay it off.
(I really wanted to head to the casino and play BlackJack for $200 a hand, but common sense prevailed). :D
tulsaoilerfan
4/22/2006, 09:20 PM
As of today, equals $0.00.
Someone's getting drunk tonight. :D
Don't worry, you will have house, credit cards, cars, and other payments to take it's place pretty soon, if you don't already have them. :D
Al Gore
4/22/2006, 09:27 PM
I would have killed myself had I had that much debt. Killed. Myself.Try $2,000,000.....
Al Gore
4/22/2006, 09:28 PM
Not a student loan........
HoserSooner
4/22/2006, 11:36 PM
Don't worry, you will have house, credit cards, cars, and other payments to take it's place pretty soon, if you don't already have them. :D
Got a car lease and a minor credit card balance. House is paid off in full though.
Now if I can just find a job that pays me decent, I can start a new career as a sugar-daddy. :cool:
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