Wednesday, April 11, 2012

A Milestone

Last week wasn't just Holy Week around here. That was, of course, the most exciting thing going on, but for our family we had the personal excitement of paying off my husband's student loans.

My husband and I were relatively lucky in the education department. Due to a lot of scholarships, we both made it through college with no debt and I went through two master's degrees without any.  However, we incurred a fair amount of loans when he went to law school, even with a scholarship, especially after I quit work to stay home with our first child.

When one is going to school, it is hard to understand just how long paying off those loans is actually going to take, assuming one finds a job that will pay enough. Recently there have been a lot of articles in the news about the growing problems of students coming out of school with mountains of debt and no way to pay it off.

Fortunately, we've never been in that situation, but the debt has loomed over our heads for many years now. A couple of years ago, we started thinking about paying it down faster and ridding ourselves of that lingering outflow of cash. We started putting extra little bits towards it and sending any tax refunds, etc. at it. And now it is gone. Hooray!  It's like a weight has been lifted.

9 comments:

Diane said...

Yay! That is truly an accomplishment - most people take forever to pay them off.

Believe me, I used to do the Federal reporting on our student loan programs, and the dollar amounts were staggering, especially at a private institution. Our recruiting people will say, "Yes, our annual tuition is $33,000, but most of our students receive close to half of that in financial aid", without specifying that a good portion of the FA may be loans that need to be repaid...someday.

I had to laugh - my university was touted by Businessweek as the "best return on investment" among Wis. colleges. A four year degree will cost on average $107,900 AFTER financial aid, and return $527,100 over 30 years (9.5%).

College students have no real -world concept of how much money that really is - nor of how long it takes to get rid of the debt.

Patricia Tryon said...

Congratulations! I remember many years ago when we got that done. It really is a milestone.

Kim said...

Woohoo!! I understand that feeling of being free from a debt and it's worth all the work it takes to get there. Congrats!!

Meredith said...

So happy for you both!

Herb of Grace said...

That's awesome! We're just now starting on our own "pay it off" journey and I'm anticipating that same feeling in a few years, Lord willing!

Neen said...

Congrats!

Marcia said...

Yeah for you!
Next month my husband will graduate with his second Masters since we've been married and with no debt TBTG!

Layla said...

Congrats! I'm dreaming of that day for us.

nicole said...

Exciting! Good for you guys.

We had no student loans. We do have consumer debt. But we are finally seeing the light at the end of the tunnel. Might be down to just the van (and house) by the end of the year.

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