Wednesday, May 11, 2011

Complaining about Student Loans

I worked part-time in college to the tune of 30 to 35 hours per week.  I took out student loans to pay my tuition but I made enough money to cover my living expenses and books.  I graduated with around 17.5K in student loans.  Before my deferment ended, I paid off a $2500 student loan.  I consolidated around 15K of my student loans at a rate of 4.5% for 15 years.  My payment is $112.53 per month and I have around 7K to go. 

I have a friend who constantly compains about her student loans.  I actually lived with her during college and she worked sporadically but never more than 15 hours per week.  On Friday nights, I was working and she was having dinner with her boyfriend and going out partying.  I was okay with that because I didn't want a ton of student loan debt.  She graduated with about 50 to 60K in student loan debt for a 4 year degree.

She put herself on a 10 year repayment and she whines so much about her student loans.  I can't stand it.  I want to point out that she just shouldn't have borrowed so much money for college.  Her degree doesn't make her enough money to justify the money that she spent on college. 

I'm fairly tolerant of some people's money mistakes but this one really irks me.  I don't say anything when she complains but she knows how I feel about the entire subject.  Does it annoy anybody else when people whine so much about student loans?  Am I being too intolerant?


  1. I think whining about any debt is pretty annoying. The possible exception to this would be debt incurred because of medical expenses. But, I chose to buy a car. I chose to use my credit cards. I chose to go to an expensive college. I'm excited to get them paid off, but rather than whine I try to focus on making a plan and actually doing something about it!

    I'm with you...I would be annoyed with the friend. Not because she chose to have the debt, but because she is complaining about something that was her choice.

  2. LBC, you are so right. It was her option and I wish that she would just have a game plan and not complain.

  3. I'm with you, People need to take responsibility. I hope she has learned from this, especially when in comparison to your choices. I'm not saying she made bad decisions, if she didn't want to work that's her choosing but she should know that because of her choices she now walks this path. It's good you showed such responsibility. I know I wouldn't want to work 35 hours and still go to school.

  4. Excellent article, I loved the information.

  5. Perhaps she didn't get the big picture? Now at least they teach students what they will have to be paying back in student loans when they were out of college. My parents didn't pay for college but my Dad did teach me that it was smarter to go to community college and take out less in student loans. I was able to pay for all of community college myself while working 40+ hours a week. I then went on to get my B.A. at a state college and left with 16,000 in debt. My payment is only $85 a month. I feel lucky that my Dad helped me to see what the right financial path was for me.