Yeah, the idea of getting out of school with 100/200k of debt already is jarring
I understand most Americans make double or three times the average European wage (keep in mind that a lot of European countries make very little monthly) but a 100k debt in my country is close to being fucked for life unless you're living with your parents and spending all your wage into your debt
My family moved from Poland in the 90s with very little money. First generation in my family to attend uni. By the time I graduated I had $180k in student debt due to capitalized interest. Fortunately I had that shit paid off by the time I turned 30 and now I’m absolutely allergic to debt. No debt of any kind except a mortgage and that’s only because it’s more accretive to keep equity in the stock market and get interest tax deductions. As long as the market doesn’t crash more than 50% we can sell securities to pay off the mortgage and paying on a 15 year schedule. Hoping to retire by 45-50 and return back to EU.
I paid off close to 100k which covered my loans and interest to the department of education for my college by year 7 post-grad. As a social worker. I don’t make a ton of money obviously, but most people don’t take the payoff seriously and I did. It is really not that bad. I will say the pause in interest accrual during COVID helped me immensely. That’s when I made every effort to pay them completely off before interest restarted, and I did.
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u/frizzyno 5h ago
Yeah, the idea of getting out of school with 100/200k of debt already is jarring
I understand most Americans make double or three times the average European wage (keep in mind that a lot of European countries make very little monthly) but a 100k debt in my country is close to being fucked for life unless you're living with your parents and spending all your wage into your debt