How much is your student loan debt/debt in general? :sadcam:

[Two Stacks]

Too much, but I have partial tuition reimbursement now.

 

[NkrumahWasRight Is Wrong]

$12k so far, I'm in my Junior year so double that by the time I graduate
I'm hoping to god I can get my loans forgiven when I get a teaching Job. I can probably get all of it paid off within a year or two of teaching since my mom is ok with me living at home rent free.
It's time to invest in $20 dollar stocks and see where it goes in two years

Pick carefully.

Chances are though, if you do get a teaching job, it will be forgiven or paid for at some point. Honestly, I would just invest in an IRA while you are in a lower tax bracket and just build on that with minor contributions over the years. You can't withdraw without penalty till your 59.5 but you can always withdraw if you have to and its a smart way to make money. I dont have debt, but part of that lead me to have little money. I saved up just a bit and threw 2.25k in an IRA earlier this year.

 

[Maxine Shaw]

Zero, but I've sacrificed so much for it. Always full-time, always 3.5 GPA or higher, plus I was holding a full-time job...it's worth it since I get my master's next week, but still. I can't recommend it to anybody else. My health is shot.

 

[El negrito de tejas]

Probably 55k+

But since Im going into the oil and gas industry my plan is to pay all it off within 5yrs.
Luckily my car is paid off and my family doesnt want to charge me rent so I can stay at their place and just pay off debt

 

[HideoKojima]

Pick carefully.

Chances are though, if you do get a teaching job, it will be forgiven or paid for at some point. Honestly, I would just invest in an IRA while you are in a lower tax bracket and just build on that with minor contributions over the years. You can't withdraw without penalty till your 59.5 but you can always withdraw if you have to and its a smart way to make money. I dont have debt, but part of that lead me to have little money. I saved up just a bit and threw 2.25k in an IRA earlier this year.

IRA, huh? I always throught about setting money aside for retirement. does it accrue interest?

 

[Techniec]

Tuition reimbursement in law is just your signing bonus. Bro just graduated and is starting on Bay St this month.

shyt, didn't even know that

Guess I'm going to have to second guess my decision to go into international law






















Congrats to your bro tho

 

[labrokejames]

IRA, huh? I always throught about setting money aside for retirement. does it accrue interest?

An IRA is another type of retirement account. The difference is that you can withdraw after-tax dollars with no penalty and the max out rate is $5500 as opposed to $17,500 like a 401k. It's far easier to max that out and there is no penalties on any sort of capital gains you make from investing. And yes, I believe it accrues interest as well. Not a crazy amount (no account does that anymore).

 

[NkrumahWasRight Is Wrong]

IRA, huh? I always throught about setting money aside for retirement. does it accrue interest?

Well you pick with your advisor what to invest in. Could be stocks/mutual funds etc. Can switch your portfolio as well. The advantage is minimizing/avoiding capital gains and paying tax up front rather than on your withdrawal at the end (Roth IRA to be specific, not a traditional IRA).

Roth IRAs make the most sense if you expect your tax rate to be higher during retirement than your current rate. That makes Roth IRAs ideal savings vehicles for young, lower-income workers who won’t miss the upfront tax deduction and who will benefit from decades of tax-free, compounded growth. Roth IRAs also appeal to anyone who wants to minimize their tax bite in retirement as well as older, wealthier taxpayers who want to leave assets to their heirs tax-free.

First things first. There are income eligibility limits, so if you make too much money, you can’t contribute to a Roth IRA. But with a median household income of about $50,000, most Americans qualify for Roth IRA contributions. (If your income is too high, you can convert some or all of the assets in your traditional IRA to a Roth IRA, but you’ll have to pay taxes on the entire amount you convert. For details, see more on Roth IRA conversions).

For 2014, you can contribute the maximum $5,500 to a Roth IRA ($6,500 if you are age 50 or older by the end of the year) if you are single or the single head of a household and your modified adjusted gross income (MAGI) is less than $114,000. Or, if you are married filing jointly, you can contribute the maximum amount to a Roth IRA if your income is less than $181,000. You may make a partial contribution to a Roth IRA if you are single and your income is between $114,000 and $129,000 or if you are married filing jointly and your income is between $181,000 and $191,000. You can’t contribute to a Roth IRA if your income is above those levels. (Special rules apply to married couples who live together at any time during the year but who file separate tax returns. Neither can contribute to a Roth IRA if their income exceeds $10,000.)

• Flexibility: You can withdraw your contributions at any time without taxes or penalty. Although you normally must hold the Roth account for at least five years and be at least 59 ½ before you can tap the earnings tax-free and penalty-free, there are exceptions, including death or disability of the account holder or to use up to $10,000 to purchase a first home for yourself or certain family members. In addition, you can avoid the 10% early withdrawal penalty, but will still incur income taxes, if you withdraw earnings early to pay higher-education costs for yourself or a family member.
• No mandatory withdrawals: Roth account holders are never forced to withdraw money (traditional IRAs require withdrawals beginning at age 70 1/2). This is particularly useful for estate planning purposes because it allows the account balance to continue to grow. Heirs pay no income taxes on inherited Roth IRAs but they are required to take distributions over their lifetimes.
• Saving during retirement: You can make contributions to a Roth if you continue to work in retirement as long as you stay within the income limits. Traditional IRAs do not allow contributions after age 70 ½.

just to be clear, there is a penalty if you withdraw initial investment etc before 59.5 years old, but not what you have contributed afterwards

 

[Mr. Bytes]

just graduated from college and am currently in the grace period before paying back around 30k

Would have been twice/quadruple as much if financial aid wasn't so great . Didn't really have to pay much of anything for the first two years and didn't start taking loans until junior year.

Blessed to have a job in Sillicon Valley where if all goes well and I take care of my money, things can be payed off. I'm trying to get this payed off as soon as I can, I saw what debt (including student loans) did to my parents and I'm not trying to go down that path

 

[merklman]

about $35k still to go

 

[1thouwow]

Anybody prior military and use the GI Bill?

 

[Sonny Bonds]

When I graduated 4 years ago, I had 13K to pay back. Now, I've got about $4,500 left. Pick your degrees carefully, my friends.

 

[Box Cutta]

Put me in the over 100K club too.

I'm on IBR, and I only pay the bare minimum. I'm waiting it out the 30 years. fukk em. Unless I'm making 6 figures I'm not even gonna think about trying to pay this off before the 30 year cutoff.

Same scenario...doing the same thing.

I have a plan though....

I'm planning on just finding one of those desperate Alaskan teaching jobs that will take anyone in and just sign like a 10 year contract and live like a hermit and just pay my shyt off and move away.

Spoiler

Naw, I'm fukked....

 

[criminology]

City University of New York. Graduated with no debt from Hunter College. Best education for the money.