I just paid off the last debt remaining of my student loans

Discussion in 'The Lounge' started by hockeeyyy, Oct 19, 2018.

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  1. hockeeyyy

    hockeeyyy Registered User

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    I didn't know where to put this, but I just wanted to tell someone. I'm so damn happy right now. From $28,000 to $0 in five years. This was stupidly hard to do with a personal strict budget.

    Either way, student debt free!
     
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  2. tonyhawks77

    tonyhawks77 Registered User

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    Imagine having student debt in the first place... :laugh:
     
  3. holy

    holy Habs 2019 Cup Champs

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    Remove The Stone of Shame...attach The Stone of Triumph.
     
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  4. Allan92

    Allan92 Registered User

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    As someone currently looking to borrow funds to study, congratulations man, can't have been easy
     
  5. awfulwaffle

    awfulwaffle Registered User

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    Student debt is horrible. Congrats on paying it off! I'll be paying for it until I die. Key for anyone reading this is pay off more than the minimum. I always try to pay off the accumulated interest before the autondragt hits, that way the auto draft is hitting the principle balance as much as possible.

    If you dont mind me asking, what was your budget like?
     
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  6. StanGetz

    StanGetz o̯̘̍͋̀͌̂͒͋͋ͯ̿ͯͦ̈́ͬ͒̚̚

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    What kind of net salary did that degree land you?

    If you had to be on a strict financial plan to pay off 28k in five years (less than a typical car loan these days), then it probably didn't help you one bit. That's clearing like what, $460/mo?

    ****ing college man. I collected $2000 in debt and stopped after my associates because I got hired and now have four+ years of experience while foregoing the entire process. Such a ****ed up game.

    Hopefully you ****ed a lot of girls in college, though.

    Congrats on being debt free.
     
  7. StanGetz

    StanGetz o̯̘̍͋̀͌̂͒͋͋ͯ̿ͯͦ̈́ͬ͒̚̚

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    That sounds harsh up there. Not my intention. The idea of college being beneficial to the average person these days is such a scam and I hate that it's crippling millions of young adults as they transition into their next phases of life.

    My wife has about 80k in debt on her masters (psychology). She's making money as a therapist, but it's exhaustive to spend $800/mo on that ****.
     
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  8. 112

    112 Registered User

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    Congratulations and well done, mate.
     
  9. Darren Peng

    Darren Peng Registered User

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    So ****ing true man. The teachers drum it into you at school that if you get good grades you must go to university and you will get a good job, and society as a whole expects you to go university, it's just what you do. That was certainly the pressure I felt when I was deciding my future anyway, and my dad gave it the old "Do you want to end up working in McDonalds?"

    For me university served no purpose other than to dick about and buy myself time before having to decide what I want to do with my life. They make it sound like employers will be queuing round the corner to hire you and you will walk straight onto a great graduate scheme with a good salary. My own university sold everyone the statistic "99% of graduates in employment within a year" but what they don't tell you is that includes all the people who just went home to mum and dad and had to go back to their old job in a shop or behind the bar that they had before they left.

    It hasn't quite turned out as bad as that for me, I'm in an okay office job but it didn't require me to have a degree, and at 25 I'm certainly no better off than all of the idiots who I looked down on when I was in school because I was smarter than them.
     
  10. hockeeyyy

    hockeeyyy Registered User

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    It's actually kind of funny because that degree landed me nothing other than to open doors. I'm a Chef; and I have my diploma in culinary arts already. I make quite a bit -- don't want to go too much into it, but I'm making three times what I spent for University. I would say that the price of B.Sc in Biology has been validated because it allows me more avenues to go in the industry. Employers love the fact that I have my B.Sc, so it has made opening doors a lot easier.
     
  11. hockeeyyy

    hockeeyyy Registered User

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    When I finished school, my budget was less than $2,500 a month. So $700 for rent, $100 for hydro, $80 for internet / cell phone, etc. I had credit card bills too, but I paid those off every month. What I tried to do was put $500 into my OSAP every month. Sometimes I missed and dropped $250, but I tried to make it up as well. When I got my first role as a Sous Chef, my budget was larger, and easier to manage my debt. And when I got my second role as a Chef (Kitchen Manager), my salary did over double my first job out of school as a cook along with bonuses. It opened up doors for me to buy a car, and save a little more throughout the years towards a house or a condo one day.

    So I got a little lucky along the way.
     
  12. StanGetz

    StanGetz o̯̘̍͋̀͌̂͒͋͋ͯ̿ͯͦ̈́ͬ͒̚̚

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    Hey, super glad it worked out for you. I just see the experience my wife and her three sisters have gone through, each accruing at least 80k in debt to get masters degrees - and I make more than all of them (working in tech) with my associates. It's pretty messed up, imo.

    Stoked you're getting paid to do what you like though. That's worth it if it worked out.
     
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  13. Dumpster Flyers

    Dumpster Flyers Registered User

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    College isn't the problem, it's the cost. Society benefits from an educated populace.
     
  14. StanGetz

    StanGetz o̯̘̍͋̀͌̂͒͋͋ͯ̿ͯͦ̈́ͬ͒̚̚

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    I hear ya, but there's 100x more powerful ways for people to edify themselves than going to structured classes with standardized testing and the lot.

    I'm definitely more of an autodidact than a standard learner. I went to Montessori school all the way up to high school, which means I was always **** at standardized testing and the traditional methods of learning. I think the Internet has definitely changed the way a lot of people approach education and consume it. Most employers that I've talked with, some of which I've received offers from, don't even mention education. On the contrary, many of them begin by saying they don't care about education - much more about your ability to complete the required tasks. This coming from a tech perspective, anyway. I'm sure there's other fields that still hold on to the old classic notion that college = reliable and smart, but there's definitely been a major shift in the last 10-15 years that has really brought down the value of a $50,000 education.

    Anyway, I absolutely agree that the cost is bonkers, which also creates a huge imbalance of those whom are able to consume an education. It would be far more beneficial imo to help underprivileged kids from the hood grab a useful education than letting Lauren who's daddy makes $300k/yr who's there just to pop molly and bang dudes with 6-packs in between her poly-sci classes.
     
  15. Lurked4Yearz

    Lurked4Yearz Registered User

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    I'm glad my post-secondary education was affordable in Canada.
     
  16. hockeeyyy

    hockeeyyy Registered User

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    I went to the University of Toronto. All my loans were unsupported by my parents, so I had to hustle. I did work in a small club / bar for four years as a bartender / bar back during that time. Every night between Friday and Saturday left me with around $400 in tips. So I did pretty good. Granted, not everyone has that opportunity, so part of it was that I lucked out, but I was also very stupid with my money.

    Education, especially University degrees, are still prerequisites for specialized roles. While they may not be a focus of the interview, many employers will not hire someone if the applicant has no educational background in some forms of the applied role. Teachers, Accountants, Researchers, etc. are all specialized positions that require University degrees. Being a manager at a warehouse requires no formal education, but the tie goes to the one with a stronger learning base. Same goes for almost every position out there -- a university degree will open doors for you comparative to someone who doesn't have one. Equal opportunity employers use that basis to hire those with a learning base because

    a) it shows the applicant got through four + years of post-high school education
    b) dedication to the task
    c) implied strong reasoning and critical thinking abilities
    d) interpersonal relationships are more likely to succeed due to broader range of acquired knowledge

    It sounds stupid, but it's pretty important. My guess is that your wife and sisters might be suffering from some form of discrimination.
     
  17. The Crypto Guy

    The Crypto Guy Registered User

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    LOL at having debt.
     
  18. valeriammm

    valeriammm Registered User

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    Congrats! I have to start paying my $25k this January and im not looking forward to it, but it did get me 2 bachelors degrees?? I will probably have to add to that amount soon when I start grad school in the fall of 2019 lol **** the american educational system amiright
     
  19. Rob

    Rob Registered User

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    The debt students are incurring today is insane. Especially for useless degrees.
     
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  20. HFBCommenter

    HFBCommenter Rick Ro$$

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  21. The Crypto Guy

    The Crypto Guy Registered User

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    No, the real suckers are the people who get 2 bachelors and a grad degree :laugh: If you are smart all you needed was 1 bachelors and could have gotten a great job. Have fun never having a house and paying your loans back till your 50. Some life that will be.
     
  22. valeriammm

    valeriammm Registered User

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    Thanks for your unwanted input! I got the second degree at the same time not paying anymore than I did for one and secondly I am a year out of school now living in Chicago making 40k straight out, yes I am renting but my credit score is close to 800 and in years to come cant imagine ill have any trouble getting a mortgage. You on the other hand, congrats on being debt free and having no education minus what some high school? im sure thats opened up lots of doors, id love more of your life advice:speechles
     
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  23. The Crypto Guy

    The Crypto Guy Registered User

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    WOAH a whole 40K out of college?!? Holy crap that so IMPRESSIVE! I was making over 100K three years after getting my ONE bachelors and up to over 150K right now, oh and i've been a homeowner since 27. Grats though on that chump change, i'm sure that will go nicely right back into the governments hands for their loans.
     
  24. valeriammm

    valeriammm Registered User

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    Damn grandpa twas a different time, im glad I can now help fix the economy you ruined, probably had something to do with giving idiots like yourself that amount of money straight out of college (which im calling BS)
     
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  25. HFBCommenter

    HFBCommenter Rick Ro$$

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    I see you have met The Crypto Guy he is full of crap so good on you for calling him out !
     
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