Student Loan Debt

[WockaWocka]

Yeah, the pay teaching music is pretty crappy, plus lots of districts are cutting those budgets. Private lessons might not pay well unless you're in a rich neighborhood. If she's good enough to be in one of the major US symphonies (NY, Chicago, Boston, etc) the starting salaries are usually around $100K though.

 

But are you getting too far ahead of yourself?? How long have you been dating her?

[Anonymous122]

Yeah, the pay teaching music is pretty crappy, plus lots of districts are cutting those budgets. Private lessons might not pay well unless you're in a rich neighborhood. If she's good enough to be in one of the major US symphonies (NY, Chicago, Boston, etc) the starting salaries are usually around $100K though.

 

But are you getting too far ahead of yourself?? How long have you been dating her?

 

Five months, but I don't believe in getting too far ahead of yourself. I wouldn't date someone that I couldn't see myself marrying at some point. A huge 100k debt makes me question whether or not she has long term potential, so I'm just struggling to figure out if I should stay or go. I also think I might have miscommunicated what a degree in music is, in her case. It has nothing to do with actually playing an instrument, its like music history. She knows how to play a few instruments due to extra curriculars, though.

[Marisa33]

no one has brought up the possibility of her teaching in college or a private University. Professors make bank an most University's will cater to the arts in some way. She could always do that since she's doing her Masters, at least if anything teach at a community college an do private lessons on the side.

 

If you love her, you will work through it together.

[annie24]

in this day and age, she likely needs a PhD or an MFA to teach at the college or university level. i don't think a master's in education is enough. then again, i don't know the music field as well.

[Marisa33]

At community college it is enough, I work for a traditional 4yr University an they let people with Masters degree's teach there while offering them tuition reimbursment for a Phd.

 

Suppose it depends on the school though

[annie24]

yes, i guess it depends on the school and the specifics of the program in which she enrolls. she can certainly make money at those jobs. but will it be enough to pay off the loans? she needs to contact those organizations and figure out if there is some 'debt forgiveness' after x years of payment.

 

i read some article a while back about getting degrees from "name brand" universities vs. middle-tier public universities. i don't remember the conclusions of the article, but i think it was that having the fancy name helps get your foot in the door, but over the course of your lifetime, it doesn't really matter.

[lvrnftr11]

After reading your post I had to ask myself your question. I came up with 2 answers. First: If it was the love of my life, I wouldn't bat an eye at taking everything that was her! Debt and all! Having her in my life would more than compensate for a slightly less standard of living while paying back debt. Second: If she was not the love of my life I would probably question whether it would be worth the lower standard of living. Or is money and things more important than love? This is your life and your decision, just give it lots of thought.

[jenny_mcs]

Wow. I don't know. Even if she has a really low interest rate, she will be paying around $700 per month for 20 years. Over $1000/ month if she has to pay it back within 10 years.

 

Yikes.

[Anonymous122]

Wow. I don't know. Even if she has a really low interest rate, she will be paying around $700 per month for 20 years. Over $1000/ month if she has to pay it back within 10 years.

 

Yikes.

 

As they stand, her payments are just under $1000 a month, for 20 year loans. So... yah, $1000 a month for 20 years is a lot of money. I really do love her, though, which is why I'm so hesitant to actually make a decision. Also, its not that "things" matter to me more than she does, lvrnftr. Its that I've put a lot of effort into my education and managed to keep my debt low. I always imagined that I'd be able to buy a house in my late 20s. With that much debt, I doubt even a modest home would be a possibility.

[Marisa33]

well there is the other hand, she could always just stay in school forever an never have to pay anything back....but i'm sure that's not a possibility.

[annie24]

i do know someone who enrolled in random courses at the community college just so he could still be considered a student and not have to pay interest on the student loans (he was paying them off though). it is an interesting prospect - just taking the bare minimum units - photography, philosophy, cake decorating - just enough to be a classified as "a student" and get the financial breaks that comes with it.

[jenny_mcs]

As they stand, her payments are just under $1000 a month, for 20 year loans. So... yah, $1000 a month for 20 years is a lot of money. I really do love her, though, which is why I'm so hesitant to actually make a decision. Also, its not that "things" matter to me more than she does, lvrnftr. Its that I've put a lot of effort into my education and managed to keep my debt low. I always imagined that I'd be able to buy a house in my late 20s. With that much debt, I doubt even a modest home would be a possibility.

 

I really don't know Anonymous. This is really tough. Like you, I scrambled and made sacrifices so I would not graduate with debt like that. I got into a great private college, but I got almost a full ride to a state school, so I went there. $1000 a month is an enormous amount of money per month when you are just starting out in your career.

 

What are her feelings about this debt? How is she with spending/money in her every day life?

[Windycitygal]

$1000 dollars a month is an enormous amount of money. How did she just wake up one day and realize she was $100k in debt? Plus, she could have gotten her music degree at any undergrad institution; her master's is what really matters and based on merit, she could have gotten aid or scholarships.

 

I just really think you're doing the right thing in thinking towards the future. I personally would not get into a relationship with someone who had $100k in student loans; regardless of the fact that student loans are considered "good" loans. You won't be able to buy a home together for a long time and you'll have to live with her $1000 payments monthly for a long time too.

[-Sanguine-]

I really understand you don't want to have to worry about being financially insecure in the future, but I can't fathom how you could let go of someone you love just because they have a large amount of debt. I am in no way judging you, I jus't don't think that is a reason I would ever break up with someone. If I did decide to do that, there would definitely be other reasons - which kind of makes me think maybe she's not the right girl for you if you could let her go because of her debt. Maybe you're better off finding someone you'd want to stick with if things got rough?

[WockaWocka]

As it stands now by paying off over 20 years more than half the money will go to interest. Can she pay it off earlier, or is it one of those where she can only pay on their schedule?

[geekgirl4]

Honestly, her waking up and not knowing she was 100K in debt (seriously???) gives some clarity on her irresponsibility when it comes to money. I would be nervous too if it comes to a future together. We've all read problems here where partners are overreaching when it comes to their budget or spending money from a joint account. Financial problems are common enough in many couples so I understand how OP would be worried. Being able to take care of finances and being thoughtful of the future is a pretty darn important in the character of a person, IMO. Were her parents not able to help at all? And by the way, how the heck did her parents let her take such big loans anyways?

[Windycitygal]

Everyone who is on this thread saying "I would love this person and be with them no matter what" is missing the fundamental point that unfortunately money is a huge part of our society and it can literally make or break you. I would like it to be different, but it's not. I'm not saying people with huge loans/debts are off limits, but it shows a clear lack of responsibility on her part, not to mention she'll be even more than 100 thousand in the hole when she finishes graduate school. They've only been dating 5 months, not five years.

[TakingtheBlame]

Yikes the responses to this post are depressing! You'd be surprised how many of my friends (and myself!) are at LEAST $100K in debt from both undergrad and graduate school loans! Tuition + room and board + living expenses can really add up, especially when one is unable to work full-time during school. In fact I'd go so far as to say that I personally have learned to just accept this as the norm when dating guys, as I am a recent law school grad and most of the guys I date are recent law/med/grad school grads who are trying to make due in an unforgiving economy. Sure money is HUGE but I come from a working-class family and am quite content with the idea of living a comfortable life (as opposed to a upper-class life) knowing that I achieved something fairly prestigious. Most lenders are less mercenary than you'd think and are more than willing to work out a budget so that you don't end up paying, as someone on this thread mentioned, $700 a month (sheesh!) I currently pay about $200 a month on the loan repayment plan that I'm on and am still able to pay rent, go out/travel occasionally, and save a bit of money on the side.....

[Windycitygal]

How are you tackling payments plus interest if you're only paying $200 a month? I have 10k in loans total and am paying more than that just to get it over with.

 

Being a lawyer is much better financially (in almost all cases) than being a music teacher. Keep that in mind too. I wouldn't mind having 100k in debt if I were graduating from law school or med school, either.

[geekgirl4]

100k is actually pretty darned good if you're combining undergrad AND grad costs but we're talking about a music major from a private undergrad that has 100k in debt already.

[Snny]

Not only are schools cutting arts/humanity/music related classes, but they prefer to hire someone with a Bachelors in teaching because it costs school systems less. If she walks out with a master's in education and NO teaching experience, school systems won't even consider hiring her. Around my area, schools are laying off THOUSANDS of teachers. Right now it has taken me over three years to get a contract from a public school system because I am competing against experienced teachers. I have my certification in English secondary and have been teaching in private/alternative school for two years. A music teacher is going to have a hell of a time finding work.

 

She needs to research the job market before going back to school and stacking her student loan debt. Deal breaker? As long as she has a job and can pay the loan(s) off monthly with no trouble, then it should be fine. You just want her to be responsible in paying it on time every month because her credit can and will affect your credit if you both get married.

[Anonymous122]

To answer a few questions:

 

$1000 a month is assuming she pays it off over 20 years. She can't pay it off any faster, because teaches don't make enough. A first year teacher in the state we're from makes about $35,000. It tends to peak around $60,000-$65,000 after sixteen years on the job (I'm pulling these numbers from a school district's pay chart).

 

As far as the masters degree goes, in our state you can't get a teaching license without a masters degree. If you have a bachelors degree, they'll give you a five year temporary license, as long as you're enrolled in a masters degree program.

 

If you break it down...

$35,000 salary

$27,000 after federal and state taxes

-$12,000/yr in student loan payments

=$15,000/yr, as a college graduate.

 

Yearly raises for teachers in our state average out at about $2000 per year.

 

I did the math so that I could put it into perspective. On the other hand, I'm also going into teaching, but I've got about $250/month in student loan payments, assuming I pay them back over 10 years.

 

Her parents co-signed for all of the loans that she took out. Presumably, they thought it was a good idea for her to spend that much on her music degree. Her brother has $150,000 in student loans for his bachelors in computer science, and her sister has around $100,000 for her bachelors in communications. It seems to be family trend.

 

I really wish I didn't have to take this stuff into consideration.

[Snny]

To answer a few questions:

 

$1000 a month is assuming she pays it off over 20 years. She can't pay it off any faster, because teaches don't make enough. A first year teacher in the state we're from makes about $35,000. It tends to peak around $60,000-$65,000 after sixteen years on the job (I'm pulling these numbers from a school district's pay chart).

 

As far as the masters degree goes, in our state you can't get a teaching license without a masters degree. If you have a bachelors degree, they'll give you a five year temporary license, as long as you're enrolled in a masters degree program.

I suggest looking at other locations to teach. Those places that require a master's usually are looking for experienced teachers. If she is a fresh kid out of college and another teacher with 5+ years of experience and a masters apply for the same job... I'm sorry, but the experienced teacher gets the position. That's how it is since the recession.

 

$35k is piss poor to start as a public school teacher. In my area, teachers make over $40k starting, eventually make over 100k after receiving tenure, and can start out with a bachelors for 10 years. Yes, the school systems like a master's degree... they all do because of No Child Left Behind and Obama promising federal aid to high performing schools. Realistically, school systems are getting shanked with budget cuts and their hiring preferences are changing to keep costs low. Read all about it in the news... school systems are either going on hiring freezes, laying off thousands of teachers despite of their contract agreements, or hiring experienced teachers who were cut from their previous jobs. Hiring someone with a bachelors is much cheaper if the school system has the budget, and that's going around nationwide.

 

School systems won't hire if they can't afford to pay someone with a master's. Ok, so your state requires a master's, but there are 51 states total and other places to look. This is coming from someone who has been playing the game for years and ended up working for a private school because the public system are on freezes or laying off.

[annie24]

I'm wondering why they didn't try hard to get more scholarships, or apply for cheaper universities? I got into private and public universities, but I wasn't getting enough financial aid from the private schools, so I went to a public university. $100,000 with a degree in computer science is better than music though.

 

I think you are right to take it into consideration - if you are considering marry a woman, you should think about every aspect of her life and personality.

 

is she panicking now that she figured out how much she owes?

[Snny]

Oh yea, and another thing....

 

If you are already teaching in certain states that require a master's, there are GRANTS that cover a teacher's master's expenses. You may want to look into that as well to save yourselves the loan debt.