Is paying $4,000/month in student loans good enough?

[ExpressMaiL]

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Are we going to discuss how working 50 to 70 hour weeks isn't good for your health? Both physically and mentally.

As I mentioned earlier, to each their own. You do you.

 

[wagrxm2000]

One shift a month is 48 hours for one week not 50 to 70 every week.

This is assuming that you need it and for the final time 27 isn't a cliff, you are still young. You literally just got out of 6 years of college. You really need to continue to party? When exactly are you going out? Are you going to plastered when you work the next day? You get two weekends off for the typical retail pharmacist. How much are you spending during these weekends. You kids clearly needed a finance class.

Some things I joke about here but wasting your money early is the dumbest advice anyone can give.

 

[Momus]

Attack student loan debt like there is no tomorrow. 6.8% interest is no chump change. 3 yrs sacrifice is short, you have 50 yrs more ahead of you.

 

[ExpressMaiL]

One shift a month is 48 hours for one week not 50 to 70 every week.

This is assuming that you need it and for the final time 27 isn't a cliff, you are still young. You literally just got out of 6 years of college. You really need to continue to party?

Some things I joke about here but wasting your money early is the dumbest advice anyone can give

So everyone graduating form pharmacy school is 6 years out of college?
Everyone who isn't paying their loans off ASAP is dumb because they're "partying?"

Just do your own thing.

 

[wagrxm2000]

So everyone graduating form pharmacy school is 6 years out of college?
Everyone who isn't paying their loans off ASAP is dumb because they're "partying?"

Just do your own thing.

You'll thank me later

The first part makes no sense and why are you telling me to do my own thing? You aren't the OP. I'm helping the OP, you are already lost.

 

[ExpressMaiL]

You'll thank me later

The first part makes no sense and why are you telling me to do my own thing? You aren't the OP. I'm helping the OP, you are already lost.

I won't thank you for anything but a good laugh today.

Funny how those without money tend to be the ones giving advice on how to save or use it.

 

[wagrxm2000]

I won't thank you for anything but a good laugh today.

Funny how those without money tend to be the ones giving advice on how to save or use it.

Um, my net worth is 2 million plus.

If you can't understand even the basics, you should not give financial advice.

 

[ExpressMaiL]

Um, my net worth is 2 million plus.

If you can't understand even the basics, you should not give financial advice.

Hahaha, you consider "2M plus" a lot? There was a time when I thought the same, young grasshopper.

 

[wagrxm2000]

Hahaha, you consider "2M plus" a lot? There was a time when I thought the same, young grasshopper.

Oh I remember you now, you're the day trader that has no idea what they're doing.

How is that Facebook trade doing, ha.

 

[jjcayce123]

I built up a 35k savings for emergency and currently put about 2k per month towards loans.

 

[ExpressMaiL]

Oh I remember you now, you're the day trader that has no idea what they're doing.

How is that Facebook trade doing, ha.

LoL going for a personal attack now? The recent correction in the market was a lucrative time. Also, the TSLA shares I lost out on back in August "funding secured" day is being paid out by a class action.

I'm limiting my daily transactions to 5M/day and only going for a daily gain of +$2k. I no longer push for +10-20k days.

"Um" you don't understand anything about finance if you think a supposed net worth of 2M automatically qualifies you as a financial expert.

Anyone can throw out numbers on a forum. Prove you're actually worth "2M plus."

 

[wagrxm2000]

LoL going for a personal attack now? The recent correction in the market was a lucrative time. Also, the TSLA shares I lost out on back in August "funding secured" day is being paid out by a class action.

I'm limiting my daily transactions to 5M/day and only going for a daily gain of +$2k. I no longer push for +10-20k days.

"Um" you don't understand anything about finance if you think a supposed net worth of 2M automatically qualifies you as a financial expert.

Anyone can throw out numbers on a forum. Prove you're actually worth "2M plus."

Sorry I'm done here now that I know who I'm talking to. No one listen to this guy.

To those that are pushing towards their goal of being debt free, smart decision, this will pay off in the long run. Without any effort on your part, you too can reach two million.

 

[ExpressMaiL]

Sorry I'm done here now that I know who I'm talking to. No one listen to this guy.

To those that are pushing towards their goal of being debt free, smart decision, this will pay off in the long run. Without any effort on your part, you too can reach two million.

What I'm typing must seem like BS to you because you don't have the ability to comprehend simple day trading.

Be advised, to anyone paying off their student loans - don't take advice from strangers on a forum, including me. Self-proclaimed financial expert wagrxm2000 claiming to be worth "2M plus" is probably drowning in debt...

You're running at an 11, waggie rx. Take it down a few notches... it's Friday.

 

[wagrxm2000]

What I'm typing must seem like BS to you because you don't have the ability to comprehend simple day trading.

Be advised, to anyone paying off their student loans - don't take advice from strangers on a forum, including me. Self-proclaimed financial expert wagrxm2000 claiming to be worth "2M plus" is probably drowning in debt...

You're running at an 11, waggie rx. Take it down a few notches... it's Friday.

As tempting as it is to troll your type of personality, I'm done here.

 

[ExpressMaiL]

As tempting as it is to troll your type of personality, I'm done here.

You were surprisingly done only after I called you out to prove your 2M plus net worth. It's easy to throw out numbers like that on an anonymous forum, I get it.

 

[NITRAS]

Are we going to discuss how working 50 to 70 hour weeks isn't good for your health? Both physically and mentally.

As I mentioned earlier, to each their own. You do you.

50-60 hours a week is really doable. 70-80 hours a week can be managed by anyone for periods of time. 100 hour weeks really blow.

And waking up at 27 with no debt and a solid six figure income will put you in great position. Doesn't mean you missed out on youth. I didn't get my first big boy job till I was 29 anyway.

Some of you that want to live care-free should never have kids, but I'd seriously consider thinking about what your older self would wish you had done.

 

[ExpressMaiL]

50-60 hours a week is really doable. 70-80 hours a week can be managed by anyone for periods of time. 100 hour weeks really blow.

And waking up at 27 with no debt and a solid six figure income will put you in great position. Doesn't mean you missed out on youth. I didn't get my first big boy job till I was 29 anyway.

Some of you that want to live care-free should never have kids, but I'd seriously consider thinking about what your older self would wish you had done.

Each individual has their own goals set in mind and an idea of how to accomplish paying their loans back. $4k a month toward student loans is a healthy amount, but it also depends on the circumstance of the payments and the terms of the loan.

If anything, a fixed income such as a pharmacist where you have to work five to seven days a week is an income level where you'll never starve, but at the same time, it isn't a lot of money either. I did not want to be someone who was "satisfied" working as a 9 to 5 (whatever that means now) so I worked hard to become independent of traditional employment. Truly, the only level of living I see now is being a business owner.

 

[grizzlesgrizzlies]

You were surprisingly done only after I called you out to prove your 2M plus net worth. It's easy to throw out numbers like that on an anonymous forum, I get it.

Not taking any sides here, but why insist on proving the 2M+ NW if you don't consider that number to be a lot?

 

[spacecowgirl]

Put away your rulers, boys. Yawn.

 

[Jbrl]

With the deteriorating job market and the way pharmacist are treated by my former big chain employer, I can't honestly enjoy life until I get this monkey off my back. I predict a major job market crash for pharmacist by 2020 so I"m doing everything possible to at least get rid of the student loans debt. Even if they start laying off pharmacists or dropping salary below $50/hr like a few companies are starting to do, i'll still be ok as long as I don't have that massive debt to payoff.

I still set some money aside for fun. Budgeting is an amazing tool to manage life. I set aside only $50/month plus credit card rewards for fun. I pay all my bills with credit cards to earn cash. The reason I'm posting here and asking question is I'm so mentally focused and desperate to payoff my student loans, I feel guilty on my days off about not working a second job to pay even more towards my loans. I'm trying to be mentally happy with paying $4,000 monthly and enjoying my days off.

Normally I'd recommend you loosen up the budget $100-200/month for extra discretionary spend, but why don't you try picking up an extra 10hr of work if you have the bandwidth/energy? Considering you're ruminating over this to the degree you'd delay gratification and cut everything else out (and still feel guilt), it might make the most sense for you.

You could cut down the time it takes to pay it all down from a little less than 3 years to a little over 2.

Either way - you're doing a great job. There's no reason you shouldn't be satisfied with your progress.

 

[Sine Cura]

$4k a month is fine and I wouldn't get another job unless you want to get your foot in the door somewhere.

I paid $6k/month in 2015 ($72,637 total) and I wasn't "delaying gratification" or living like a pauper. However I was working minimum 96 hours a pay period when I was at CVS so I was able to put away more.

Aside from housing, currently health care is my biggest expense then vehicle maintenance (this is like 60% of annual spending). The rest is everything else including frivolous purchases like a $700 notebook or a $200 used smartphone or having a "fancy" dinner once in a while.

Video games are cheap. Exercise is cheap. Reading is cheap. Table service at Omnia is dumb. Just don't be that guy that has to get a Model S or something unnecessary

 

[wagrxm2000]

$4k a month is fine and I wouldn't get another job unless you want to get your foot in the door somewhere.

I paid $6k/month in 2015 ($72,637 total) and I wasn't "delaying gratification" or living like a pauper. However I was working minimum 96 hours a pay period when I was at CVS so I was able to put away more.

Aside from housing, currently health care is my biggest expense then vehicle maintenance (this is like 60% of annual spending). The rest is everything else including frivolous purchases like a $700 notebook or a $200 used smartphone or having a "fancy" dinner once in a while.

Video games are cheap. Exercise is cheap. Reading is cheap. Table service at Omnia is dumb. Just don't be that guy that has to get a Model S or something unnecessary

The biggest problem is all these new grads went into this profession for the money. Hard to tell them to delay that 3 more years no matter how smart a decision that is.

 

[PharmtoCS]

The biggest problem is all these new grads went into this profession for the money. Hard to tell them to delay that 3 more years no matter how smart a decision that is.

Pharmacy itself is a terrible profession to get into for the money. Many of these new grads and students might not be the most financially literate to begin with. They cite “six-figure salary!!!!!!11111” yet do not realize how much they lose in take home pay and lifetime earnings via astronomical student loans and 4 years of lost earnings.

 

[PAtoPharm]

I don't chime in here much anymore but this thread caught my attention. Something I noticed nobody has mentioned yet is the prospect of "paying back" students via IBR/REPAYE. Depending on how low someone's monthly after-tax earnings are relative to their debt (as well as how much they're accumulating in interest per month), does it simply make more sense for some people to simply go on REPAYE? I know a local pharmacist who graduated with a sh*tload of debt from Mercer who is on REPAYE and is simply counting on the whole tax bomb thing being done-away with at some point in the future. Risky strategy?

 

[wagrxm2000]

I don't chime in here much anymore but this thread caught my attention. Something I noticed nobody has mentioned yet is the prospect of "paying back" students via IBR/REPAYE. Depending on how low someone's monthly after-tax earnings are relative to their debt (as well as how much they're accumulating in interest per month), does it simply make more sense for some people to simply go on REPAYE? I know a local pharmacist who graduated with a sh*tload of debt from Mercer who is on REPAYE and is simply counting on the whole tax bomb thing being done-away with at some point in the future. Risky strategy?

I don't follow loan forgiveness since that was after my time but it's my understanding most don't qualify somehow and I think a thread was on here about it at some point.

https://www.google.com/amp/s/www.cn...-on-your-way-to-student-loan-forgiveness.html

Someone who actually follows/understands this can correct me.

Don't forget about the taxes due afterwards.

 

[PAtoPharm]

I don't follow loan forgiveness since that was after my time but it's my understanding most don't qualify somehow and I think a thread was on here about it at some point.

https://www.google.com/amp/s/www.cn...-on-your-way-to-student-loan-forgiveness.html

Someone who actually follows/understands this can correct me.

Don't forget about the taxes due afterwards.

That article discusses PSLF, which is a different program than IBR/REPAYE. Apparently anyone with federal loans can apply (and be approved) for REPAYE or IBR.

 

[wagrxm2000]

That article discusses PSLF, which is a different program than IBR/REPAYE. Apparently anyone with federal loans can apply (and be approved) for REPAYE or IBR.

Again I don't follow it, thought I heard something about it though.

I'm sure someone on here can talk about it. It might have been a concern that in the end their loans won't be forgiven.

After reading about it, I recommend against it. Take the guaranteed returns.

 

[BC_89]

I don't chime in here much anymore but this thread caught my attention. Something I noticed nobody has mentioned yet is the prospect of "paying back" students via IBR/REPAYE. Depending on how low someone's monthly after-tax earnings are relative to their debt (as well as how much they're accumulating in interest per month), does it simply make more sense for some people to simply go on REPAYE? I know a local pharmacist who graduated with a sh*tload of debt from Mercer who is on REPAYE and is simply counting on the whole tax bomb thing being done-away with at some point in the future. Risky strategy?

I label this as an intolerable risk. The programs can “flop” during the process. To much under-writing exists without the individuals knowing. Concerning PSLF (as mentioned by others), no tax bomb exists for federal loans. That said, many others are pushed back and turned away due to same underlying rules such as REPAYE (which still has the tax bomb at the end).

Another way to look at it: America is over $1.1 trillion in student loan debt. Majority have signed up for these forgiveness plans. Yet, a majority simply cannot be forgiven .. thus, government loop-holes.

 

[BMBiology]

I don't chime in here much anymore but this thread caught my attention. Something I noticed nobody has mentioned yet is the prospect of "paying back" students via IBR/REPAYE. Depending on how low someone's monthly after-tax earnings are relative to their debt (as well as how much they're accumulating in interest per month), does it simply make more sense for some people to simply go on REPAYE? I know a local pharmacist who graduated with a sh*tload of debt from Mercer who is on REPAYE and is simply counting on the whole tax bomb thing being done-away with at some point in the future. Risky strategy?

Yeah you can drag your student loans over 20-25 years just as long as you know:

(1) You are taking more risk
(2) You will probably pay more in the long run
(3) It could prevent you from getting a mortgage especially in expensive states like California, New York

Do you really want to still have student loans when you are 55 years old?


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[owlegrad]

FUD anyone?

 

[PAtoPharm]

I label this as an intolerable risk. The programs can “flop” during the process. To much under-writing exists without the individuals knowing. Concerning PSLF (as mentioned by others), no tax bomb exists for federal loans. That said, many others are pushed back and turned away due to same underlying rules such as REPAYE (which still has the tax bomb at the end).

Another way to look at it: America is over $1.1 trillion in student loan debt. Majority have signed up for these forgiveness plans. Yet, a majority simply cannot be forgiven .. thus, government loop-holes.

Yeah you can drag your student loans over 20-25 years just as long as you know:

(1) You are taking more risk
(2) You will probably pay more in the long run
(3) It could prevent you from getting a mortgage especially in expensive states like California, New York

Do you really want to still have student loans when you are 55 years old?


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To be honest, I might not have much of a choice in the matter. Keep in mind that my graduate school escapades have included (thus far): several semesters of private AA school, two semesters of private pharmacy school, and now private PA school. By the time I graduate, I will likely have so much debt that unless I consistently earn some ridiculously high salary as a PA (think $200k+, which basically only surgical PA's who work 60+ hrs/week earn), I honestly probably would pay back less over the course of 20 years on REPAYE's terms than I would by simply legitimately paying back the debt. This would absolutely be the case if, God forbid, I end up working in primary care earning ~$80k (or possibly less, as is often the case with pediatrics PA's).

To answer your question @BMBiology , no, I don't want to be paying back student loans when I'm 55. But if stretching out my repayment plan (as would be the case with REPAYE) to age 55 would mean overall paying back less, then I guess it might be worth it.

 

[GypsyHummus]

@PAtoPharm how much debt will you have in total when it is all done?

 

[wagrxm2000]

To be honest, I might not have much of a choice in the matter. Keep in mind that my graduate school escapades have included (thus far): several semesters of private AA school, two semesters of private pharmacy school, and now private PA school. By the time I graduate, I will likely have so much debt that unless I consistently earn some ridiculously high salary as a PA (think $200k+, which basically only surgical PA's who work 60+ hrs/week earn), I honestly probably would pay back less over the course of 20 years on REPAYE's terms than I would by simply legitimately paying back the debt. This would absolutely be the case if, God forbid, I end up working in primary care earning ~$80k (or possibly less, as is often the case with pediatrics PA's).

To answer your question @BMBiology , no, I don't want to be paying back student loans when I'm 55. But if stretching out my repayment plan (as would be the case with REPAYE) to age 55 would mean overall paying back less, then I guess it might be worth it.

You better hope there's a change and you don't get taxed after you hopefully get that $200k forgiven because you aren't going to put a dent in that loan.

I will say if you are only making $80k, (why did you do this to yourself for that salary? You should have just finished pharmacy school or stayed away completely) you should definitely try REPAYE. You would never be able to live a normal life and pay off that loan.

 

[BC_89]

To be honest, I might not have much of a choice in the matter. Keep in mind that my graduate school escapades have included (thus far): several semesters of private AA school, two semesters of private pharmacy school, and now private PA school. By the time I graduate, I will likely have so much debt that unless I consistently earn some ridiculously high salary as a PA (think $200k+, which basically only surgical PA's who work 60+ hrs/week earn), I honestly probably would pay back less over the course of 20 years on REPAYE's terms than I would by simply legitimately paying back the debt. This would absolutely be the case if, God forbid, I end up working in primary care earning ~$80k (or possibly less, as is often the case with pediatrics PA's).

To answer your question @BMBiology , no, I don't want to be paying back student loans when I'm 55. But if stretching out my repayment plan (as would be the case with REPAYE) to age 55 would mean overall paying back less, then I guess it might be worth it.

I understand what your coming from with the high loans coming your way, I myself am not convinced that REPAYE/IBR won’t last for your 20 - 25 year min. Payment commitment.

PSLF was put out under Obama in October of 2007 and already we see a proposal to get rid of it as well as skewed changes under REPAYE recipients:

https://www.google.com/amp/s/www.cn...uld-end-student-loan-forgiveness-program.html

For a more direct detail, I’ll add a college investor link that pulls references from New York Times / Washington posts every so often with PSLF taking a potential bow.

https://thecollegeinvestor.com/21636/trump-student-loan-forgiveness/

This is how I define intolerable risk. Could you imagine if 15 years into your income based driven plan the rug was pulled from under you? Now you have the joy of paying that principle with a serious ballooning effect.

Nonetheless, if you make it through, the tax bomb looks better than the overall picture. Still...a high-risk move...

 

[Corytrade]

I sold my house to pay my ~80k in student loan debt. Had plenty left over that I am saving for my next home. Absolutely worth it. Probably should have never taken the debt to begin with, but too late for that. The feeling of having no debt is so freeing, especially hearing about my co-worker's debt everyday. People can give you all their reasons and try to explain rates vs the market etc. But at the end of the day, I am not going to take the advice of anyone who is $100k+ in debt, no matter how savvy they think they are...because they're broke.

 

[rph3664]

Pharmacy itself is a terrible profession to get into for the money.

We were told that 30 years ago when I embarked on this journey.

When I saw the phrase "day trader", I kinda sorta figured that Sparda29 had picked up a new gig.

 

[Prosperity8]

Update: my plan just got thrown off course big time. Recently got a girlfriend and i'm beginning to realize being in a relationship cost a lot of money. Besides from going out to eat and driving to see her, i'm planning to book a trip to France to propose to her. Then wedding will cost a ton. It's pick your poison: being single, lonely and don't spend money to payoff loans quicker or be in relationship, get married and only able to pay about $3,000/month.

 

[Momus]

Update: my plan just got thrown off course big time. Recently got a girlfriend and i'm beginning to realize being in a relationship cost a lot of money. Besides from going out to eat and driving to see her, i'm planning to book a trip to France to propose to her. Then wedding will cost a ton. It's pick your poison: being single, lonely and don't spend money to payoff loans quicker or be in relationship, get married and only able to pay about $3,000/month.

Way too soon to propose, live with her 2 years+ at least. Hope your woman makes good money man or... that negative investment will never pay itself 😉

 

[Adsum]

Update: my plan just got thrown off course big time. Recently got a girlfriend and i'm beginning to realize being in a relationship cost a lot of money. Besides from going out to eat and driving to see her, i'm planning to book a trip to France to propose to her. Then wedding will cost a ton. It's pick your poison: being single, lonely and don't spend money to payoff loans quicker or be in relationship, get married and only able to pay about $3,000/month.

Or you could find someone that shares your financial goals and is willing to make sacrifices. If you know that your loved one has a plan to pay her student loans, would you want her to spend a lot of money on expensive dates/vacations/wedding?

Spending a lot of money is a not a prequisite for a relationship. Plenty of people around the world make it work without six figure salaries.

 

[BMBiology]

Update: my plan just got thrown off course big time. Recently got a girlfriend and i'm beginning to realize being in a relationship cost a lot of money. Besides from going out to eat and driving to see her, i'm planning to book a trip to France to propose to her. Then wedding will cost a ton. It's pick your poison: being single, lonely and don't spend money to payoff loans quicker or be in relationship, get married and only able to pay about $3,000/month.

You should be honest and tell her what kind of debt you have. If you guys are in this together, then you need to discuss this early.


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[Prosperity8]

I have not discussed with her my debts. She's super hot and fell in love with me before finding out I was a pharmacist. I have being single for most of my life and spend virtually no "fun" money on me or anyone else. I rarely spend money on clothing or shoes. I wore same pair of shoes for 2 years. I haven't bought new clothes in 4 years. Since I have a girlfriend, I have to look good and smell good etc. All these little things add up.

 

[BMBiology]

I have not discussed with her my debts. She's super hot and fell in love with me before finding out I was a pharmacist. I have being single for most of my life and spend virtually no "fun" money on me or anyone else. I rarely spend money on clothing or shoes. I wore same pair of shoes for 2 years. I haven't bought new clothes in 4 years. Since I have a girlfriend, I have to look good and smell good etc. All these little things add up.

How the hell did she fall in love with you without knowing what you do for a living?


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[Sine Cura]

Update: my plan just got thrown off course big time. Recently got a girlfriend and i'm beginning to realize being in a relationship cost a lot of money. Besides from going out to eat and driving to see her, i'm planning to book a trip to France to propose to her. Then wedding will cost a ton. It's pick your poison: being single, lonely and don't spend money to payoff loans quicker or be in relationship, get married and only able to pay about $3,000/month.

It hasn't even been less than a month since your original post and you want to propose to her?

WTF mate?

 

[sakigt]

Well, this sounds like a disaster.

 

[wagrxm2000]

Update: my plan just got thrown off course big time. Recently got a girlfriend and i'm beginning to realize being in a relationship cost a lot of money. Besides from going out to eat and driving to see her, i'm planning to book a trip to France to propose to her. Then wedding will cost a ton. It's pick your poison: being single, lonely and don't spend money to payoff loans quicker or be in relationship, get married and only able to pay about $3,000/month.

I'm confused, you just got a girlfriend but you already plan on proposing to her? Why are you proposing in France?

Why are you with someone that cares so much about monetary things? You can be in a relationship and still get your loans paid off.

You will be working into your 60s if you don't plan appropriately.

 

[Prosperity8]

It hasn't even been less than a month since your original post and you want to propose to her?

WTF mate?

The plan is at least a year away of course. But it's better to plan ahead. If we break up, then I'll just throw extra money saved up towards loans.

 

[Prosperity8]

How the hell did she fall in love with you without knowing what you do for a living?


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It's called seduction and having game. I'm pretty good with the ladies when I turn my game on.

 

[Prosperity8]

It's called seduction and having game. I'm pretty good with the ladies when I turn my game on.

I made it a policy of mine to never reveal my profession to any girl until we get serious and in a relationship. I usually give a general answer like "I work in retail".

 

[BMBiology]

It's called seduction and having game. I'm pretty good with the ladies when I turn my game on.

Is that why you were single most of your life?

 

[Pharmibippy]

Mate, listen to the people here. Its way too soon to be thinking about proposing. I have to say, theres nothing with balancing life and paying off your loans a bit slower. Won't make too big a difference in the long run.