July 29, 2013

My Student Loans

I was sorting through some old papers and I found the statements from my college loans.   I had a few subsidized Stafford loans and a Perkins loan.

Three individual Stafford loans serviced by Sallie Mae:
$1,081 @ 8%
$1,712 @ 8%
$1,191 @ 8.25%
One Perkins loan :
$1,871.4 @ 5%

The total debt was : $5,855.40

That was all back about 20 years ago.  If I adjust to inflation it would be like having about $9,461 in loans in today's dollars.   It wasn't a burden for me.  When I started working full time the total debt load amounted about 15% of my annual salary.  I think I could have handled  as much as 6 times as much.  

Note the interest rates on my Stafford loans were 8% and 8.25% while the Perkins was just 5%.   The Perkins  loans were subsidized more substantially.   Of course this was many years ago when interest rates are higher than today's very low rates.

Looks like it took me a few years before I paid off all my loans.   I have a final statement that is about 4 years after I started working full time.   I don't recall for sure but I think I made minimum payments most of the time and then finally just paid them off in full at some point before the end of the loan term.

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1 comment:

  1. Jim R, glad you are back and hope you had a productive hiatus. Student loans seem to be a big deal in the media these days, I am not sure why it is a 'crisis'. Interesting rates and amounts for yours. Mine were about 30 years back, and I actually found the origination fees objectionable then and determined it was worth my while to pay as I went. Rates were about 7% in 1983. Thanks for the blog, always enjoy your work.

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