Describe your Debt Load! - *** Warning: Way too much debt

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*** Warning: Way too much debt

Printed From: CanadaStudentDebt.ca
Category: Other Topics
Forum Name: Describe your Debt Load!
Forum Description: Post stories of your debt and how it affects you and your family
URL: https://www.canadastudentdebt.ca/forum_posts.asp?TID=2614
Printed Date: 27/March/2026 at 2:02am
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Topic: *** Warning: Way too much debt

Posted By: marie_1s
Subject: *** Warning: Way too much debt
Date Posted: 15/May/2005 at 12:59pm

In 95 I went to college and ended up with around 12,000 in debt and had difficulty getting a full-time job, so I decided in 2000 to return to school for my social work degree. I got my social work degree and a BA and at that time I had around 46,000 in debt. Well I was accepted into grad school and a full year into my MSW I am running at 56,000. I still have another year to go and I think I will be over 60,000. It is a nightmare and I cringe and feel ill when I think about how much I owe. I suspect my payments will run around 800-900 a month and with my degree I hope to get a position making anywhere from 46,000 to 49,000 to start in the field I enter. I feel like this is a huge load on my back and I just don't want to have debt for the next 9 years. I was thinking of a plan to use half my salary to pay off student loan per year and live off the rest of my sslary plus my spouse for living expenses. Does this sound reasonable or highly unlikely?? Any suggestions or opinions welcome.

Replies:

Posted By: BigFatherA
Date Posted: 15/May/2005 at 3:23pm

Lets see:
Take 46K to start (lucky you!)

Thats about $3800/mo before deductions.

If you have the usual run of deductions you will probably see about $2500/mo take-home. It your CSL payments run $900, leaving you with $1600 left over. Some graduates don't even start with $1600 as a take home!

Hope you score that job. . .(with a bit of frugality you'll be just fine)

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BigFatherA
Priest & Teacher
non carborundum illegitemi est

Posted By: marie_1s
Date Posted: 15/May/2005 at 4:03pm

Thanks for your response. I realize I owe a lot of money, but I guess I am lucky that I have extensive work experience and will graduate with a degree that I am certain will land me a decent paying job. I can empathize with those who complete their degrees and have difficulty finding work. I have met many people who completed university and are working for minimum wage and still have huge debts to pay off.

Even though I know I will get a decent job it still scares the hell out of me that I owe so much. What bank in the world would feel safe giving me a mortgage for a house or a decent car with this kind of debt?

Posted By: Blue.
Date Posted: 16/May/2005 at 8:33am

The same people who look at the rest of the population and give them a mortgage. You're looking at $60K with a $48000 salary, right? I graduated with $25K in debt and a starting salary of $24K. While you will owe a lot of money, you're not that badly off as long as you can make SOME form of payment.

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What you are obsessing about is a debt. It's a loan. It's business. It's money. It contains no moral baggage. You are a decent, kind, loving and moral human being.
--Islander