Who has been (or is currently) debt free (minus mortgage)?

I understand but I think it also depends on the reason for the degree. If you simply want to learn and loans aren't an issue then by all means. But if the purpose of the degree is to create wealth it seems like quite a setback right off the bat with the cost of education these days. I would argue that half of the wealth that someone makes anymore depends on where they work and the other half isn't because of what they know but who they know and how hard they work. Of course this isn't the case for all professions, it's just what I've noticed in my neck of the woods.

 

Yeah that sucks, I don't think I'm as bad off as some may be but I have had to take a some loans for school the past couple years, but hopefully I will have a steady job as a EMT here in the next year so I can make some decent money and start working on paying that stuff off.

 

I don't really disagree with anything you stated...but a college degree is a requirement for most good professional jobs in my experience...or at least it is in my neck of woods where college completion rate is relatively high

 

Yeah its certainly becoming a necessary thing to have some college education. Im going to school for fire service technology. I would like to get on a full time fire department eventually. A lot of department now won't even look at you if you don't have a minimum of 60 credit hours. Which isn't much but its going to be needed at some point.

 

I'm 24 and as of last week everything but my car is payed off. Feels good. Student loans were definitely a pain. Buying our first house this summer. So then I'll have the mortgage.

 

I'm 28 and my wife is 32 and we will make our last payment to sallie Mae (hate her) in March and at that point will be 100% debt free. Mortgage to follow, but we're hoping to put 50% down and get rid of that early when I'm 35. At that point the goal is to max the tax exempt retirement contributions, increase the # of cattle we run, and quit "working" around age 50. Everyone needs a plan.....

 

Absolutely. My wife has her doctorate after 6 years. Her college was one the lower cost in the state. You can't exactly become a pharmacist at a community college :D College debt, when it benefits you greatly in the long run, is worthwhile.





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Seems a lot of people go to collage because their parents want them to or they just don't want to start working yet but what these collages are charging is armed robbery, and for what? To make you buy some text books and pay these liberal professors tenure?
I'm surprised you don't here about more collages getting sued for putting out kids with degrees in careers no one needs.

I graduated high school on a Friday and started working that Monday and it didn't even occur to me to take a vacation till I was about 30. Put myself through night school but when that told me I had to take racketball to get a real degree I told them what they could do with their degree and just took the courses I needed.

Of course this is the reason I didn't by my first sports car till I was 41 and took up hunting just 5 years ago:-/. All work and no play but I play hard now.

 

Totally debt free since 2009. No mortgage, car or school loans. Planning on retiring in 2015.

 

We just have the wife's new vehicle. Should be paid off in 2 years though, but not too worried with the low interest rate, same for my mortgage.

Anything with around 3% IR, I'm not too worried about paying it off early.

 

And student loans are cheap. I have no idea why someone would worry about student loans. Yeah, they suck to have, but they are more often than not proper investments.

I was lucky enough to graduate college without any loans, but that is because I'm awesome.

 

Yep. Our car loan is 1.9% spread over 5 years (it was the same for 3 and 4 years, so we took 5). We will still have it paid off in 1.5 years anyway (1.5 years in already). We're close to eliminating the last of the high interest student loans. We consolidated a ton from Sallie Mae (the devil) two years ago and rolled it into a home equity at 2.75%. We have one 5.25%, two 4.25%, and the rest are 3.25% and lower. The former three will be paid in full in a few months. I would like to say we're cheating Sallie Mae out of a ton of interest, but they make plenty even if you pay off years and years early

 

I'm 33 and been debt free around 3 years. I own 2 vehicles and should really start looking for a house.

 

Solely depends on the type of loan (federal, private, subsidized/subsidized). My wife had loans that were as high as 9.25% and now as low as .5%. Of course, all were deferred, and once she graduated we killed the high interest rate ones with our home equity, but we still have some that weren't able to be consolidated that are 4.25%-5.25%.

 

Umm what? Lol Grad Plus loans via Sallie Mae are 7.9% and unsubsidized.... Meaning my PY1 loan for 48k a few months after I graduate and finally start paying it already snowballed to 65k...

Student Loans are hands down the most expensive debt ill ever come across. Cars can be had for 1/4 and houses for 1/2 the rate my education is costing me in interest.

Definitely worth it long term, but frustrating when you have a president spouting affordable education is a priority and a month later the same man signs a bill eliminating subsidized loans for grad students but leaving them for undergrad (most of which are still on Mom and Dads dime anyway)...

 

Currently mortgage free...but student loans around 8k yet to pay off for my schooling which sadly I ain't even using haha! Other than that currently no debt. Once student loans are paid off I would love to really hunt hard for a move to a place with 20 acres or so...but who knows if that is what God has in store for us.

 

Damn...guess things have changed. I know when I thought about getting a loan one year, it was only going to be about 2%. Sorry for the generalization.

 

I feel like I've been duped. You had me convinced that you were awesome.:p

 

I have been totally debt free since 2008 when we paid off our mortgage. I'm 49, married but have no kids. We have 4 vehicles but no car payments. My wife and I both work but neither of us have a college education. We didn't like owing anybody any money so paying off debt was our priority. We're contributing alot to our retirement and we hope to retire at 55.

 

I do hope to have our mortgage paid off by 40. I'm currently 29.

But when that happens I'll probably buy a lake house, so...