Facing bad trial (student debt) don't know wut2do

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Erod773

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Hi everyone!

I have been struggling with an issue as of late, and it’s been very hard for me - I think it is a really bad trial, but I can’t seem to make sense of it. 3 years ago I graduated from college with a significant amount of debt, actually it’s crushing because I only get to live off of $300 a month after gas and loan payments. I shouldn’t be mad at God I know he love me and He answered a BIG prayer of mine a couple of weeks ago when I got fired from a bad job and miracously I found a higher paying job 3 weeks later FYI its $33,000 a year plus benefits, benefits I didn’t have from my last job. And I’m on the ground floor of an awesome tech start up being the first person hired for the marketing department.

I was so grateful and positive but then I fell into despair this morning when my loan statements came in and I realized how much of my income would be going to the loan companies. My loan debt is severe it’s $100,000 I only get to keep 270 of my income per month after living expenses including paying rent to my parents, which is ok because I should pay them, but I’ve been horribly depressed for the past week because I don’t see a way out.

I’m not saying I would kill myself, I don’t believe in that, I don’t want to suffer the pains of hell or hurt my family. But my situation seems so messed up, I want to be independent, I want to move out and raise a family. But it seems that at this moment I can’t do any of that I’m stuck, I can’t afford a relationship, a savings account, or even the remote thought of having a family. Friends, I’m still young 28, but I feel like my life is over because of this trial I’m facing. Maybe I shouldn’t feel this way, maybe I’ll be a Marketing Executive one day, maybe I’ll win the lotto, I just don’t know. But things are so tough for me right now, I don’t think God wants to see me in this state of not being dependent, but I’m not sure right now, it seems like He’s testing me with this trial, but I just don’t know if I’ll have a happy ending, I could see myself being without a family and being broke for the rest of my life while my friends move on with their careers and families. I feel down, has anyone been through a similar trial? I don’t know how to handle this, I don’t know if God has given me a huge cross to bear for the rest of my life, I don’t know if I can get out of this. Please help me cheer up its so hard for me right now I don’t know why God is doing this to me.
 
Well, you’ve taken out the loans so there isn’t anything that can be done about that now. I would highly recommend that you call the loan company and ask them if your loan repayments could be made smaller, in accordance with your current income. I don’t know what your degree is in, but I’m wondering how you planned to pay back $100G in loans when you took them out in the first place. Anyrate, federal loan companies will often work with you if you ask them. They know that with all the bills people have, they are the ones most likely to get stiffed. I mean, if you don’t pay the rent, you live in a box. If you don’t pay the gas, you end up freezing you butt off. If you don’t pay the insurance, you can’t drive your car. (legally) The worst the student loans company can do is mess with your credit score, so they’re usually the first to let you lower your payment amounts in hopes that they’ll get back some of their money.
 
Get a 2nd job. Make arrangements to pay the loans off but at a lower rate. All sorts of colleges are doing this to young people - financing a degree with loans that the student is going to have a really difficult time paying back.

Don’t get any further into debt, whatever you do! Work 2 jobs till you can start making more money from your primary job. Scrimp and pay as much of your school loans as you can.
 
You and 19 million other college students. Not to mention America itself. File bankruptcy. It is what everyone here is headed for but are not perceptive enough to see it.

It is the Socialist plan. Create a castrophe (National Debt) and then charge in on a white horse and offer a Hobb’s choice.

It is the price of the atrocity of sin of abortion that America has permitted by voting Liberal Democrat after Liberal Democrat into the White House.

You will be in good company.
 
Nimzovik said:
You and 19 million other college students. Not to mention America itself. File bankruptcy. It is what everyone here is headed for but are not perceptive enough to see it.
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Student loans are the only things that don’t go away when you file bankruptcy.
 
Yes… but they can not get blood out of a stone. A payment plan will be arranged that will allow him to eat.

No doubt the OP is a victim of usury.
 
You need to consolidate. My guess is instead of sticking with one lender you took out a bunch of smaller loans from many sources. Get one lower monthly payment with lower interest.

Then get a roommate and get out of your parents’ house.
 
Personally I would not sweat the getting out of the Parent’s house issue unless it is an issue for them. Many cultures come to America and have generations live in one house to facilitate the growth of their business.

It is a matter of choice and ability.

I think that many Americans have lost the sense of familial closeness by kicking kids out at 18.
 
Erod773 said:
Hi everyone!

I have been struggling with an issue as of late, and it’s been very hard for me - I think it is a really bad trial, but I can’t seem to make sense of it. 3 years ago I graduated from college with a significant amount of debt, actually it’s crushing because I only get to live off of $300 a month after gas and loan payments. I shouldn’t be mad at God I know he love me and He answered a BIG prayer of mine a couple of weeks ago when I got fired from a bad job and miracously I found a higher paying job 3 weeks later FYI its $33,000 a year plus benefits, benefits I didn’t have from my last job. And I’m on the ground floor of an awesome tech start up being the first person hired for the marketing department.

I was so grateful and positive but then I fell into despair this morning when my loan statements came in and I realized how much of my income would be going to the loan companies. My loan debt is severe it’s $100,000 I only get to keep 270 of my income per month after living expenses including paying rent to my parents, which is ok because I should pay them, but I’ve been horribly depressed for the past week because I don’t see a way out.

I’m not saying I would kill myself, I don’t believe in that, I don’t want to suffer the pains of hell or hurt my family. But my situation seems so messed up, I want to be independent, I want to move out and raise a family. But it seems that at this moment I can’t do any of that I’m stuck, I can’t afford a relationship, a savings account, or even the remote thought of having a family. Friends, I’m still young 28, but I feel like my life is over because of this trial I’m facing. Maybe I shouldn’t feel this way, maybe I’ll be a Marketing Executive one day, maybe I’ll win the lotto, I just don’t know. But things are so tough for me right now, I don’t think God wants to see me in this state of not being dependent, but I’m not sure right now, it seems like He’s testing me with this trial, but I just don’t know if I’ll have a happy ending, I could see myself being without a family and being broke for the rest of my life while my friends move on with their careers and families. I feel down, has anyone been through a similar trial? I don’t know how to handle this, I don’t know if God has given me a huge cross to bear for the rest of my life, I don’t know if I can get out of this. Please help me cheer up its so hard for me right now I don’t know why God is doing this to me.
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I think you’ll be paying your debt off for over 3 years. As hard and terrible as that is, and I feel very bad for you, you’ll have to try and economize. I’m so sorry.
 
Understand, God did not do this to you. You did it to yourself. When you accept the responsibility for signing those loan papers, it will help you be more motivated to get a second or even a third job to pay off this crazy debt.

Deliver pizza, work at WalMart, mow yards, babysit, walk dogs, get yourself out of the hole that you dug. And the day your child wants to take out loans, advise him to find a way to go to school debt free. You will have learned a valuable lesson!

Prayers, work hard, remember heaven is the goal!
 
Zundrah said:
I think you’ll be paying your debt off for over 3 years. As hard and terrible as that is, and I feel very bad for you, you’ll have to try and economize. I’m so sorry.
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3 years! One could only wish! First of all, one can’t give all of their income to students loans. One must pay other bills, buy food and clothes, pay taxes etc. Beside that, student loans beging to acru interest once the student graduates. (some do before graduation) Based on the information given, he’s probably on the ten or fiveteen year plan. Possibly, the loan company would be willing to extend the length of his loan and even forgo some of their finance charge in order to lower his payment. (I learned that last trick working in the records office of a university. You would be amazed how many loan companies will just knock off a couple years worth of interest if you ask them to. I wouldn’t have believed it if I didn’t watch it happen right in front of my own eyes on multiple occasions. To be fair, I saw some “no-ways” as well but it wouldn’t hurt to ask.)
 
Erod773 said:
Hi everyone!

I have been struggling with an issue as of late, and it’s been very hard for me - I think it is a really bad trial, but I can’t seem to make sense of it. 3 years ago I graduated from college with a significant amount of debt, actually it’s crushing because I only get to live off of $300 a month after gas and loan payments. I shouldn’t be mad at God I know he love me and He answered a BIG prayer of mine a couple of weeks ago when I got fired from a bad job and miracously I found a higher paying job 3 weeks later FYI its $33,000 a year plus benefits, benefits I didn’t have from my last job. And I’m on the ground floor of an awesome tech start up being the first person hired for the marketing department.

I was so grateful and positive but then I fell into despair this morning when my loan statements came in and I realized how much of my income would be going to the loan companies. My loan debt is severe it’s $100,000 I only get to keep 270 of my income per month after living expenses including paying rent to my parents, which is ok because I should pay them, but I’ve been horribly depressed for the past week because I don’t see a way out.

I’m not saying I would kill myself, I don’t believe in that, I don’t want to suffer the pains of hell or hurt my family. But my situation seems so messed up, I want to be independent, I want to move out and raise a family. But it seems that at this moment I can’t do any of that I’m stuck, I can’t afford a relationship, a savings account, or even the remote thought of having a family. Friends, I’m still young 28, but I feel like my life is over because of this trial I’m facing. Maybe I shouldn’t feel this way, maybe I’ll be a Marketing Executive one day, maybe I’ll win the lotto, I just don’t know. But things are so tough for me right now, I don’t think God wants to see me in this state of not being dependent, but I’m not sure right now, it seems like He’s testing me with this trial, but I just don’t know if I’ll have a happy ending, I could see myself being without a family and being broke for the rest of my life while my friends move on with their careers and families. I feel down, has anyone been through a similar trial? I don’t know how to handle this, I don’t know if God has given me a huge cross to bear for the rest of my life, I don’t know if I can get out of this. Please help me cheer up its so hard for me right now I don’t know why God is doing this to me.
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You have $270.00 a month after living expenses, including rent? That seems like quite a lot, to me. :confused: Most people don’t have anything left after they’ve paid the rent, food, and utilities.

If I were you, I’d put it in a savings account and let it grow.
 
I want to echo what others have said about getting a second job and calling the student loan lenders. It really is your only option until you can make more money with your primary job. Maybe you can find a second job working nights on the weekdays or on weekends only, so you don’t feel like you are killing yourself. I know working two jobs is not fun, but the faster you can get out of this, the faster you can be free from the payments. Use all the income from the second job to make extra payments on your loan. Don’t use it to increase your standard of living. Please try not to get too discouraged. If you do find yourself falling into a severe depression, please seek help from trained professionals.

You are in my prayers.
 
jmcrae said:
You have $270.00 a month after living expenses, including rent? That seems like quite a lot, to me. :confused: Most people don’t have anything left after they’ve paid the rent, food, and utilities.

If I were you, I’d put it in a savings account and let it grow.
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It won’t grow as fast as the interest on those loans.
 
Allegra said:
3 years! One could only wish! First of all, one can’t give all of their income to students loans. One must pay other bills, buy food and clothes, pay taxes etc. Beside that, student loans beging to acru interest once the student graduates. (some do before graduation) Based on the information given, he’s probably on the ten or fiveteen year plan. Possibly, the loan company would be willing to extend the length of his loan and even forgo some of their finance charge in order to lower his payment. (I learned that last trick working in the records office of a university. You would be amazed how many loan companies will just knock off a couple years worth of interest if you ask them to. I wouldn’t have believed it if I didn’t watch it happen right in front of my own eyes on multiple occasions. To be fair, I saw some “no-ways” as well but it wouldn’t hurt to ask.)
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How long do you think he’ll have this dark cloud over him?

That kind of debt is scary.
 
May I start by saying that God did not put you in this predicament?

From your post, you have some things for which you should be thankful. Are you paying your parents the same kind of rent that you would be paying a landlord? How much would that $270 be decreased if you hadn’t found a better paying job?

Paying off debts isn’t fun, but we’re obligated to do so. Your situation is not permanent. You’ll have a couple of tough years. Save where you can, economize, and work hard. This is by no means the end of your life. It’s only the beginning.
 
Zundrah said:
How long do you think he’ll have this dark cloud over him?

That kind of debt is scary.
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I know that this wasn’t asked towards me, but if I had to guess it would most likely take between 10 to 15 years.

And I hope I’m wrong. I sure wouldn’t like the number to go any higher.
 
We think that we are free people, but in fact we are becoming slaves to the system. The OP is outlining a huge problem with the modern world. These days a man has to pay to work. He has to pay for his training, pay for licences, pay for education before he can even have the priviledge of working.

“Truth liberty and justice for all”. That’s gone. That is a thing of the past.
This young man is now basically a slave. Sure we dress it up and say that slavery is dead but the trading of men’s souls is as much a commodity today as ever it was.

So slaves have lived throughout history and have grieved at their horrible circumstances but nevertheless have not given in to despair but have praised and thanked God for life, waiting upon him for his liberty and freedom.

I would like to encourage the OP to not look too far into the future. Don’t look at the horrible debt. Just look at those few pennies you have left after you pay off your debts. Be grateful for those small mercies. Regard this as your income and be grateful that it is enough for you to live on for today. “Sufficient unto the day are the evils thereof”
Care and Anxiety
Matt 6:25 Therefore I say unto you, Take no thought for your life, what ye shall eat, or what ye shall drink; nor yet for your body, what ye shall put on. Is not the life more than meat, and the body than raiment? 26 Behold the fowls of the air: for they sow not, neither do they reap, nor gather into barns; yet your heavenly Father feedeth them. Are ye not much better than they? 27 Which of you by taking thought can add one cubit unto his stature? 28 And why take ye thought for raiment? Consider the lilies of the field, how they grow; they toil not, neither do they spin: 29 And yet I say unto you, That even Solomon in all his glory was not arrayed like one of these. 30 Wherefore, if God so clothe the grass of the field, which to day is, and to morrow is cast into the oven, shall he not much more clothe you, O ye of little faith? 31 Therefore take no thought, saying, What shall we eat? or, What shall we drink? or, Wherewithal shall we be clothed? 32 (For after all these things do the Gentiles seek:) for your heavenly Father knoweth that ye have need of all these things. 33 But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you. 34 Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself. Sufficient unto the day is the evil thereof.
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The Lord is faithful. He has fed and clothed the slaves in the deep south who endure cruelty and beatings. He will feed and clothe us also even though we are slaves to an unjust system.
 
Zundrah said:
How long do you think he’ll have this dark cloud over him?

That kind of debt is scary.
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That depends. If he took out that much money to go to school, he might have a very high degree and might be able to get a job that pays quite alot. Then he could make double payments. Or his car could break down. Or he could marry an heiress. Or he could decide to buy a house and somehow consolidate it into a mortgage. Or he could win the lotto. Or he could get a promotion. One never knows what is going to happen when one takes out student loans. (They should really start telling people that.)
 
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