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

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Art321 said:
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.
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I feel like an idiot, at first I just saw 10, 000. I look again and see it is 100, 000.

Yes you’re right… it will take a long long time…
 
I feel for you OP. My husband and I both have large amounts of student loan debt as well.
When you’re 18 and everyone around you is saying you must get a college education at ANY cost, and making it seem like student loan money is basically free money–well it makes for a very tragic situation later on.

All I can say is keep your head up. Pray and work hard. Write out a budget for yourself. Put some money into savings for emergencies and then put everything else towards your student loans. It’s probably going to take you more than a decade to pay the loans off, but someday you will get there. Just do the best you can and don’t despair.
 
Zundrah said:
£100, 000… what on earth did you taker that out for?
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That’s kinda what I was wondering too, but I figured it wasn’t any of my business. Keep in mind that these decisions are often made by teenagers who have no earthly clue what they are doing. My second question was going to be, “What profit seeking entity would let someone take out 100 grand for college?” But then I thought, well, maybe he went to law school?
 
Allegra said:
That’s kinda what I was wondering too, but I figured it wasn’t any of my business. Keep in mind that these decisions are often made by teenagers who have no earthly clue what they are doing. My second question was going to be, “What profit seeking entity would let someone take out 100 grand for college?” But then I thought, well, maybe he went to law school?
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Maybe we’ll never know. Let’s hope he logs back in.
 
Allegra said:
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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Yes, they really should.
 
Zundrah said:
**I feel like an idiot, at first I just saw 10, 000. I look again and see it is 100, 000.**Yes you’re right… it will take a long long time…
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Don’t worry about it. I just feel bad for the OP and this is coming from someone who is an undergraduate. OP, keep you head held high. Trust in God and eventually good things will come your way.
 
Schieffelin said:
I feel for you OP. My husband and I both have large amounts of student loan debt as well.
When you’re 18 and everyone around you is saying you must get a college education at ANY cost, and making it seem like student loan money is basically free money–well it makes for a very tragic situation later on.

All I can say is keep your head up. Pray and work hard. Write out a budget for yourself. Put some money into savings for emergencies and then put everything else towards your student loans. It’s probably going to take you more than a decade to pay the loans off, but someday you will get there. Just do the best you can and don’t despair.
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Great advice!👍
 
Schieffelin said:
When you’re 18 and everyone around you is saying you must get a college education at ANY cost, and making it seem like student loan money is basically free money–well it makes for a very tragic situation later on.
.
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This is apparantly a common situation. I know that a young person is going to do what they’re going to do regardless of parents, but some people’s parents actually ADVISED them to do this! These are adults who have managed to run households and raise children! What went wrong? Surely, they must know that a person can’t start into life with 100 grand floating ominously over their head!! My fiance took out an insane amount of student loans as well and his mother actually signed for one of the loans! (Which makes it impossible for him to defer, by the way.) Now, I’ll grant you, my mother isn’t perfect and she definately has some room to improve in the parental advice catagory. However, she did at least have the sense to tell me to never borrow money from anyone. Some parents are downright negligent in their advice about college loans. “Oh, just take out a loan, Junior. Don’t work a job during college! That’s too much stress. Besides, college is about finding yourself!” You know what is stress? Trying to make a rent payment for this month as well as a rent payment from four years ago on the salary of a first year teacher! :mad: Way to go on the awsome advice, mother and dad!
 
The OP logged in for a while and then logged back out again without posting.
 
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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Have you checked into the interest you can earn on those savings accounts lately? 0.84% at Ally. Much less at your local bank. When the interest rate on the loans is anywhere from 3-6%, it makes zero sense to invest it in a savings account. Pay down the loan instead. Much smarter investment.
 
Allegra said:
This is apparantly a common situation. I know that a young person is going to do what they’re going to do regardless of parents, but some people’s parents actually ADVISED them to do this! These are adults who have managed to run households and raise children! What went wrong? Surely, they must know that a person can’t start into life with 100 grand floating ominously over their head!! My fiance took out an insane amount of student loans as well and his mother actually signed for one of the loans! (Which makes it impossible for him to defer, by the way.) Now, I’ll grant you, my mother isn’t perfect and she definately has some room to improve in the parental advice catagory. However, she did at least have the sense to tell me to never borrow money from anyone. Some parents are downright negligent in their advice about college loans. “Oh, just take out a loan, Junior. Don’t work a job during college! That’s too much stress. Besides, college is about finding yourself!” You know what is stress? Trying to make a rent payment for this month as well as a rent payment from four years ago on the salary of a first year teacher! :mad: Way to go on the awsome advice, mother and dad!
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You’re not wrong but it is a little more complicated than that. The parents think they are doing the best thing. They too are fed the lie that you can’t go anywhere without a college degree and if they don’t have the money to help you with it then they feel very guilty and think they must at least help you with loans. It’s really a society-wide problem.
Also, at least for my generation, we all went to school when the economy was booming and there were lots of job options. Now not so much. DH and I learned the hard way and we certainly won’t sign our kids of up for the same indentured servitude.
 
Do people really not understand that all degrees are not worth the same in the real world? If one is not going to be a doctor or a lawyer, there is absolutely no reason to go 100K into debt. Without a good prospect of a high-paying job straight out of college, NO ONE should get into that kind of student loan debt. The college advisers and high school guidance counselors should have more responsibility that this!

The Occupy Wall Street crowd evidently believed that their 4 year degree in Women’s Studies would net them some kind of CEO job or something, that they would waltz right into a job paying six figures. That’s what I heard many of them saying anyway.

People didn’t use to be this stupid.
 
Schieffelin said:
You’re not wrong but it is a little more complicated than that. The parents think they are doing the best thing. QUOTE]

They aren’t thinking very hard then, are they? I mean, it isn’t as if the information isn’t there. They know that loans have to be paid back. Right? They know roughly the amount of the loan their child would need. Right? They know how to divide the amount of the loan by the length of the loan. Right? They know average salary of a person starting out in the position their son or daughter is attempting to get. Right? They realize that their child will have current living expenses once they are out of school? Right? They know that most people would like to get married and start a family within a decade of graduating from university. Right? This isn’t calculus here. An adult knows what paying off that kind of loan entails. A teenager doesn’t. Besides that, there are other options. There are scholarships. There is saving up. There is employment. Who came up with the idea that college students shouldn’t be troubled with paying their rent? Yeah, working and going to school is challenging. Better to work day and night when you’re twenty and spry than when you’re pushing thirty-five and think you kinda might like to get married and have a life someday but can’t because you’re buried in debt.
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Did you know there is an income-based repayment plan? This might be a much better way to go, rather than a traditional payment plan. If your debt is not paid off in 25 years, the remainder is cancelled.

studentaid.ed.gov/PORTALSWebApp/students/english/IBRPlan.jsp

I put in just basic info, one person making $40,000/yr. trying to pay $100,000 student loan. Your monthly payment would be $295.
 
Ahhhhh yessssssss … So much money borrowed just to be socially engineered into all too often to become an Atheist. Hmmmmmmm…

Of course there is then the indentured servitude for perhaps 20 years after afterwards… Was not Usury the sin that St. Anthony railed against?

Really… Why does school cost soooo much? Seems flakey to me. Especially so given the student to teacher ratios…

Waiting for Superman regards…
Nimzovik
 
RastaPasta said:
Student loans can’t be discharged in a bankruptcy proceeding.
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No. But via bankruptcy other debts can be more manageable to facilitate the Student Loan pay off.
Behold AIG. Behold every American car company (but Ford.) It is the Liberal way! ***Print ***more money! Wheeeeee!! Why fund colleges when we can give tax monies to Solyndra, Planned Parenhood and corporations that are just ‘too big to fail’ ? Behold America itself! Ahmmmmmm? Why bankruptcy is the American way! Our ‘Christian President’ :rolleyes: seems to support such.

If one tells me that rabid profiteering is not occuring at the common man’s student expense, then I am certainly going to disagree with you.

Behold the ‘School requisite text book’ Scam(!) for just one example!
 
Allegra said:
Schieffelin;9005122:
You’re not wrong but it is a little more complicated than that. The parents think they are doing the best thing. QUOTE]

They aren’t thinking very hard then, are they? I mean, it isn’t as if the information isn’t there. They know that loans have to be paid back. Right? They know roughly the amount of the loan their child would need. Right? They know how to divide the amount of the loan by the length of the loan. Right? They know average salary of a person starting out in the position their son or daughter is attempting to get. Right? They realize that their child will have current living expenses once they are out of school? Right? They know that most people would like to get married and start a family within a decade of graduating from university. Right? This isn’t calculus here. An adult knows what paying off that kind of loan entails. A teenager doesn’t. Besides that, there are other options. There are scholarships. There is saving up. There is employment. Who came up with the idea that college students shouldn’t be troubled with paying their rent? Yeah, working and going to school is challenging. Better to work day and night when you’re twenty and spry than when you’re pushing thirty-five and think you kinda might like to get married and have a life someday but can’t because you’re buried in debt.
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Again, it’s a little more complicated than that. My parents were certainly not idiots and they did not take financial obligations lightly, but ultimately they thought they were doing the best thing by me. They had been convinced by me, my teachers, my school counselors, the world, etc. etc. that it was the only way. I did have scholarships. I did work part time during college. And you know what? It wasn’t even close to being nearly enough. And no, I did not go to an expensive private school. I went to an in-state private school. And my parents, being good Catholics, had six children so there weren’t any other ways for them to help me financially.
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Schieffelin said:
Allegra;9005162:
Again, it’s a little more complicated than that. My parents were certainly not idiots and they did not take financial obligations lightly, but ultimately they thought they were doing the best thing by me. They had been convinced by me, my teachers, my school counselors, the world, etc. etc. that it was the only way. I did have scholarships. I did work part time during college. And you know what? It wasn’t even close to being nearly enough. And no, I did not go to an expensive private school. I went to an in-state private school. And my parents, being good Catholics, had six children so there weren’t any other ways for them to help me financially.
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I can understand that. My parents had seven other children, five of them still at home. My mother drove me and my stuff to my college. (300 miles away) When we got there, we found out that the cafeteria didn’t open for three days, so she gave me $20 to buy food. That was her sole financial contribution to my college education. Lots of people have to pay their own way and yes, it is difficult, but not nearly as difficult as what happens when a student takes out loans they won’t be able to pay off for over a decade of poverty.
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