Student Loan Debt

[Hannathy]

Could not agree more. We have a lot of student loan debt...and while it sucks to have to work so much just to keep it current...it was our choice to go to school, our choice to have kids and a mortgage when we did. The only responsible thing is to pay for it.

Thank you you said what I was thinking only more eloquently!

I'm tired of all the whining about student loans, they took them , they knew they had to paid back so be quiet and start paying them. Students shouldn't take more than they can pay back.Or make other life decisions that interfere with paying them. My DD changed schools for that very reason. Get a job, anything and put it toward your loans. I'm sure with your background you could get a security guard job and they work all around the clock.

IMO student loans should not be forgiven for any reason or shortened. And the abuse that is going on with the Obama payback/non profit deal is ridiculous and costing the taxpayer billions.

 

[QVCshopper]

I don't have any advice really, but this thread makes me so sad that you're contemplating leaving your family over debt. $60k is bad, but it's not insurmountable. It's not worth running away from your loved ones.

I think you need to start with a phone call to the loan people. Be honest. Then, get it out of deferment and start sending something--anything--you can. Even is it's $10 a week, that's $40 a month.

Then, you need to get a night job. I get it--it sucks. But I do it, and so can you. Your kids will live. You can stock overnight at Target, work at an all night grocery store, anything. And you need to start couponing and counting every penny. Sell your outgrown clothes. Throw everything at this debt. It's the only way you'll be able to pay it off.

Good luck, and hugs. Please approach this as a united front with your husband. The way you're talking makes me nervous.

 

[pryncess527]

And the abuse that is going on with the Obama payback/non profit deal is ridiculous and costing the taxpayer billions.

What deal is that?

 

[yoopermom]

This is very, VERY uncommon. I've only heard of one case where student loans were discharged in bankruptcy, while I've seen hundreds where they remained a debt.

Oh, I agree, I was just quoting the government's website. I work at a college, and our mantra is, "Only death or total disability will erase loans..."

Terri

 

[Hannathy]

What deal is that?

The work for a non profit and have your loan erased after 10 yrs and only pay 10% of what you are making toward it a year.

There are many Ivy league or other top schools educated professionals with 100,000's of dollars of student debt going to work for a non profit at very minimal salaries and having these large debts gone in 10 yrs.

They are paying back pennies on the dollar and then at the end of 10 yrs walking away with no debt, Pretty nice huh?

 

[Hannathy]

Oh, I agree, I was just quoting the government's website. I work at a college, and our mantra is, "Only death or total disability will erase loans..."

Terri

And then only the federal government ones. Private ones don't always end with death of the student! People are so ignorant of what they are signing up for.

 

[ceecee]

Check into a security guard position or one at your school as a previous poster posted. If you leave your husband and kids they would have to have daycare then so look into a private sitter, they are usually cheaper than a daycare center or work nights if you have to. I knew someone who stocked at Kohls from like 12:00 to 4:00 am, she loved not leaving the kids and she got an employee discount on clothes! You have the education now put it to work or if you can't find anything in that field, suck it up and do something else. Babysit?? Laundry services?? Tutoring?? DD is graduating this year and when I hear some of the things that interest 18 year olds, I'm thinking how will they ever find a job? Criminal Justice should net you something.

 

[pryncess527]

The work for a non profit and have your loan erased after 10 yrs and only pay 10% of what you are making toward it a year.

There are many Ivy league or other top schools educated professionals with 100,000's of dollars of student debt going to work for a non profit at very minimal salaries and having these large debts gone in 10 yrs.

They are paying back pennies on the dollar and then at the end of 10 yrs walking away with no debt, Pretty nice huh?

That program is part of the College Cost Reduction and Access Act of 2007 -- passed before Obama was elected. He's actually proposing a cap on the amount that can be forgiven.

 

[supersnoop]

The work for a non profit and have your loan erased after 10 yrs and only pay 10% of what you are making toward it a year. There are many Ivy league or other top schools educated professionals with 100,000's of dollars of student debt going to work for a non profit at very minimal salaries and having these large debts gone in 10 yrs. They are paying back pennies on the dollar and then at the end of 10 yrs walking away with no debt, Pretty nice huh?

It doesn't really work out all that well most of the time. Either they start getting raises or promotions that eliminate them from the program, or they get stuck in jobs that pay $20k-$30k less than the private sector. The lost income can quickly negate any IBR savings.

 

[Hannathy]

It doesn't really work out all that well most of the time. Either they start getting raises or promotions that eliminate them from the program, or they get stuck in jobs that pay $20k-$30k less than the private sector. The lost income can quickly negate any IBR savings.

not if you can walk away from $200,000 debt after only paying minimal for 10 yrs. And walk right back into your field.

 

[robinb]

I know that we are all Disney fans and we enjoy vacationing, but am I the only person who noticed that the OP took a 4-day Disney cruise with her family of 5 last October and booked another one for this October? Those cruises set her back a minimum of $7K and probably closer to $10K when airfare and excursions are added in for both vacations.

Don't get me wrong! I sympathize with the OP. I believe that student loan debt has become the indentured servitude of the early 21st century. However, I can't find a lot of sympathy for someone who can find nearly $10,000 to vacation while putting her loans on deferment. OP, my advise would be to stop digging yourself into a hole so you can enjoy the fleeting magic of a Disney cruise. Cancel your October 2014 vacation and use that money to start paying off your debt.

 

[eliza61]

The work for a non profit and have your loan erased after 10 yrs and only pay 10% of what you are making toward it a year. There are many Ivy league or other top schools educated professionals with 100,000's of dollars of student debt going to work for a non profit at very minimal salaries and having these large debts gone in 10 yrs. They are paying back pennies on the dollar and then at the end of 10 yrs walking away with no debt, Pretty nice huh?

Not sure how old you are but this is not new to this current administration. When I was young and in college, you could have your student loans decreased by a number of ways. Many of my roommates volunteered in low income areas and got most of their loans forgiven. I went to college in the 70's

What's your point?

 

[supersnoop]

not if you can walk away from $200,000 debt after only paying minimal for 10 yrs. And walk right back into your field.

After giving up $300,000 in lost wages over that 10 year period and starting the next 10 years $30,000/year behind your peers. Or earning so much in the last year that you're still on the hook for the full amount and just went 10 years without paying any principal. IBR screws more people than it helps. It gives those in debt hope, while others scream about the wasted tax dollars. In the end, neither was justified.

 

[Colleen27]

I have a lot of student loan debt, somewhere around 60k. I was working on my Master's degree and stopped because of my student loans and it and I was still unemployed. I have not worked since 2009, and have been unable to find a job where I live. The only jobs around here are fast food and factory jobs, which do not pay enough for me to even pay a daycare. Also, my degree has never even helped me find a job.

Would it be possible to relocate to an area with more opportunity without compromising your husband's earning ability? I live in an area like you describe - no jobs other than fast food, factory, and construction - and stopped short of finishing my degree because there's no opportunities here that would justify the debt I'd have to take on to do so.

Also, if you aren't already start keeping an eye on city and county websites in your area. Often those jobs never make it to the want ads or the common job search sites, but that would be a likely option for putting a criminal justice degree to work.

 

[MSLRAC]

I know that we are all Disney fans and we enjoy vacationing, but am I the only person who noticed that the OP took a 4-day Disney cruise with her family of 5 last October and booked another one for this October? Those cruises set her back a minimum of $7K and probably closer to $10K when airfare and excursions are added in for both vacations.

Don't get me wrong! I sympathize with the OP. I believe that student loan debt has become the indentured servitude of the early 21st century. However, I can't find a lot of sympathy for someone who can find nearly $10,000 to vacation while putting her loans on deferment. OP, my advise would be to stop digging yourself into a hole so you can enjoy the fleeting magic of a Disney cruise. Cancel your October 2014 vacation and use that money to start paying off your debt.

I agree with you 100%. I hate paying my student loans but I do it each and every month. There is no way on this earth that DH or I would even consider dropping money on vacations if we couldn't afford my loan payment each month. But, we had that discussion before I decided to go back to school. I would not have gone back to finish my degree if there was any question about being able to pay my loans or find a good paying job afterward.

It honestly sounds like the OP has her priorities out of order. It totally blows my mind that she'd even consider leaving her family over this debt but yet she doesn't want to work a 2nd or 3rd shift job because she needs to be there at night for her kids.

 

[ReneeA]

I work night shift because it works for my family. Sucks for me personally...I don't sleep great during the day. However, I do it because I have to be around for my kids after school. Most of the people I work with are in the same boat. You sound like you're on this ship as well, just haven't accepted it yet...others manage, you can, too.

 

[JanaDee]

I know that we are all Disney fans and we enjoy vacationing, but am I the only person who noticed that the OP took a 4-day Disney cruise with her family of 5 last October and booked another one for this October? Those cruises set her back a minimum of $7K and probably closer to $10K when airfare and excursions are added in for both vacations.

What?! OP, is that true??

SMH

 

[Hannathy]

I know that we are all Disney fans and we enjoy vacationing, but am I the only person who noticed that the OP took a 4-day Disney cruise with her family of 5 last October and booked another one for this October? Those cruises set her back a minimum of $7K and probably closer to $10K when airfare and excursions are added in for both vacations.

Don't get me wrong! I sympathize with the OP. I believe that student loan debt has become the indentured servitude of the early 21st century. However, I can't find a lot of sympathy for someone who can find nearly $10,000 to vacation while putting her loans on deferment. OP, my advise would be to stop digging yourself into a hole so you can enjoy the fleeting magic of a Disney cruise. Cancel your October 2014 vacation and use that money to start paying off your debt.

I meant to go back and look for that before I posted!

I agree with you except I don't sympathize with her! If you can take vacations then you can pay your loans and don't deserve to get out of any of them or get a reduced amount. Pay what you paid for vacation and grow up. Quit sticking the rest of the taxpayers for your irresponsibility.

This makes me very angry! to go on vacations I can't imagine to afford and then come on and say I can't pay my loans. What you really mean is I feel entitled and I don't WANT to pay my loans big difference. Pay your loans.

 

[Gracie09]

The work for a non profit and have your loan erased after 10 yrs and only pay 10% of what you are making toward it a year.

There are many Ivy league or other top schools educated professionals with 100,000's of dollars of student debt going to work for a non profit at very minimal salaries and having these large debts gone in 10 yrs.

They are paying back pennies on the dollar and then at the end of 10 yrs walking away with no debt, Pretty nice huh?

This is just simply not true. Some colleges have their own loan forgiveness programs. Many of them are only available to those making very little like a public defender making 20k after law school. The federal program wasn't funded. So no money, no loan forgiveness

 

[Cincychic]

Thanks for all of your advice. I have thought about working at night, but as I said before, its really hard for my family to do because my husband is gone a lot for his job at night and on the weekends, and I do not have family around to watch my children. If it really comes down to it and I find a decent job, I will not turn it down though.

I also live in a very small town, we have one grocery store. A lot of you have suggested working at Kohl's or Target, we have nothing like that here. That is one of the reasons why I am still unemployed is because there are not a lot of jobs where I live. I have thought about getting a job in the nearest city, but its about 35 minutes away, and it has to be worth it to pay a babysitter and gas money.

I also wanted to say that I am not trying to get out of paying my student loans or complaining about them. I just wanted some advice because I have a lot of student loans and I am very worried because I have been unemployed for so long. When I went to school I was thinking I would have been able to find a job, but its very disappointing to be in my situation and owe as much money as I do and not be any better than I was before I went to school, but to actually be in a worse position.

Finally, I want to say that I have never spent 7k or 10k on a vacation! My husband would not agree with that on one income. Yes, we did go on a cruise last October, and no, it did not cost us anywhere near that. We also did not fly, and we also did not do excursions and we pinched pennies and saved for a long time to get to do that, and my family helped us. However, I do not think I have to explain myself.

Anyway, thanks again for all of the helpful advice.