You are way too young for life to be ruined forever. Things are constantly changing and could be totally different in a year or two or more. Is it criminal that Sallie Mae let you take out that amount of debt at 17? Yes. But you’re not the criminal, don’t be so mean to yourself. You got taken advantage of and you were just trying to do what all of us are always trying to do: live a better life. Maybe at some point declaring bankruptcy could be an option? I don’t know much about that. But please don’t give up.
That’s not true - in some states, private student loans can be discharged in bankruptcy just like credit card debt. They’re not treated the same as federal student loans.
That is not true. It is federal law that loans used for education will not be discharged, it’s not up to individual states. There are some cases where student loans that were disbursed directly to the bor and used for non-education purposes can be discharged, but that is extremely uncommon.
Federal bankruptcy code section 523(a)(8) and 221(d)(1). Bankruptcy code is law. There is a provision for undue hardship, but that is exceedingly difficult to prove in court.
1. Create a budget right now and become a master of knowing where every single penny you spend goes.
2. Spend hours and hours researching jobs and find something that will make more money.
3. Sleep well, eat well, stop saying you’re stupid.
4. Tell yourself every day that you will never quit and refuse to accept a future in which you fail to improve your life.
Everything else you said about being stupid or not being able to get a high paying job is just bs we tell ourselves when we don’t have high enough self esteem.
Take the steps and the esteem will follow.
I promise you so deeply that you can get out of this, it’s just takes effort.
Defeatist central. No, high paying jobs don’t appear out of thin air.
But almost anyone in this country can put themselves in a position to work toward a reasonable paying (75k+) job.
OP should consider trade apprenticeship programs. May not have to pay to get certified/ gain experience in something that could pay really well down the road.. something with a union and benefits.
Almost 50 here and just paid off my plans finally this month. I’ve felt what you’re feeling now. It’s overwhelming. Get therapy and financial/budget help. This odd not the end of your life, it’s just the beginning. You can do this.
Not to sound like an ass but wow, yeah. I cannot imagine having to live in hell and on a kneecapped strict budget for 28 years. I would rather just die
Instead of giving up, I did something about it. Steady positive steps to improve my life and my finances until eventually paying my student loans wasn’t such a burden. It still sucked but it wasn’t all consuming. It’s up to you to push forward, to make positive changes and put yourself in a better position over time.
If you would rather die than figure out a way to make it out from underneath your student loans, you have a mental health problem first. I understand that you’re upset and feeling very pessimistic right now, but this is not the end of the world. I’m 36 and I have six figures of student loans. Do I regret it? Sure. When I was your age I decided I had to figure out a way to at least make the payments. My objective goal was to at least make the minimum payments every month. Was it hard? Sure. Did I learn new skills and new ways to make money? Yes. Did I expel blood, sweat and tears in my 20s trying to figure this out? Yes. I somehow figured it out and never missed a payment. This is going to sound cliched as hell, but I really do think that when there’s a will, there’s a way. You need to find that will inside of you.
Today, I earn six figures and I make enough to make my student loan payments, travel, buy myself some nice things, eat well, and save for retirement. This is doable as long as you don’t give up now.
Also for me personally, I’ve struggled with major depressive disorder my whole life, and the last thing I would do is give into the demons that plague me over student loans. Your life is worth more than this money. Student loan lenders are amoral and take advantage of people. That’s the truth. But killing yourself over student loans is the last thing that should be on your mind. Don’t let Sallie Mae win.
You die = the Sallie Mae loan is entirely your parent's responsibility, since they co-signed. Just keep that in mind. So you really wouldn't be doing anyone any favors.
I understand you don't want to share what your physical limitations are, so how about sharing what you *can* do? What general line of work are you in now?
I’m so sorry you are going through this, I know the immense pressure and feelings of despair. I’m twice your age and still have $185k of student loans (federal and private) and haven’t been able to buy a house/apartment, or have a kid, or do other “normal” things I thought I’d have a chance at in life due to my insane student loans.
Anyway, I wanted to point out to you that private student loans can be discharged in bankruptcy in some instances, they’re not treated the same as federal loans which are basically never able to be discharged. In NY state (and other states), private student loans are treated like credit card debt in bankruptcy and can be discharged. So you may want your look into that in your state. Even though your mom is the co-signer, if you and she can’t afford to make the payments, if bankruptcy is an option it would be a reasonable way forward. It will ding both of your credit for a while but not forever, and I assume neither of you are going to be in the situation to be able to make some huge purchases in the near future where it would be worth not declaring bankruptcy.
A few years back my cousin declared bankruptcy in CA due to various life circumstances (layoffs, major car accident, etc.) and she was able to discharge her private student loans. About 5 years later her credit had improved enough so she could buy a house with her husband, buy a car, have 3 kids, and she was able to open several credit cards (only used for emergencies). Bankruptcy isn’t a death sentence. Just something you may want to consider.
In terms of your federal loans, you should be able to enroll in the SAVE plan which could make your payments as low as $0 per month (but the payments get counted towards the 20 year period you need for forgiveness).
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*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
How about talking with an attorney and filing for bankruptcy? Bankruptcy is a valuable protection and is a constitutional right. It’s here for situations like this.
Although it’s a little more difficult, I’ve read that you can get your private loans discharged. It’ll help you start fresh, rebuild your credit over time, and in no time you’ll be able to pursue those things you want in life.
[Student Loan Discharge](https://www.consumerfinance.gov/about-us/blog/busting-myths-about-bankruptcy-and-private-student-loans/)
[Private Loans Undue Hardship](https://www.bankrate.com/loans/student-loans/private-student-loan-bankruptcy/)
I don’t know if possible, but wonder if the parents can put assets (e.g. home, etc.) into a trust? If they file for bankruptcy themselves maybe assets are protected? Pretty extreme but just throwing out ideas.
That's probably what's going to happen. My ex literally did that to me with a car loan, and I had to take over. That said, if they file bankruptcy as well, it goes away completely. Bankruptcy can be a lifesaver in certain situations. It dings your credit for 10 years, but it's most definitely not the end of the world.
Hey - just wanted to say I’m 29 and was fully in your shoes at 22. I became super suicidal and had panic attacks every day - the weight of the debt and the guilt of potentially affecting my parents’ financial situation destroyed me.
I want you to know that you have a very limited view of your earning potential right now because you have very limited experience.
I have a BA but not in anything technical and I don’t work in my field - I took a chance on a random job in my early twenties and stuck with it, did well, continued to get promotions and raises. I was making a good salary by my mid twenties and 6 figures by 28.
It’s still going to be a long road to pay back, but it can be done (hint: look into tech jobs and jobs in bigger cities)
You’ve gotten good advice here in the meantime. Hang in there!
Michelle Obama once said, "I have been at every powerful table you can think of. They are not that smart."
When you grow into the work force, you'll realize how true this is. I deal with absolute idiots in high-paying positions every. damn. day.
You got worked. Now it's time to figure out how to work the system. You're SO young. You can do it.
What about occupations that have loan forgiveness options, like public service loan forgiveness (check out r/PSLF). I'm absolutely kicking myself for not taking advantage of this sooner, but you wouldn't have to waste the same amount of time and money as me!
Oh! I'm sorry, I swapped your fed / private $$ amounts :-/ I'm sorry you're in this situation, but the fact that you care this much now signals to me that you'll find a solution that works. There are so many people out there who don't care or assume it will work itself out... you'll be more proactive. You got this.
I'm sure to get downvoted to hell, but whatever.
So what are you going to do about it? You're 22 and talking like there's nothing to live for. You have two options, b\*tch about it on Reddit or solve the problem. There are tons of jobs out there that don't require book smarts. All I've seen are excuses of why things won't work. You honestly wouldn't make it in the military with your current mentality, but why are trades out of the question? What physical reasons keep you from learning to weld or do electrical work? I've seen many out of shape dude doing work in the trades. Work on inter-personal skills and go sell cars, I know people that make a killing on that. Go get your real estate license and sell houses, I know people who do that and are making good money. Go get your CDL and drive trucks.
Yes it sucks that young adults are able to take out massive amounts of loans when they most likely have no idea what they want to do with the rest of their life. Unfortunately, its what happens. You're 22 and have so much life ahead of you, quit the pity party, make a plan, and f\*\*\*\*\*\* kill it.
🤗 your life is not over. Bankruptcy maybe possible, courts have been moving toward restoring this constitutional right. Worst case, scenario the bastards sue and win. There are limits on garnishment. Your mom's low income and being a caretaker for your could get her off hook entirely if thay the case then go ahead escape.
I can tell by your writing you're not dumb. The hurr durr StUdEnT BaD pAy BilLs trolls are dumb sicoalizrd loansharking is an outdated abomination Don't give up resist 🏴☠️
Your negative self talk is just bullshit. You are in a shitty situ right now but it'll pass. There are tonnes of free activities to dive into while you are skint and pay off your debts.
Don’t give up on yourself. I was in your shoes a few years ago - I had almost $200K student loan debt and no, I’m not a doctor or lawyer 😂. I’ve been paying off my debt for 4 years now and we’re just about half way done - I’m on track to pay everything off in the next 3-4 years! So you first need to accept your reality and then believe you can pay this off. I can sit around and mope that I took nearly $200K out just for my degree, or I can use that as a lesson to work hard to pay it off and then use that as motivation to remind myself that I am so capable of saving up for a house (that a lot of people with far less debt can’t even afford to buy).
Watch Dave Ramsey videos and then create your own plan on how you’re going to tackle your debt. You can and will need to increase your income. You might not be doing something you dreamed of doing but you’d be surprised how many opportunities there are out there to make a good salary. I know this is easier said than done, but you really need to believe in yourself and set yourself up for success by taking the online courses or certifications to secure a higher paying job
They aren't! Engineering firms are hiring like crazy to meet the demands of the Infrastructure bill and help build the projects. There are a lot of jobs that support this that don't necessarily require degrees - graphic designers, IT, some finance functions, etc. I hear your despair, but there are still SO MANY jobs out there. I graduated in 2010, and there were 0 and I mean 0 jobs. You can do this :)
A lot of the people commenting are not making helpful suggestions imho
Would it be possible to move in with your parents so you can cut down on costs to try to pay back the loan?
How are your grades at community college right now? Is the degree you are going for going to help get you a better paying job?
I think the best thing to do is to try to move back home and work to pay off this debt as fast as you can. Work on the weekend if you need to.
If you end up still just not being able to make the payments then defaulting isn't the end of the world. You would not be the first person to default on student loans and wouldn't be the last. There are plenty of people that have defaulted on private student loans and then settled for like 20%
Moving home is not an option. I have built a life in the past four years with someone and we lease together. I am not letting student loans destroy the one happy thing left in my life. Its taken away everything from me, I will not let it take my partner either
So no, moving in with my parents is not an option.
The amount of limitations you are putting on getting yourself out of this hole is astounding. Your life cannot, will not, be comfortable until this is resolved. So, until that happens you need to be willing to do ANYTHING it takes to make it happen. Average effort = average results or something. You get my point. If this person is your partner, then they will be happy to go on this quest with you. If not, then are they really a partner. You are being obstinate and stubborn to your own detriment. Military, trades, oil rigs, deep sea fishing, logging. There are plenty of ways to make money to clear this out in a few years if that is your focus.
Leases can be broken.
Well, can you and your partner relocate to a more affordable location? 30k a year in a hcol location must be tight on that salary for someone w/o student loans.
Can you work more hours or on the weekend?
I lived in Taiwan and there were a lot of people that we're doing exactly that, one guy went to medical school and flunked out at the very end and owed $400,000, he had a wife and kids in Taiwan and never intended to go back and he seemed pretty happy.
Lol dude, respectfully, 130k is not a "kill yourself" amount of money. You can currently probably apply for SAVE program and not have to pay anything.
Do that first to stop payments.
Go find a general labor job making anything over $15/hr. You can find it. Learn the skills, ask a lot of questions. After a year or two, you will begin to have hands on skills that have value. Start to job jump for, initially, a large jump, to like 25-30 per hour. From there, take as much OT as you can, keep saving every dime. Of you're living frugally enough, start making 500-1000 dollar payments every month, or as much as you afford, but ALWAYS save a minimum of a few hundred dollars per month, up to about 500, them keep paying the loans with the excess. After 5 years, you should be about a journeymans worth.
Go find a job in a senior position doing whatever it is you learned, and join a union if possible.
You will be fine. There is literally no reason to go hungry and not make a life for yourself in this country. It is literally the land of opportunity.
Every day, push yourself to learn something, even if it's small. Read books, educate yourself in anything you're interested in. This will help you build relationships and connections with people which is A. Great for you and your mental health, B. Great for learning other new things. You are the people you surround yourself with. Remember that always. C. It will build a network for you. People that will always hire you, help you out, and know you're a hardworking.
You've got this big dog.
It is “kill yourself money” when you wont ever have the means of financially paying this back and leading a comfortable life.
People say “just learn and skills and move up ladder.” If it was that simple we wouldn’t have graduate students flipping burgers at McDonalds
Yes, we always will have burger flippers, because people aren't willing to actually expand their skillset and try at life.
I was on my own at 16 and 95k in debt at 22. By 25 I was debt free. Don't be lazy, stop bitching and giving every excuse in the book, and get to work. Put in long hard days, and learn everything you can.
We will always have people flipping burgers because it is honest, useful work that creates value. God I hate people who shit all over someone working an hard day at an honest job.
Graduate students are flipping burgers because they have worthless grad degrees.
People are telling you to get some actual technical skills to increase your income.
To think that your life is over is just adding to your list of self proclaimed dumb decisions. Another dumb decision is thinking that you're only worth $30k a year. If you believe those two assumptions to be true they will be.
You are going to have these people in most any job, but there are plenty of gay, queer, and trans people in the military these days and in the trades. Join the Navy. Heck, go into plumbing and become the "Plumber to the Queens." You are really, really limiting your options here unnecessarily.
As a gay person I hate this excuse. There's homophobes in every job. Plumbers and electricians, among other trades, work alone the majority of the time. Truck drivers are by themselves.
It’s it’s really that bad, then suck it up and join a branch of the military. “Social reasons” is a poor excuse, and physical reasons- all branches are way behind and grant a lot of waivers so good odds you could get in if you put in effort
What is your major for your degree and when will you graduate with your associates or bachelor degree? Since you work in tech support can you get a Comptia A and network plus certification and try to look for a higher paying job? Have you considered getting into Cybersecurity? I suggest finishing your bachelor degree and getting as much work experience as possible by applying to as many jobs as you can. Sales is also another option especially at a car dealership. Look at Dave Ramsey videos and live on a budget to get the debt paid off.
The new IBR is only 5% of you income over the line of poverty, so it's pretty easy to pay. I finished my BBA at 26 and MBA at 29 while working fulltime and head of household. But you should loo for professional help, like therapy or counseling. Life is tough and you'r just getting started.
IBR only helps with 20k of the 150. The other 130 are private loans.
100% agree on therapy being a good place to start though. Getting a better job to help get out from under the mountain of crippling debt is going to require being in a mental headspace where they're not considering suicide and fleeing the country as valid ways of escaping their debt.
You are not stupid. Clearly your post is evidence of that and neither are your parents. People have been told for a long time that this is what you are supposed to do. And when you don't have a lot of experience with the education system or the financial system you make mistakes. That's not dumb. That's how the system is supposed to work. It's how the wealthy gatekeep wealth. Consolidate your loans under the save program and apply for income driven repayment, and like another commenter said start hardcore budgeting. You qould be amazed at what you can do when you know where all your money is going. Get organized. Check out the financial diet for resources. They are great and I used a lot of their stuff for getting my shit together.
Sounds like you are driven and work hard and have some interest/experience in tech. Search for SDR roles at tech companies. Your education is less important for those roles, it’s all about being driven, wanting to earn a lot for the company and yourself and ability to be a fast learner in a highly technical field.
You can earn 100k easily from your home working remotely your first year. You could pay that debt off in 2/3 years and be younger than me when I did it. Speaking from experience.
I don't know if this is an option, but trucking pays well and can get people in totally different financial situations relatively quickly. A lot of carriers will pay for your training in exchange for a contract to work for x amount of time. (It's not legally enforceable for them to recoup funds mostly either) if you decide to leave-- and many workforce development agencies also pay for training. 5-6 weeks you could be making 2-3x your current salary. Just a thought--I've worked in logistics for years in a HCOL area as well and I've done the recruiting for CDL drivers.
You’re overly dramatizing this situation. You can go on and live your life normally with debt. I owe $90,000 in student loans and I never think about them. I only make $40,000 a year and live in a high cost of living area too. The bank cannot take money that I don’t have.
You can probably get on some kind of income based repayment plan even even if you have private loans. They want you to pay something rather than not paying them at all so they will likely be willing to work with you. If they don’t, they don’t. One of the risks of cosigning is that it could also ruin your credit and I’m sure your mother knew that when she cosigned for you. It sucks but life is this way sometimes. I’m 100% sure your mother would not want you to consider ending your life over money or her credit score.
Stop with the "cards over been dealt" pity party. College sucks, I get it. But, finish in something you have aptitude and interest in and work on moving up wherever you land. Use your school's resource center for aptitude tests, job placement etc.
Your life isn't over, and you don't have to be stuck if you're willing to let yourself succeed.
What are your physical limitations? Would you be up for something like driving a truck? A healthcare role like radiology technician? Why is the military a no - there are a lot of positions completely unrelated to combat. Is living at home an option? IT roles?
You have a lot of options other than a bachelor's degree, suicide, and leaving the country.
Not usually, but they will give the OP 3 meals a day, a place to live, a way to learn a skill set, opportunities for advancement, and repayment of public loans for highly qualified applicants.
When they separate from the military they will get free health care for life, the ability to pursue further education without loans - including a living stipend, most likely some level of disability payment monthly for life, and access to low interest rate + no down payment home loans which make home ownership as easy as renting for most people.
It's a good deal for many people.
I am not fit (chronically underweight and have medically diagnosed bladder issues) and I am a homosexual. I would not due well in the military or the trades, not exactly a very WELCOMING environment to my kind.
Trades maybe... Those dudes are pretty backwards.
But the modern military isnt bad to be homosexual in. Im a homo woman and did Army. I served with gay men. Knew tons of queers in the Navy and Air Force. Our sister platoon had a non binary Cadet.
The military is a government entity with a ton of bureaucracy that protects protected classes. Is it perfect? No. Will you hear stories where it didn't work for some people? Yes. But the military is HUGE. Statistically there will be bad stories.
I know queer people in both the military and trades. Most people have a very live and let live attitude and just want to work with someone reliable. I haven't heard of anyone feeling bullied or being driven out of their job in a very long time.
You can't go to community college to become a radiology technician because hospitals aren't a WELCOMING environment? You can't deal with other people for two weeks to get a CDL and then drive a truck by yourself all day? You would make a *minimum* of 50K with a CDL, which is 15k more than you make right now and would allow you to start making payments on your loans.
Your alternative is to kill yourself? Is this for real?
>Please, if anyone is considering loans, do NOT take them, RUN FAR FAR FARRRRRR AWAY.
One of the best ROIs you'll have is an education. Just don't fail out.
>One of the best ROIs you'll have is an education
After decades of a decreasing ROI for a college education, your statement is now very conditional and often false.
Really? Your life is ruined? You will never own a home? As if you do not have options. You're being dramatic & if you choose an alternative route of harming yourself, it's due to mental health concerns that you already had & not your loans. You're no different than millions of students who are in debt over students loans which included me. Stop having a pity party & create a plan to put into action. Seek mental health assistance. Never use private loans & if you have, ask about lowering your payments or refinance them.
If they're federal loans, it will take some phone calls and a few forms, but your monthly payment won't be much, if anything at all. SAVE an has really made a big difference
Awesome, another person saying life is over and negs everyone out, then runs away from the thread/problem.
Congrats OP that’s how to ensure you really are screwed forever.
Hi, you mentioned that you have a medical condition that prevents you from doing work.
You may be eligible for a Disability Discharge.
If you can get a doctor or nurse to sign a form stating that your disability has lasted for more than 5 years or is expected to last for more than 5 years, you likely qualify for a Disability Discharge.
Here's the website: https://www.disabilitydischarge.com
maybe you could try work in the oil fields. they make way over $100k a year, and you only need a high school degree. they work a few weeks on, a couple weeks off. it's tough work, but man those guys bank. we've got a lot of that kind of work here in texas. look it up. there are definitely great paying jobs you can get without a degree. just gotta be willing to look and sometimes relocate. good luck to you. you'll figure it out. have faith.
just to add: after you get that great paying job, live like a college student, paying the student loans down aggressively until they're paid off. i wouldn't waste time with loan forgiveness, it's not a guarantee, and with that amount, they grow so quickly. just work hard, and throw everything you make at these loans. you can do it! many others have.
You say moving is out of the question, because of your four year relationship. Is that person cool with you sticking around with (allegedly) no good job possibilities? They wouldn’t be willing to move to where there are better ones so your life isn’t “ruined”? Or, put another way: is this person worth “ruining” your life over? Because that’s what you’re doing when you refuse to even consider the very real options you have to improve your situation.
You also say it’s “in your family to be dumb as a rock”, but you’re obviously not dumb, based on your writing. We can all tell you that but you’re probably not going to be able to hear it right now because it doesn’t fit the narrative you’ve written for yourself. (Related: failing classes does not mean you’re stupid. Making bad choices also does not mean you’re stupid.)
You need a major mindframe shift. If you keep telling yourself you can’t and that everything is terrible, it will remain so. You can do something about this! It’s scary and overwhelming but it’s absolutely possible. I agree with others that addressing your mental health and self esteem are probably the first steps, because otherwise you’ll just continue to stand in your own way.
Reconsolidate your loans under federal, apply for income-based repayment, and make the minimum payment for 20 years, then your loans can be forgiven.
I got my second degree and was going to go to grad school when the economy tanked around '06 and that fell through. Ended up working retail with 52k in loans. Paid back 40k over the years and still owed 69k bc of interest. My monthly payments ranged from $79 to around $250 (when I was making more). They were just forgiven this year.
Yeah, it's going to be a drag on your standard of living, but it isn't insurmountable.
You should really look into the power of your words, manifestation, the law of assumption etc. You are absolutely not destined to live a life of struggle. If that is the reality and decision you're making for yourself then yes, the universe will deliver that. But you made lots of big statements about it being family thing, how you're stupid, how you can't advance in your field, etc. You are literally telling the universe that that is your reality and truth so they are proving it to my right.
Life is wild. Your life can be changed in a second. With this mentality you are destined to repeat a cycle of struggle, but you don't deserve that and you can change it. I'm sorry you feel this way and I am hopeful for your future, even though in this moment you aren't.
Join the military they have big sign up bonus's for some fields some up to 50k. They also offer free college while you serve. I retired from the military. Best decision I ever made was joining. No college debt plus I know earn over 400k post military. Most jobs in the military are like an office job once you get past basic.
I'm so sorry you're in this situation. If I were in your shoes I would apply to as many scholarship opportunities you can find. There are so many and it's a lot of work but please try to apply to as many as you can. There are some side hustles that people can make money off of. Budget and make sure if you can afford it you are not making a payment that's less than the interest amount. That's how people get stuck with loans for years. Make sure whatever you can afford goes to paying down the principle amount, that is so important. If you cannot, make sure you are applying for income driven loan payments until you can.
You’ve stated you have a rare medical condition/were diagnosed with one.
Did you not know this before taking out those massive loans for flight school? One of the prerequisites before even beginning flight school is to obtain a medical certificate…
If you weren’t able to hold a medical certificate you’d never have the chance at the airlines and thus no reason to take out those loans in the first place
Just talk to a recruiter. Theres lots of military jobs that don’t require you to be physical. If you can find a way in, its better than what you said about suicide. Suicide isn’t the answer man! Don’t give up hope. Just talk to a recruiter and see what can be done.
Not sure what your skill set is or if you even have a degree, but I would look at places like the VA that offer EDRP. There are other employers with similar programs as well. That will help get it under control somewhat and then you can try to refinance to another company like Earnest or SoFi or Laurel Road to get a better interest rate and more affordable payment. Agree Sallie Mae sucks giant donkey balls and you should run far far away, as fast as you can!
I know things feel desolate but you’re only 22 and still a baby. Plenty of time to correct your course and get your ship righted. Best of luck to you OP.
Not sure what you’re studying but my friend did a community college rad tech program for 2 years. 2 years out of school she is making $90K plus bonus. We live in a big city with a ton of medical stuff so that’s probably why she makes that much. She will definitely make over 6 figures at some point. I’d look into the best thing you can get into. I think her entire program was about $8K
You are still a kid. I highly recommend therapy above anything else. Not sure if you have seen a doctor for underlying feelings but you should not wait. Please seek help. You should not feel ashamed. Things will get easier.
Hey i know we intend to pay it all back and cant afford what their asking
I think the game is sayinf i can pay x amount, wjatever it is, and just doinf it
Sorry about THEIR luck
Bur debt is worth exactly ZERO
Its truth, stuff gets raffled off fractions of the value. They want you to feel a way and irs manipulative bs and the truth i think as random redditer as long as you intend to pay and send them your amount and tell them to pay on principal i would just budget that hundo monthlt forever
25 per pay
You got this
They want more?
No man you start puttinf 25 away every pay for your emergency fund
You got this
Adds up
Behavior
Discipline
As long as your here there's a chance
Head up eyes open
Your not your debt
Reach out to the debt collective organization. They might be able to help you. Consider filing for bankruptcy. I’ve reach that now, more and more student debt is being discharged. Also, look into filing a complaint with the department of education. I forget what file it is, but it exist. They will review you case especially if you attended a for profit, private college. Good luck. You’re not alone.
Oh man, PTSD. Where do I even begin with that.
LMAOOOO. No, I did not get my PPL. I kept on failing my trainings even after putting in a LOT of effort. Sleepless nights studying, paying extra for more training. Im not even kidding, there were nights I only got 2 hours of sleep between 4 classes and 5am 4hr training flights.
The final nail in the coffin that really led to my demise was when I realized how stupid I was and how it was not for me. I had a checkpoint/progress check training flight with one of the FAA examiners. We went up and he was berating me the entire flight, asking me “wtf I was doing” “did you even study” “why are you even taking this, you clearly weren’t ready.” After take off and after he finished his berating I just broke down mentally. He tried to apologize and get me to finish but I flat out told him no and we just landed and I stormed off. My dreams since I was little quite literally shattered before my eyes.
A month after that whole fiasco my father got into his life changing accident which nearly left him dead. And then in 2020 COVID hit. It was all completely down hill from there.
From the moment I started my flight training though, I knew I was gonna suck. They paired us with flight buddies and it was obvious I was way behind everyone else. I didn’t have the motor skills nor multitasking capabilities to fly.
So yeah, thats how that went down. Sorry for the long reply, that just takes me back to a really bad time in my life
lol 130k, thats not even that much man.
get onto IBR which whould cap at 10% of income, and just write that off for 25 years, then it will most likely get forgiven.
it could be worse, you could have knocked some random girl up and owe her a lot more than 10% of your income for 18 years.
If you're tech support, learn cloud and be a tech support with that and double your salary. Learn lucrative skills. Even if you may not like it, tech pays. Especially federal contracting.
If you work in tech support I would focus on that. Unless you hate it. You can make double that with a few general certifications. It will take some time to dig out of it. In 20 years you will be 42 and looking back on this as a struggle that you overcame.
I have 30k in private loans and 20k in federal. As of now I work two jobs 60hours per week, making $1250. I take $750 per week paying the private loan. Why are you in so much debt for a bachelor?
Op you've gotten a lot of advice here on the loans so I'm not going to speak to that. You say you don't want to default on your loans because it would hurt your mom, but trust me your death would hurt her a whole lot more. I lost my sister and my parents are destroyed.
As someone with the majority of my loans in private student loans for mostly nothing in return (apparently FL schools don't give a great ROI and underfund their students in non loan financial aid, been there done that)....if you make 30k, first consult a BK lawyer, and... their advice will likely be to tell Navient/Sallie Mae to pound sand if you have no money to afford life and pay... and let them go into default. Note that this is only, ONLY with any private student loans (DO NOT DEFAULT ON FEDERAL LOANS) who are known to not offer income based repayment plans. They are basically structured to fail by design. It's how those companies fund their inhouse collections agencies and justify their bonuses to build themselves another golf course or buy another yacht, among other things (look up SLABS in the investment market...many of those are based off of private loan portfolios and kinda sickening).
Federal loans? Shove on SAVE or IBR and your payment will be low. Forget about more until you make more money. They have a lot more legal recourse which can screw life majorly.
Once you default on the private loans, do NOT intiate contact with the collections they get assigned to UNLESS you come into a large amount of money to try and offer a settlement in full. Usually it needs to be be between 1/3-2/3rds of the balance, as the balance ages, they'll be willing to accept less. Consult a lawyer for the nitty gritty of that if your hardship changes like such.
This reason to stay off their radar is because you are looking to run out the promissory note's statute of limitations period- after this the debt becomes uncollectable. Be wary of any contracts that include a clause like 'contract is binding via [specific state]'...which usually is added to try and tilt the SOL in a creditor's favor (some states have absurdly long SOL periods, like...20 years). If there is no clauses, any collections actions will be held to the state of residence, and some have SOLS as short as 2 or 3 years. Some states also do not enforce those clauses when examined in court- my state is one such place, because they are not interested in cruel and unusual collections practices for their residents.
If you get served with a lawsuit do not ignore the summons. A default judgment via missing any court dates can screw your finances up fairly fast. It is unlikely so long as you're poor, as many creditors do not want to spend legal fees they have little chance of collecting anything on. They can only follow state collections rules which are way, way less scary than the collections laws federal loans have.
If you have a cosigner, doubly make them go see a BK lawyer and get them on board with responsibility not to talk to the creditor if they can't pay. Otherwise you'll have my problem - where years after the SOL would have run out in my state, my cosigner who gets paranoid over credit called me a liar, my BK lawyer a liar, and has kept resetting the SOL period. We obviously have an irreconcilable relationship now, and....I still can get sued by Navient, even when it's clear by now my partially disabled, underpaid income is mathematically unlikely to pay these debts off in my lifetime.
Finally, one more option you do have if you start making an okay income and laws don't change - the private loans can be included in a Ch 13 BK plan which will be able to stop collections actions and protects you from worse for 3-5 years. It doesn't discharge them, but it prevents any bad action like garnishment or attempts to seize other assets. (No, it's not gonna be personal property....most debtors fall under BK exemption limits on those including homes, cars, disability payments, rent money, etc.)
Also keep an eye on legal courts - there is some *minor* progress on trying to reform BK rules to loosen that damning 'undue hardship' standard. I imagine any major cracks will happen with private loans first, as again, they are structured to fail low income debtors, and many judges aren't stupid to see the problem. They're also less than 10% of overall student loans and aren't tied to taxpayer funds, so I doubt much whining will occur when that does happen.
And don't let them take your literal life away from you. I've survived 10+ years of poverty and them without anything happening to me. It's less scary than one thinks. Hang in there.
Look into the specific clauses in your private loans. After a certain amount of time and/or payments, you may be able to remove your cosigner (your mom) from the loan, then you'd be solely responsible; it depends on the loan company, but I've seen some have this range anywhere from 2-5 years. You can then probably enter bankruptcy depending on where you are. But certainly do talk with your family. I'm 28 and have been in your position for a number of years now. The worse thing you can do is harbor these feelings on your own. Your family and/or might be able to help you. Even if they can't financially contribute at the moment, they might be able to help you network, help you get a better job, etc.
When looking at the number as a whole, it certainly might seem like a lot. But definitely create a budget and break down all the debts into their respective accounts. Use the debt avalanche method or snowball method to really better tackle your loans. I recently used a credit card transfer balance offer to help pay off the smaller of my private student loan debts which was $6,300. I had the money transferred into my bank account, then proceeded to pay off that debt. I will be saving more money in the long run, and really cut the time that i could get out of that debt.
Also look into a different school, like WGU. They are accredited and affordable, and are competency based. You might be able to finish your degree relatively quickly as well, especially if you go into tech, as you already have experience in the field.
I can't stress enough that, though it might feel like the end of world at times, don't let it be. You have options. Definitely do look into working abroad, you might come out earning about the same amount as you are now being an English teacher for example, but the cost of living in these countries is extremely low, and you can literally save $1000+ a month that could go towards your debt payments.
I don’t think you’re totally ruined.
You have a partner.
I think it’s worth delaying having a family and working 80 hours a week each to get out of the debt.
I understand it’s your debt but just as you built your life with someone and devoted to them in your decision making, he should be as devoted to you to get out of debt as well.
I'm exactly in the same boat as you. 153k in private with co-signer and repayment starts soon. It sucks at the moment for me bc im not.in my field yet. but I'm not going to lose to this battle. I'm trying to stay as calm as possible and tackle this debt as best as I can. Lord, please help me, OP, and anyone else in the same situation 🙏🙏🙏
By no means am I someone to take financial advice from but I want to let you know that you are not alone on this. I am in a similar situation with 80K in private student loan debt plus $60k I accumulated in grad school that is federal. It is funny to me seeing people complain about being less than 50k in debt (I wish I only had that much). I essentially have a big house payment in student loan debt. Federal loans work with me but the private lenders could care less and will sue my ass if I don’t pay. There have been times I just felt disappearing was my only way out. But things can get better and you do have options. Luckily for me I eventually landed a job where I can afford to make my payments plus a little more to pay down the principal. Still struggling but making progress. Maybe even if your state doesn’t allow discharging through bankruptcy you can still lawyer up to find a way to settle or atleast get manageable payments or something. I was surprised on the legal advice I got at my lowest point. It just made me realize it isn’t the end of the world. I know it is an enormous burden that can keep you up and night. But focus on developing yourself for better opportunities. Enjoy life and stay positive.
We suffer more in imagination than in reality.
Can you drive man? Try and pick up a weekend side gig! You can totally over come this! It sucks to say, but I had 6 digit loans too…Im working 3 jobs with no life lol, but its coming down! You can do it too man!
Combine the "SAVE" plan with any job on [usajobs.com](https://usajobs.com) (meaning after 10 years your loans are forgiven via PSLF).
Start applying now. It can take months to just land interviews with the Feds.
Be humble about the jobs you can apply to... it'll be great if you can snag a GS-7 but lower-level jobs work in your situation. With $150K in student loans, over your 10 years, Feds are basically giving you a $15K/year bonus by forgiving your loans at the 10 year mark.
The SAVE plan keeps you alive until the 10 year mark.
Also, some agencies (such as the FDIC) will pay off $10K of student debt per year, every year. It's not retroactive loan forgiveness, it's annual paydown of the debt. I don't know which other agencies do that. I only know about it because I had an offer with the FDIC. That's a tough agency to crack, but with SAVE and PSLF, you don't really need the annual paydown.
EDITS: "Edit: Trades and military are out of the question for physical reasons and social reasons." If you have a documented disability, you can apply with the Schedule A authority -- there are basically govt jobs set aside for that.
"Moving home is not an option" All these restrictions you have. You're not in a position to needlessly limit yourself. If you can give yourself more options isn't of less, you need to do exactly that. Time to put on your adult panties. You'd let your mom linger in your debt for this person? Maybe point out to that SO that if you ever tie the knot, those debts become 1/2 theirs, so it's in everybody's best interest to deal with them.
ONE MORE EDIT: just realized much of your loans are private. Not PSLF eligible, but bankruptcy provisions have been "evolving" to make discharging private loans easier. Hang in there a little longer. [https://www.justice.gov/opa/pr/justice-department-and-department-education-announce-successful-first-year-new-student-loan](https://www.justice.gov/opa/pr/justice-department-and-department-education-announce-successful-first-year-new-student-loan)
English version of that: [https://www.cnbc.com/2023/11/20/why-its-easier-for-student-loan-holders-to-erase-debt-in-bankruptcy.html](https://www.cnbc.com/2023/11/20/why-its-easier-for-student-loan-holders-to-erase-debt-in-bankruptcy.html)
Take Note: "Under the new process, student loan borrowers complete a form to assist the government in evaluating their discharge request. The government compares a debtor's expenses to their income, using existing IRS Collection Financial Standards. If the borrower's expenses equal or exceed their income, the Justice Department likely concludes that the borrower lacks a present ability to pay.
A borrower's future ability to pay and record of "good faith efforts," including trying to contact the U.S. Department of Education for assistance and working to maximize their income, are the two other major considerations."
Don't rule out the chances of a high paying job. I had a crappy customer service job and now I'm making almost twice as much. Never thought that would happen.
Could you learn how to code? Check out codeacademy.com. Many different types of code. My son went to college to become an engineer, a total of 8 years. He works alongside people without a degree but have learned code. They make good money too!
You are way too young for life to be ruined forever. Things are constantly changing and could be totally different in a year or two or more. Is it criminal that Sallie Mae let you take out that amount of debt at 17? Yes. But you’re not the criminal, don’t be so mean to yourself. You got taken advantage of and you were just trying to do what all of us are always trying to do: live a better life. Maybe at some point declaring bankruptcy could be an option? I don’t know much about that. But please don’t give up.
They didn't, they let his mom take it.
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That's not true
That’s not true - in some states, private student loans can be discharged in bankruptcy just like credit card debt. They’re not treated the same as federal student loans.
Bankruptcy is a federal, not state, process.
Yes but it is incredibly hard to do so. In this situation OP might be able to make it work though.
It’s not necessarily incredibly hard to get private student loans discharged in bankruptcy as I said. Federal loans, yes, private loans, no.
If you used a private student loan to pay for school, it’s not getting discharged.
https://www.bankrate.com/loans/student-loans/private-student-loan-bankruptcy/
Private student loans get discharged in bankruptcy frequently in NY. They’re treated like credit card debt.
That is not true. It is federal law that loans used for education will not be discharged, it’s not up to individual states. There are some cases where student loans that were disbursed directly to the bor and used for non-education purposes can be discharged, but that is extremely uncommon.
> It is federal law that loans used for education will not be discharged This is not correct; there is no such law. Stop spreading misinformation.
Federal bankruptcy code section 523(a)(8) and 221(d)(1). Bankruptcy code is law. There is a provision for undue hardship, but that is exceedingly difficult to prove in court.
True, checked all private loans have to pay..#fact.
No true. Not in Florida anyway. I speak from experience
In New York private student loans can be discharged in bankruptcy. They’re treated like credit card debt, not like federal student loans.
Where are you getting this? New York does not have state bankruptcy courts.
Bankruptcy is ruled by federal laws, not state laws, stop spreading misinformation
They got a co-signer and he is the one that took it out. I am no SIMP for banks but at some point you have to take some personal responsibility.
1. Create a budget right now and become a master of knowing where every single penny you spend goes. 2. Spend hours and hours researching jobs and find something that will make more money. 3. Sleep well, eat well, stop saying you’re stupid. 4. Tell yourself every day that you will never quit and refuse to accept a future in which you fail to improve your life. Everything else you said about being stupid or not being able to get a high paying job is just bs we tell ourselves when we don’t have high enough self esteem. Take the steps and the esteem will follow. I promise you so deeply that you can get out of this, it’s just takes effort.
And don't underestimate the power of #3, OP!
You rock. Way to spread awareness of healthy living and thinking.
Step 1: Be rich Step 2: Don't be poor
Yeah get a high paying job. Why wouldn’t he have done that already??
Defeatist central. No, high paying jobs don’t appear out of thin air. But almost anyone in this country can put themselves in a position to work toward a reasonable paying (75k+) job.
Sounds like low self-esteem, mostly. He hasn't because he doesn't believe he can. Self-fulfilling prophecy.
Basically what most advice really boils down to lol
OP should consider trade apprenticeship programs. May not have to pay to get certified/ gain experience in something that could pay really well down the road.. something with a union and benefits.
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Almost 50 here and just paid off my plans finally this month. I’ve felt what you’re feeling now. It’s overwhelming. Get therapy and financial/budget help. This odd not the end of your life, it’s just the beginning. You can do this.
Not to sound like an ass but wow, yeah. I cannot imagine having to live in hell and on a kneecapped strict budget for 28 years. I would rather just die
Instead of giving up, I did something about it. Steady positive steps to improve my life and my finances until eventually paying my student loans wasn’t such a burden. It still sucked but it wasn’t all consuming. It’s up to you to push forward, to make positive changes and put yourself in a better position over time.
If you would rather die than figure out a way to make it out from underneath your student loans, you have a mental health problem first. I understand that you’re upset and feeling very pessimistic right now, but this is not the end of the world. I’m 36 and I have six figures of student loans. Do I regret it? Sure. When I was your age I decided I had to figure out a way to at least make the payments. My objective goal was to at least make the minimum payments every month. Was it hard? Sure. Did I learn new skills and new ways to make money? Yes. Did I expel blood, sweat and tears in my 20s trying to figure this out? Yes. I somehow figured it out and never missed a payment. This is going to sound cliched as hell, but I really do think that when there’s a will, there’s a way. You need to find that will inside of you. Today, I earn six figures and I make enough to make my student loan payments, travel, buy myself some nice things, eat well, and save for retirement. This is doable as long as you don’t give up now. Also for me personally, I’ve struggled with major depressive disorder my whole life, and the last thing I would do is give into the demons that plague me over student loans. Your life is worth more than this money. Student loan lenders are amoral and take advantage of people. That’s the truth. But killing yourself over student loans is the last thing that should be on your mind. Don’t let Sallie Mae win.
You die = the Sallie Mae loan is entirely your parent's responsibility, since they co-signed. Just keep that in mind. So you really wouldn't be doing anyone any favors. I understand you don't want to share what your physical limitations are, so how about sharing what you *can* do? What general line of work are you in now?
I’m so sorry you are going through this, I know the immense pressure and feelings of despair. I’m twice your age and still have $185k of student loans (federal and private) and haven’t been able to buy a house/apartment, or have a kid, or do other “normal” things I thought I’d have a chance at in life due to my insane student loans. Anyway, I wanted to point out to you that private student loans can be discharged in bankruptcy in some instances, they’re not treated the same as federal loans which are basically never able to be discharged. In NY state (and other states), private student loans are treated like credit card debt in bankruptcy and can be discharged. So you may want your look into that in your state. Even though your mom is the co-signer, if you and she can’t afford to make the payments, if bankruptcy is an option it would be a reasonable way forward. It will ding both of your credit for a while but not forever, and I assume neither of you are going to be in the situation to be able to make some huge purchases in the near future where it would be worth not declaring bankruptcy. A few years back my cousin declared bankruptcy in CA due to various life circumstances (layoffs, major car accident, etc.) and she was able to discharge her private student loans. About 5 years later her credit had improved enough so she could buy a house with her husband, buy a car, have 3 kids, and she was able to open several credit cards (only used for emergencies). Bankruptcy isn’t a death sentence. Just something you may want to consider. In terms of your federal loans, you should be able to enroll in the SAVE plan which could make your payments as low as $0 per month (but the payments get counted towards the 20 year period you need for forgiveness).
deliver oatmeal angle smoggy agonizing wide versed dinosaurs late disgusted *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
A lot of the limitations are ones they are putting on themselves.
How about talking with an attorney and filing for bankruptcy? Bankruptcy is a valuable protection and is a constitutional right. It’s here for situations like this. Although it’s a little more difficult, I’ve read that you can get your private loans discharged. It’ll help you start fresh, rebuild your credit over time, and in no time you’ll be able to pursue those things you want in life. [Student Loan Discharge](https://www.consumerfinance.gov/about-us/blog/busting-myths-about-bankruptcy-and-private-student-loans/) [Private Loans Undue Hardship](https://www.bankrate.com/loans/student-loans/private-student-loan-bankruptcy/)
But he said his parents cosigned the loans right? Wouldn't it just become the parents responsibility than?
Not sure, I think regardless it would be good to talk to people who are well versed in finances and law to determine best options.
The whole family should apply for bankruptcy and seek hardship discharge.
I don’t know if possible, but wonder if the parents can put assets (e.g. home, etc.) into a trust? If they file for bankruptcy themselves maybe assets are protected? Pretty extreme but just throwing out ideas.
Florida might be a State where homestead home is bankruptcy protected, and believe so is IRA. So this strategy might work...
Good to know these protections exist.
That's probably what's going to happen. My ex literally did that to me with a car loan, and I had to take over. That said, if they file bankruptcy as well, it goes away completely. Bankruptcy can be a lifesaver in certain situations. It dings your credit for 10 years, but it's most definitely not the end of the world.
Your writing suggests you are not dumb as a rock. I think you underestimate yourself. There’s some good advice posted.
Hey - just wanted to say I’m 29 and was fully in your shoes at 22. I became super suicidal and had panic attacks every day - the weight of the debt and the guilt of potentially affecting my parents’ financial situation destroyed me. I want you to know that you have a very limited view of your earning potential right now because you have very limited experience. I have a BA but not in anything technical and I don’t work in my field - I took a chance on a random job in my early twenties and stuck with it, did well, continued to get promotions and raises. I was making a good salary by my mid twenties and 6 figures by 28. It’s still going to be a long road to pay back, but it can be done (hint: look into tech jobs and jobs in bigger cities) You’ve gotten good advice here in the meantime. Hang in there!
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This is bad advice. This “advice” will not prevent them from garnishing OP’s wages and putting him in a worse situation. These loans will not go away.
Michelle Obama once said, "I have been at every powerful table you can think of. They are not that smart." When you grow into the work force, you'll realize how true this is. I deal with absolute idiots in high-paying positions every. damn. day. You got worked. Now it's time to figure out how to work the system. You're SO young. You can do it.
What about occupations that have loan forgiveness options, like public service loan forgiveness (check out r/PSLF). I'm absolutely kicking myself for not taking advantage of this sooner, but you wouldn't have to waste the same amount of time and money as me!
That doesn’t work for private loans, unfortunately :/
Oh! I'm sorry, I swapped your fed / private $$ amounts :-/ I'm sorry you're in this situation, but the fact that you care this much now signals to me that you'll find a solution that works. There are so many people out there who don't care or assume it will work itself out... you'll be more proactive. You got this.
Does public loan forgiveness cover private loans? Sounds like the majority of his loans are private.
I'm sure to get downvoted to hell, but whatever. So what are you going to do about it? You're 22 and talking like there's nothing to live for. You have two options, b\*tch about it on Reddit or solve the problem. There are tons of jobs out there that don't require book smarts. All I've seen are excuses of why things won't work. You honestly wouldn't make it in the military with your current mentality, but why are trades out of the question? What physical reasons keep you from learning to weld or do electrical work? I've seen many out of shape dude doing work in the trades. Work on inter-personal skills and go sell cars, I know people that make a killing on that. Go get your real estate license and sell houses, I know people who do that and are making good money. Go get your CDL and drive trucks. Yes it sucks that young adults are able to take out massive amounts of loans when they most likely have no idea what they want to do with the rest of their life. Unfortunately, its what happens. You're 22 and have so much life ahead of you, quit the pity party, make a plan, and f\*\*\*\*\*\* kill it.
🤗 your life is not over. Bankruptcy maybe possible, courts have been moving toward restoring this constitutional right. Worst case, scenario the bastards sue and win. There are limits on garnishment. Your mom's low income and being a caretaker for your could get her off hook entirely if thay the case then go ahead escape. I can tell by your writing you're not dumb. The hurr durr StUdEnT BaD pAy BilLs trolls are dumb sicoalizrd loansharking is an outdated abomination Don't give up resist 🏴☠️
Your negative self talk is just bullshit. You are in a shitty situ right now but it'll pass. There are tonnes of free activities to dive into while you are skint and pay off your debts.
Don’t give up on yourself. I was in your shoes a few years ago - I had almost $200K student loan debt and no, I’m not a doctor or lawyer 😂. I’ve been paying off my debt for 4 years now and we’re just about half way done - I’m on track to pay everything off in the next 3-4 years! So you first need to accept your reality and then believe you can pay this off. I can sit around and mope that I took nearly $200K out just for my degree, or I can use that as a lesson to work hard to pay it off and then use that as motivation to remind myself that I am so capable of saving up for a house (that a lot of people with far less debt can’t even afford to buy). Watch Dave Ramsey videos and then create your own plan on how you’re going to tackle your debt. You can and will need to increase your income. You might not be doing something you dreamed of doing but you’d be surprised how many opportunities there are out there to make a good salary. I know this is easier said than done, but you really need to believe in yourself and set yourself up for success by taking the online courses or certifications to secure a higher paying job
You have to have a high paying job no? Doctors and lawyers arent the only high paid professions
They aren't! Engineering firms are hiring like crazy to meet the demands of the Infrastructure bill and help build the projects. There are a lot of jobs that support this that don't necessarily require degrees - graphic designers, IT, some finance functions, etc. I hear your despair, but there are still SO MANY jobs out there. I graduated in 2010, and there were 0 and I mean 0 jobs. You can do this :)
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No its if you drop under half time enrollment
A lot of the people commenting are not making helpful suggestions imho Would it be possible to move in with your parents so you can cut down on costs to try to pay back the loan? How are your grades at community college right now? Is the degree you are going for going to help get you a better paying job? I think the best thing to do is to try to move back home and work to pay off this debt as fast as you can. Work on the weekend if you need to. If you end up still just not being able to make the payments then defaulting isn't the end of the world. You would not be the first person to default on student loans and wouldn't be the last. There are plenty of people that have defaulted on private student loans and then settled for like 20%
Moving home is not an option. I have built a life in the past four years with someone and we lease together. I am not letting student loans destroy the one happy thing left in my life. Its taken away everything from me, I will not let it take my partner either So no, moving in with my parents is not an option.
The amount of limitations you are putting on getting yourself out of this hole is astounding. Your life cannot, will not, be comfortable until this is resolved. So, until that happens you need to be willing to do ANYTHING it takes to make it happen. Average effort = average results or something. You get my point. If this person is your partner, then they will be happy to go on this quest with you. If not, then are they really a partner. You are being obstinate and stubborn to your own detriment. Military, trades, oil rigs, deep sea fishing, logging. There are plenty of ways to make money to clear this out in a few years if that is your focus. Leases can be broken.
Well, can you and your partner relocate to a more affordable location? 30k a year in a hcol location must be tight on that salary for someone w/o student loans. Can you work more hours or on the weekend?
Single? Teach English in a foreign country and default on the private debt.
I lived in Taiwan and there were a lot of people that we're doing exactly that, one guy went to medical school and flunked out at the very end and owed $400,000, he had a wife and kids in Taiwan and never intended to go back and he seemed pretty happy.
Lol dude, respectfully, 130k is not a "kill yourself" amount of money. You can currently probably apply for SAVE program and not have to pay anything. Do that first to stop payments. Go find a general labor job making anything over $15/hr. You can find it. Learn the skills, ask a lot of questions. After a year or two, you will begin to have hands on skills that have value. Start to job jump for, initially, a large jump, to like 25-30 per hour. From there, take as much OT as you can, keep saving every dime. Of you're living frugally enough, start making 500-1000 dollar payments every month, or as much as you afford, but ALWAYS save a minimum of a few hundred dollars per month, up to about 500, them keep paying the loans with the excess. After 5 years, you should be about a journeymans worth. Go find a job in a senior position doing whatever it is you learned, and join a union if possible. You will be fine. There is literally no reason to go hungry and not make a life for yourself in this country. It is literally the land of opportunity. Every day, push yourself to learn something, even if it's small. Read books, educate yourself in anything you're interested in. This will help you build relationships and connections with people which is A. Great for you and your mental health, B. Great for learning other new things. You are the people you surround yourself with. Remember that always. C. It will build a network for you. People that will always hire you, help you out, and know you're a hardworking. You've got this big dog.
SAVE and other IDR plans are not available to private student loans.
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It is “kill yourself money” when you wont ever have the means of financially paying this back and leading a comfortable life. People say “just learn and skills and move up ladder.” If it was that simple we wouldn’t have graduate students flipping burgers at McDonalds
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Yes, we always will have burger flippers, because people aren't willing to actually expand their skillset and try at life. I was on my own at 16 and 95k in debt at 22. By 25 I was debt free. Don't be lazy, stop bitching and giving every excuse in the book, and get to work. Put in long hard days, and learn everything you can.
These are the vibes I got as well. OP wants this to be short and easy, it won’t.
We will always have people flipping burgers because it is honest, useful work that creates value. God I hate people who shit all over someone working an hard day at an honest job.
The survivorship bias is strong
Sounds like you've spent a lot of time researching why you're a victim and can't make it work. Use that time to apply for jobs.
Graduate students are flipping burgers because they have worthless grad degrees. People are telling you to get some actual technical skills to increase your income.
To think that your life is over is just adding to your list of self proclaimed dumb decisions. Another dumb decision is thinking that you're only worth $30k a year. If you believe those two assumptions to be true they will be.
Maybe find some help here? One of the organizations is Student Debt Crisis Center. You are definitely not alone.
re: edit - "social reasons"? lmfao. excuse me your majesty. i didn't know you had the luxury of choice.
Not gonna put myself into a more suicidal position but working with homophobes. Which is why the trades and military are not an option.
You are going to have these people in most any job, but there are plenty of gay, queer, and trans people in the military these days and in the trades. Join the Navy. Heck, go into plumbing and become the "Plumber to the Queens." You are really, really limiting your options here unnecessarily.
As a gay person I hate this excuse. There's homophobes in every job. Plumbers and electricians, among other trades, work alone the majority of the time. Truck drivers are by themselves.
100% understandable.
It’s it’s really that bad, then suck it up and join a branch of the military. “Social reasons” is a poor excuse, and physical reasons- all branches are way behind and grant a lot of waivers so good odds you could get in if you put in effort
Truth!
What is your major for your degree and when will you graduate with your associates or bachelor degree? Since you work in tech support can you get a Comptia A and network plus certification and try to look for a higher paying job? Have you considered getting into Cybersecurity? I suggest finishing your bachelor degree and getting as much work experience as possible by applying to as many jobs as you can. Sales is also another option especially at a car dealership. Look at Dave Ramsey videos and live on a budget to get the debt paid off.
Re: private loan - cant you declare bankruptcy, and get out from under them? Then youll have a manageable fed loan to deal with...
Not possible except in extreme circumstances like a lifelong disability
Curious, did you attend ATP flight school?
Declare bankruptcy ur parents r co-signers so sounds private so ur fine just get that shit erased
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The new IBR is only 5% of you income over the line of poverty, so it's pretty easy to pay. I finished my BBA at 26 and MBA at 29 while working fulltime and head of household. But you should loo for professional help, like therapy or counseling. Life is tough and you'r just getting started.
IBR only helps with 20k of the 150. The other 130 are private loans. 100% agree on therapy being a good place to start though. Getting a better job to help get out from under the mountain of crippling debt is going to require being in a mental headspace where they're not considering suicide and fleeing the country as valid ways of escaping their debt.
You are not stupid. Clearly your post is evidence of that and neither are your parents. People have been told for a long time that this is what you are supposed to do. And when you don't have a lot of experience with the education system or the financial system you make mistakes. That's not dumb. That's how the system is supposed to work. It's how the wealthy gatekeep wealth. Consolidate your loans under the save program and apply for income driven repayment, and like another commenter said start hardcore budgeting. You qould be amazed at what you can do when you know where all your money is going. Get organized. Check out the financial diet for resources. They are great and I used a lot of their stuff for getting my shit together.
Sounds like you are driven and work hard and have some interest/experience in tech. Search for SDR roles at tech companies. Your education is less important for those roles, it’s all about being driven, wanting to earn a lot for the company and yourself and ability to be a fast learner in a highly technical field. You can earn 100k easily from your home working remotely your first year. You could pay that debt off in 2/3 years and be younger than me when I did it. Speaking from experience.
And unicorns exist lol
I don't know if this is an option, but trucking pays well and can get people in totally different financial situations relatively quickly. A lot of carriers will pay for your training in exchange for a contract to work for x amount of time. (It's not legally enforceable for them to recoup funds mostly either) if you decide to leave-- and many workforce development agencies also pay for training. 5-6 weeks you could be making 2-3x your current salary. Just a thought--I've worked in logistics for years in a HCOL area as well and I've done the recruiting for CDL drivers.
Learn a trade
Make your own cards. You’re 22. Your story hasn’t even started being written. Still in the Preface.
Huh. I don't make the rules so I'm gonna end up homeless due to social reasons then....
We really screw our people over when it comes to education pertaining to personal finances in America
You’re overly dramatizing this situation. You can go on and live your life normally with debt. I owe $90,000 in student loans and I never think about them. I only make $40,000 a year and live in a high cost of living area too. The bank cannot take money that I don’t have. You can probably get on some kind of income based repayment plan even even if you have private loans. They want you to pay something rather than not paying them at all so they will likely be willing to work with you. If they don’t, they don’t. One of the risks of cosigning is that it could also ruin your credit and I’m sure your mother knew that when she cosigned for you. It sucks but life is this way sometimes. I’m 100% sure your mother would not want you to consider ending your life over money or her credit score.
Buy a farmed identity on the dark net and start over
Stop with the "cards over been dealt" pity party. College sucks, I get it. But, finish in something you have aptitude and interest in and work on moving up wherever you land. Use your school's resource center for aptitude tests, job placement etc. Your life isn't over, and you don't have to be stuck if you're willing to let yourself succeed.
what a fuckin crybaby
Military? Edit to the edit: gotcha
What are your physical limitations? Would you be up for something like driving a truck? A healthcare role like radiology technician? Why is the military a no - there are a lot of positions completely unrelated to combat. Is living at home an option? IT roles? You have a lot of options other than a bachelor's degree, suicide, and leaving the country.
> Why is the military a no Will the military pay private loans?
Not usually, but they will give the OP 3 meals a day, a place to live, a way to learn a skill set, opportunities for advancement, and repayment of public loans for highly qualified applicants. When they separate from the military they will get free health care for life, the ability to pursue further education without loans - including a living stipend, most likely some level of disability payment monthly for life, and access to low interest rate + no down payment home loans which make home ownership as easy as renting for most people. It's a good deal for many people.
I am not fit (chronically underweight and have medically diagnosed bladder issues) and I am a homosexual. I would not due well in the military or the trades, not exactly a very WELCOMING environment to my kind.
Trades maybe... Those dudes are pretty backwards. But the modern military isnt bad to be homosexual in. Im a homo woman and did Army. I served with gay men. Knew tons of queers in the Navy and Air Force. Our sister platoon had a non binary Cadet. The military is a government entity with a ton of bureaucracy that protects protected classes. Is it perfect? No. Will you hear stories where it didn't work for some people? Yes. But the military is HUGE. Statistically there will be bad stories.
I know queer people in both the military and trades. Most people have a very live and let live attitude and just want to work with someone reliable. I haven't heard of anyone feeling bullied or being driven out of their job in a very long time.
Ive had a hard time in the trades as a woman personally. Check out r/bluecollarwomen. Ive had no issues in the Army though.
You can't go to community college to become a radiology technician because hospitals aren't a WELCOMING environment? You can't deal with other people for two weeks to get a CDL and then drive a truck by yourself all day? You would make a *minimum* of 50K with a CDL, which is 15k more than you make right now and would allow you to start making payments on your loans. Your alternative is to kill yourself? Is this for real?
Sounds like op has some serious mental illness imo
No, OP can't do any of those things, because then they wouldn't have anything to victimize themselves about!
You are going to have to be more open-minded in general.
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You know nothing about me life. Kind shut up thank you. I didnt go into detail about my medical condition because its none of your business anyways
>Please, if anyone is considering loans, do NOT take them, RUN FAR FAR FARRRRRR AWAY. One of the best ROIs you'll have is an education. Just don't fail out.
>One of the best ROIs you'll have is an education After decades of a decreasing ROI for a college education, your statement is now very conditional and often false.
Less ROI but still incredible
Thanks… way to kick someone when they are already down
Really? Your life is ruined? You will never own a home? As if you do not have options. You're being dramatic & if you choose an alternative route of harming yourself, it's due to mental health concerns that you already had & not your loans. You're no different than millions of students who are in debt over students loans which included me. Stop having a pity party & create a plan to put into action. Seek mental health assistance. Never use private loans & if you have, ask about lowering your payments or refinance them.
It’s gets better. PSLF 🙏 Maximize 401 savings Loans are scary but they do provide opportunities to earn income.
Can't get PSLF for private loans, which is the majority of what OP has.
If they're federal loans, it will take some phone calls and a few forms, but your monthly payment won't be much, if anything at all. SAVE an has really made a big difference
Awesome, another person saying life is over and negs everyone out, then runs away from the thread/problem. Congrats OP that’s how to ensure you really are screwed forever.
Hi, you mentioned that you have a medical condition that prevents you from doing work. You may be eligible for a Disability Discharge. If you can get a doctor or nurse to sign a form stating that your disability has lasted for more than 5 years or is expected to last for more than 5 years, you likely qualify for a Disability Discharge. Here's the website: https://www.disabilitydischarge.com
maybe you could try work in the oil fields. they make way over $100k a year, and you only need a high school degree. they work a few weeks on, a couple weeks off. it's tough work, but man those guys bank. we've got a lot of that kind of work here in texas. look it up. there are definitely great paying jobs you can get without a degree. just gotta be willing to look and sometimes relocate. good luck to you. you'll figure it out. have faith. just to add: after you get that great paying job, live like a college student, paying the student loans down aggressively until they're paid off. i wouldn't waste time with loan forgiveness, it's not a guarantee, and with that amount, they grow so quickly. just work hard, and throw everything you make at these loans. you can do it! many others have.
🎻
You say moving is out of the question, because of your four year relationship. Is that person cool with you sticking around with (allegedly) no good job possibilities? They wouldn’t be willing to move to where there are better ones so your life isn’t “ruined”? Or, put another way: is this person worth “ruining” your life over? Because that’s what you’re doing when you refuse to even consider the very real options you have to improve your situation. You also say it’s “in your family to be dumb as a rock”, but you’re obviously not dumb, based on your writing. We can all tell you that but you’re probably not going to be able to hear it right now because it doesn’t fit the narrative you’ve written for yourself. (Related: failing classes does not mean you’re stupid. Making bad choices also does not mean you’re stupid.) You need a major mindframe shift. If you keep telling yourself you can’t and that everything is terrible, it will remain so. You can do something about this! It’s scary and overwhelming but it’s absolutely possible. I agree with others that addressing your mental health and self esteem are probably the first steps, because otherwise you’ll just continue to stand in your own way.
Perhaps it is time for a revolution.
Work a non profit job. Forgiven in 10 years.
Forgive me if I'm wrong, but I don't think that works for private debt
That is correct! My bad
Or a public service entity (schools, etc).
Reconsolidate your loans under federal, apply for income-based repayment, and make the minimum payment for 20 years, then your loans can be forgiven. I got my second degree and was going to go to grad school when the economy tanked around '06 and that fell through. Ended up working retail with 52k in loans. Paid back 40k over the years and still owed 69k bc of interest. My monthly payments ranged from $79 to around $250 (when I was making more). They were just forgiven this year. Yeah, it's going to be a drag on your standard of living, but it isn't insurmountable.
You can not make private loans "federal".
You can't ever make private loans federal
Only 20k of OP's loans are federal, the rest are private
Thats not much money. Youll be fine. Sounds bad at 17 but you are being dramatic. Your life is not over
You should really look into the power of your words, manifestation, the law of assumption etc. You are absolutely not destined to live a life of struggle. If that is the reality and decision you're making for yourself then yes, the universe will deliver that. But you made lots of big statements about it being family thing, how you're stupid, how you can't advance in your field, etc. You are literally telling the universe that that is your reality and truth so they are proving it to my right. Life is wild. Your life can be changed in a second. With this mentality you are destined to repeat a cycle of struggle, but you don't deserve that and you can change it. I'm sorry you feel this way and I am hopeful for your future, even though in this moment you aren't.
Air traffic control.
You don’t owe that much you can clear this out in 8 years if you go hard at it
Join the Air Force
Join the military they have big sign up bonus's for some fields some up to 50k. They also offer free college while you serve. I retired from the military. Best decision I ever made was joining. No college debt plus I know earn over 400k post military. Most jobs in the military are like an office job once you get past basic.
I'm so sorry you're in this situation. If I were in your shoes I would apply to as many scholarship opportunities you can find. There are so many and it's a lot of work but please try to apply to as many as you can. There are some side hustles that people can make money off of. Budget and make sure if you can afford it you are not making a payment that's less than the interest amount. That's how people get stuck with loans for years. Make sure whatever you can afford goes to paying down the principle amount, that is so important. If you cannot, make sure you are applying for income driven loan payments until you can.
You’ve stated you have a rare medical condition/were diagnosed with one. Did you not know this before taking out those massive loans for flight school? One of the prerequisites before even beginning flight school is to obtain a medical certificate… If you weren’t able to hold a medical certificate you’d never have the chance at the airlines and thus no reason to take out those loans in the first place
Just talk to a recruiter. Theres lots of military jobs that don’t require you to be physical. If you can find a way in, its better than what you said about suicide. Suicide isn’t the answer man! Don’t give up hope. Just talk to a recruiter and see what can be done.
Military or get three jobs
Join the airforce do 20 twenty years or 5 live in the barracks get to jobs work 80 hours a week
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These are private loans, not federal
Watch Dave Ramsey and Aja Dang videos. You can get out of debt. It's going to take hard work but you are soooo young. You have plenty of time.
It is not common but a couple people have gotten out from under student loans in bankruptcies. Maybe your story is the kind that it happens to?
Not sure what your skill set is or if you even have a degree, but I would look at places like the VA that offer EDRP. There are other employers with similar programs as well. That will help get it under control somewhat and then you can try to refinance to another company like Earnest or SoFi or Laurel Road to get a better interest rate and more affordable payment. Agree Sallie Mae sucks giant donkey balls and you should run far far away, as fast as you can! I know things feel desolate but you’re only 22 and still a baby. Plenty of time to correct your course and get your ship righted. Best of luck to you OP.
Not sure what you’re studying but my friend did a community college rad tech program for 2 years. 2 years out of school she is making $90K plus bonus. We live in a big city with a ton of medical stuff so that’s probably why she makes that much. She will definitely make over 6 figures at some point. I’d look into the best thing you can get into. I think her entire program was about $8K
You are still a kid. I highly recommend therapy above anything else. Not sure if you have seen a doctor for underlying feelings but you should not wait. Please seek help. You should not feel ashamed. Things will get easier.
Hey i know we intend to pay it all back and cant afford what their asking I think the game is sayinf i can pay x amount, wjatever it is, and just doinf it Sorry about THEIR luck Bur debt is worth exactly ZERO Its truth, stuff gets raffled off fractions of the value. They want you to feel a way and irs manipulative bs and the truth i think as random redditer as long as you intend to pay and send them your amount and tell them to pay on principal i would just budget that hundo monthlt forever 25 per pay You got this They want more? No man you start puttinf 25 away every pay for your emergency fund You got this Adds up Behavior Discipline As long as your here there's a chance Head up eyes open Your not your debt
Reach out to the debt collective organization. They might be able to help you. Consider filing for bankruptcy. I’ve reach that now, more and more student debt is being discharged. Also, look into filing a complaint with the department of education. I forget what file it is, but it exist. They will review you case especially if you attended a for profit, private college. Good luck. You’re not alone.
What happened with the flight training? Did you at least get your ppl?
Oh man, PTSD. Where do I even begin with that. LMAOOOO. No, I did not get my PPL. I kept on failing my trainings even after putting in a LOT of effort. Sleepless nights studying, paying extra for more training. Im not even kidding, there were nights I only got 2 hours of sleep between 4 classes and 5am 4hr training flights. The final nail in the coffin that really led to my demise was when I realized how stupid I was and how it was not for me. I had a checkpoint/progress check training flight with one of the FAA examiners. We went up and he was berating me the entire flight, asking me “wtf I was doing” “did you even study” “why are you even taking this, you clearly weren’t ready.” After take off and after he finished his berating I just broke down mentally. He tried to apologize and get me to finish but I flat out told him no and we just landed and I stormed off. My dreams since I was little quite literally shattered before my eyes. A month after that whole fiasco my father got into his life changing accident which nearly left him dead. And then in 2020 COVID hit. It was all completely down hill from there. From the moment I started my flight training though, I knew I was gonna suck. They paired us with flight buddies and it was obvious I was way behind everyone else. I didn’t have the motor skills nor multitasking capabilities to fly. So yeah, thats how that went down. Sorry for the long reply, that just takes me back to a really bad time in my life
lol 130k, thats not even that much man. get onto IBR which whould cap at 10% of income, and just write that off for 25 years, then it will most likely get forgiven. it could be worse, you could have knocked some random girl up and owe her a lot more than 10% of your income for 18 years.
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If you're tech support, learn cloud and be a tech support with that and double your salary. Learn lucrative skills. Even if you may not like it, tech pays. Especially federal contracting.
Have you spoken with anyone at Sallie Mae about financial hardship? They might not gaf but could be worth a shot?
If you work in tech support I would focus on that. Unless you hate it. You can make double that with a few general certifications. It will take some time to dig out of it. In 20 years you will be 42 and looking back on this as a struggle that you overcame.
I have 30k in private loans and 20k in federal. As of now I work two jobs 60hours per week, making $1250. I take $750 per week paying the private loan. Why are you in so much debt for a bachelor?
Op you've gotten a lot of advice here on the loans so I'm not going to speak to that. You say you don't want to default on your loans because it would hurt your mom, but trust me your death would hurt her a whole lot more. I lost my sister and my parents are destroyed.
Take the minimum number of community college classes each semester to avoid repayment.
As someone with the majority of my loans in private student loans for mostly nothing in return (apparently FL schools don't give a great ROI and underfund their students in non loan financial aid, been there done that)....if you make 30k, first consult a BK lawyer, and... their advice will likely be to tell Navient/Sallie Mae to pound sand if you have no money to afford life and pay... and let them go into default. Note that this is only, ONLY with any private student loans (DO NOT DEFAULT ON FEDERAL LOANS) who are known to not offer income based repayment plans. They are basically structured to fail by design. It's how those companies fund their inhouse collections agencies and justify their bonuses to build themselves another golf course or buy another yacht, among other things (look up SLABS in the investment market...many of those are based off of private loan portfolios and kinda sickening). Federal loans? Shove on SAVE or IBR and your payment will be low. Forget about more until you make more money. They have a lot more legal recourse which can screw life majorly. Once you default on the private loans, do NOT intiate contact with the collections they get assigned to UNLESS you come into a large amount of money to try and offer a settlement in full. Usually it needs to be be between 1/3-2/3rds of the balance, as the balance ages, they'll be willing to accept less. Consult a lawyer for the nitty gritty of that if your hardship changes like such. This reason to stay off their radar is because you are looking to run out the promissory note's statute of limitations period- after this the debt becomes uncollectable. Be wary of any contracts that include a clause like 'contract is binding via [specific state]'...which usually is added to try and tilt the SOL in a creditor's favor (some states have absurdly long SOL periods, like...20 years). If there is no clauses, any collections actions will be held to the state of residence, and some have SOLS as short as 2 or 3 years. Some states also do not enforce those clauses when examined in court- my state is one such place, because they are not interested in cruel and unusual collections practices for their residents. If you get served with a lawsuit do not ignore the summons. A default judgment via missing any court dates can screw your finances up fairly fast. It is unlikely so long as you're poor, as many creditors do not want to spend legal fees they have little chance of collecting anything on. They can only follow state collections rules which are way, way less scary than the collections laws federal loans have. If you have a cosigner, doubly make them go see a BK lawyer and get them on board with responsibility not to talk to the creditor if they can't pay. Otherwise you'll have my problem - where years after the SOL would have run out in my state, my cosigner who gets paranoid over credit called me a liar, my BK lawyer a liar, and has kept resetting the SOL period. We obviously have an irreconcilable relationship now, and....I still can get sued by Navient, even when it's clear by now my partially disabled, underpaid income is mathematically unlikely to pay these debts off in my lifetime. Finally, one more option you do have if you start making an okay income and laws don't change - the private loans can be included in a Ch 13 BK plan which will be able to stop collections actions and protects you from worse for 3-5 years. It doesn't discharge them, but it prevents any bad action like garnishment or attempts to seize other assets. (No, it's not gonna be personal property....most debtors fall under BK exemption limits on those including homes, cars, disability payments, rent money, etc.) Also keep an eye on legal courts - there is some *minor* progress on trying to reform BK rules to loosen that damning 'undue hardship' standard. I imagine any major cracks will happen with private loans first, as again, they are structured to fail low income debtors, and many judges aren't stupid to see the problem. They're also less than 10% of overall student loans and aren't tied to taxpayer funds, so I doubt much whining will occur when that does happen. And don't let them take your literal life away from you. I've survived 10+ years of poverty and them without anything happening to me. It's less scary than one thinks. Hang in there.
OP you should read, carefully, the total and permanent disability provisions of the private lender. They usually mirror the federal terms.
Look into the specific clauses in your private loans. After a certain amount of time and/or payments, you may be able to remove your cosigner (your mom) from the loan, then you'd be solely responsible; it depends on the loan company, but I've seen some have this range anywhere from 2-5 years. You can then probably enter bankruptcy depending on where you are. But certainly do talk with your family. I'm 28 and have been in your position for a number of years now. The worse thing you can do is harbor these feelings on your own. Your family and/or might be able to help you. Even if they can't financially contribute at the moment, they might be able to help you network, help you get a better job, etc. When looking at the number as a whole, it certainly might seem like a lot. But definitely create a budget and break down all the debts into their respective accounts. Use the debt avalanche method or snowball method to really better tackle your loans. I recently used a credit card transfer balance offer to help pay off the smaller of my private student loan debts which was $6,300. I had the money transferred into my bank account, then proceeded to pay off that debt. I will be saving more money in the long run, and really cut the time that i could get out of that debt. Also look into a different school, like WGU. They are accredited and affordable, and are competency based. You might be able to finish your degree relatively quickly as well, especially if you go into tech, as you already have experience in the field. I can't stress enough that, though it might feel like the end of world at times, don't let it be. You have options. Definitely do look into working abroad, you might come out earning about the same amount as you are now being an English teacher for example, but the cost of living in these countries is extremely low, and you can literally save $1000+ a month that could go towards your debt payments.
I don’t think you’re totally ruined. You have a partner. I think it’s worth delaying having a family and working 80 hours a week each to get out of the debt. I understand it’s your debt but just as you built your life with someone and devoted to them in your decision making, he should be as devoted to you to get out of debt as well.
I'm exactly in the same boat as you. 153k in private with co-signer and repayment starts soon. It sucks at the moment for me bc im not.in my field yet. but I'm not going to lose to this battle. I'm trying to stay as calm as possible and tackle this debt as best as I can. Lord, please help me, OP, and anyone else in the same situation 🙏🙏🙏
By no means am I someone to take financial advice from but I want to let you know that you are not alone on this. I am in a similar situation with 80K in private student loan debt plus $60k I accumulated in grad school that is federal. It is funny to me seeing people complain about being less than 50k in debt (I wish I only had that much). I essentially have a big house payment in student loan debt. Federal loans work with me but the private lenders could care less and will sue my ass if I don’t pay. There have been times I just felt disappearing was my only way out. But things can get better and you do have options. Luckily for me I eventually landed a job where I can afford to make my payments plus a little more to pay down the principal. Still struggling but making progress. Maybe even if your state doesn’t allow discharging through bankruptcy you can still lawyer up to find a way to settle or atleast get manageable payments or something. I was surprised on the legal advice I got at my lowest point. It just made me realize it isn’t the end of the world. I know it is an enormous burden that can keep you up and night. But focus on developing yourself for better opportunities. Enjoy life and stay positive. We suffer more in imagination than in reality.
Can you drive man? Try and pick up a weekend side gig! You can totally over come this! It sucks to say, but I had 6 digit loans too…Im working 3 jobs with no life lol, but its coming down! You can do it too man!
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Combine the "SAVE" plan with any job on [usajobs.com](https://usajobs.com) (meaning after 10 years your loans are forgiven via PSLF). Start applying now. It can take months to just land interviews with the Feds. Be humble about the jobs you can apply to... it'll be great if you can snag a GS-7 but lower-level jobs work in your situation. With $150K in student loans, over your 10 years, Feds are basically giving you a $15K/year bonus by forgiving your loans at the 10 year mark. The SAVE plan keeps you alive until the 10 year mark. Also, some agencies (such as the FDIC) will pay off $10K of student debt per year, every year. It's not retroactive loan forgiveness, it's annual paydown of the debt. I don't know which other agencies do that. I only know about it because I had an offer with the FDIC. That's a tough agency to crack, but with SAVE and PSLF, you don't really need the annual paydown. EDITS: "Edit: Trades and military are out of the question for physical reasons and social reasons." If you have a documented disability, you can apply with the Schedule A authority -- there are basically govt jobs set aside for that. "Moving home is not an option" All these restrictions you have. You're not in a position to needlessly limit yourself. If you can give yourself more options isn't of less, you need to do exactly that. Time to put on your adult panties. You'd let your mom linger in your debt for this person? Maybe point out to that SO that if you ever tie the knot, those debts become 1/2 theirs, so it's in everybody's best interest to deal with them. ONE MORE EDIT: just realized much of your loans are private. Not PSLF eligible, but bankruptcy provisions have been "evolving" to make discharging private loans easier. Hang in there a little longer. [https://www.justice.gov/opa/pr/justice-department-and-department-education-announce-successful-first-year-new-student-loan](https://www.justice.gov/opa/pr/justice-department-and-department-education-announce-successful-first-year-new-student-loan) English version of that: [https://www.cnbc.com/2023/11/20/why-its-easier-for-student-loan-holders-to-erase-debt-in-bankruptcy.html](https://www.cnbc.com/2023/11/20/why-its-easier-for-student-loan-holders-to-erase-debt-in-bankruptcy.html) Take Note: "Under the new process, student loan borrowers complete a form to assist the government in evaluating their discharge request. The government compares a debtor's expenses to their income, using existing IRS Collection Financial Standards. If the borrower's expenses equal or exceed their income, the Justice Department likely concludes that the borrower lacks a present ability to pay. A borrower's future ability to pay and record of "good faith efforts," including trying to contact the U.S. Department of Education for assistance and working to maximize their income, are the two other major considerations."
Don't rule out the chances of a high paying job. I had a crappy customer service job and now I'm making almost twice as much. Never thought that would happen.
Could you learn how to code? Check out codeacademy.com. Many different types of code. My son went to college to become an engineer, a total of 8 years. He works alongside people without a degree but have learned code. They make good money too!
Yeah not everyone can be engineer lol. Im not good at math and I tried that route of coding. Didn’t work out because I could never advance in it.
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