So I did the calculations, and it looks like I'll be graduating with approx. $60,000 in debt (undergrad). I'll hopefully be able to work more my 5th year (no running) to cut that number down a bit, but it will still be a TON of debt.
I'm just curious as to what you guys think? I get very anxious thinking about the huge number I'll have to pay off when i graduate.
A little insight would be nice. Is this something to worry about? How much debt did you graduate with?
Thanks guys.
read a book called "Your Total Money Makeover" by Dave Ramsey. Easy read and will help you out a lot with debt.
What's your general height and weight and status ? Don't answer if you are male.
if you have Sallie Mae, do whatever possible to get them out of your life (I'm refinancing my house and rolling these loans in, but that might not be an option for you). Unlike a typical loan (e.g. mortgage, car payment), Sallie Mae compounds interest daily. This makes it impossible to predict how much of your payment will go to principal vs. interest. They'll try to get you to sign up for an automatic payment, which is debited the day that it's due. By doing this, virtually all of your payment will go to interest. They have lots of these tricks that will end up stringing out your payments.
Teach for America...military...peace corps...check out all of the loan repayment programs.
how in the hell did you get 60 grand in the hole getting an UNDERGRAD degree? Is it in engineering or something applicable at least?
Active Army and Navy repay 65k. Reserves/National Guard 20k.
Alan
Sneaks wrote:
read a book called "Your Total Money Makeover" by Dave Ramsey. Easy read and will help you out a lot with debt.
He'll be down $10 straight away, perhaps the op should pen a self help book stating the obvious and getting rich off the proceeds
Student loans generally cant be discharged in bankruptcy. However, you could pay off the student loans with credit cards and then discharge those but you might have to wait X months or years before filing. Check with a lawyer in your state.
Quit crying. I have 130,000 from college debt. you do not see me on Letsrun whining like some child. I joined the army, they gave me 65k for it. ::shrugs:: I'm not complaining (here come the anti-military posters)...
Seriously stop whining 60,000 is nothing at this point in your life.
AMrunner800 wrote:
Quit crying. I have 130,000 from college debt. you do not see me on Letsrun whining like some child. I joined the army, they gave me 65k for it. ::shrugs:: I'm not complaining (here come the anti-military posters)...
Seriously stop whining 60,000 is nothing at this point in your life.
I'm glad you told us that you shrugged.
Hopefully you didn't just run in college while taking shmuck easy classes. Otherwise your degree is worth nothing and you'll never repay your debts.
this is what I did.
AMrunner800 wrote:
Quit crying. I have 130,000 from college debt. you do not see me on Letsrun whining like some child. I joined the army, they gave me 65k for it. ::shrugs:: I'm not complaining (here come the anti-military posters)...
Seriously stop whining 60,000 is nothing at this point in your life.
please do not listen to this person. 60k IS a big deal, and all the folks out there that choose to ignore that reality get themselves (and the rest of the country) into big trouble. looking into loan repayment programs is a great idea... looking for a job asap would also be a smart decision. hate to say this to you, but the party is over. stop buying pricey clothes and dropping money on eating out and drinking at bars with friends.
Yeah, don't take responsibility for taking out the loans. Just find a way to declare bankruptcy. That's a weak way out, my man.
moron dat later wrote:
Student loans generally cant be discharged in bankruptcy. However, you could pay off the student loans with credit cards and then discharge those but you might have to wait X months or years before filing. Check with a lawyer in your state.
You are a lot better off than if you DIDN'T graduate with 60k in debt.
Just make sure you get a good job. I owed 80k when I graduated but it's no big deal, I got a good job afterwards.
what is your major.
please dont say sociology, anthropology, philosophy, art history, minority studies, etc. otherwise you are fvcked.
$20 says women studies.
If you can get a job, inflation will eventually wipe out a large portion of your debt. However, you are not necessarily better off because of your college degree. The world has changed over the last decade and a college degree just doesn't mean much anymore. It is simply too expensive now, and there are simply too many people with degrees and not enough jobs to fill. Unless you're among the best and brightest, you're better off learning a trade.