School Loans

[Thebesteva]

OP, I rarely talk about my personal life on any board but I am in a worst position than you. I go to medical school and have racked up $250 k in debt. I will be having to pay off my student loans forever ever...forever ever? Forever ever :'(

I should of slanged crack instead

[FkLA]

Well it's that time for me; my lenders are ready for me to start paying back my loans. At this point I have over 40K in loans and they are wanting close to $500.00 a month. Not only is that ridiculous, it's impossible for me at the moment. Doing that would have me living paycheck to paycheck and even using some of my savings each month.

I know most posters here went to, graduated from, or are still in college. For those like me, who were not fortunate to have their parents pay for them, what did you do in regards to repayment? Defer until you made more money? Go into Forbearance and solely pay the interest? Not pay and run to Mexico? I'm just curious and wanted to get others input before making any big decisions.

EDIT - I'm at a good company now, and have lots of opportunity to advance in the future, but at the same time, this is my first job after college, and they are paying me accordingly.

Damn, brah how do you build up so much debt...grad school? Ive taken like two loans out during my time in school, the first one only cause I was a dumbass that wanted to pocket the extra money after my tuition was covered. Under 5k still though which isng bad.

Good luck. Student loans are a scam. College is a scam. I borrowed about 40k and it's gotten to about 50k to 53k because of interest. Haven't been able to pay for hardly any of it. I recently was able to do something where I can temporarily pay a small monthly payment like 25 or 30 dollars a month. These college loan collectors have no soul. Honestly, I would love to just go to some foreign country that didn't have extradition and just say you to my college loans. Why the should I pay for them if my college degree hasn't rewarded me with anything but debt?

Whats your degree in, Jake the Snake ?

[Jacob1983]

Forever young, I want to be forever young.

I have a wonderful degree in psychology from Texas A&M at Commerce.

[FkLA]

Forever young, I want to be forever young.

I have a wonderful degree in psychology from Texas A&M at Commerce.

Just a bachelors? If so thats on you not America, bro. Its unrealistic to expect to get a good job in that field without doing graduate school.

[Wild Cobra]

Come to an arrangement with them else expect a garnishment that will be the maximum the law allows.

[Spur|n|Austin]

marry some girl and transfer ur student loan to her and divorce, u 50/50 on the student loan

I'll consider that, though I kinda like my fiance.

Look into income based repayment and income contingent payment plans. That's what I will be doing after I finish Grad school in August. Those cause your payments to be no more than 30% of your income. All lenders should have that option.

When I was set up with the IBR plan before Grad School I didn't have to pay my loans for a year, but it went up from $278 to $372 a month. But in that year I threw an extra $100 in savings every paycheck to pay that extra hundred. So when the year came around I was just making the $278ish payment.

That's been the general consensus on this board and when talking to friends, so I'm most likely going to go that route. I'll be calling them this afternoon to see what I can setup and what I need to submit (pay stubs, 1040, etc.)

OP, I rarely talk about my personal life on any board but I am in a worst position than you. I go to medical school and have racked up $250 k in debt. I will be having to pay off my student loans forever ever...forever ever? Forever ever :'(

I should of slanged crack instead

Ouch brotha, you are in the same boat as my sister who went to Brown, then UT Law. I think I recall her saying she was in the 200K range as well. It's all good, you'll be a doctor right? That's solid pay, and if you wanna slang dummy rocks on the side for fun, who's to stop you??

Damn, brah how do you build up so much debt...grad school? Ive taken like two loans out during my time in school, the first one only cause I was a dumbass that wanted to pocket the extra money after my tuition was covered. Under 5k still though which isng bad.

That's how much college costs holmes, I'm actually lucky it's not more. I paid for everything, room, board, fun, drugs, etc.

Have you graduated? If not, how are you paying for classes since you've only taken two loans out?

[JudynTX]

Wait? You got engaged? I didn't know. (I've been asking you for years when you're gonna do it) :p

[Spur|n|Austin]

Wait? You got engaged? I didn't know. (I've been asking you for years when you're gonna do it) :p

Nobody besides her family and my family knows, we're going to tell everyone at my HS reunion in a couple months and make it more public then (if she can hold it in ) You'll know Judy!

[JudynTX]

Nobody besides her family and my family knows, we're going to tell everyone at my HS reunion in a couple months and make it more public then (if she can hold it in ) You'll know Judy!

That's so sweet. Wishing you two nothing but the best. But as far as your loans, can you move in with your parents?

[Spur|n|Austin]

That's so sweet. Wishing you two nothing but the best. But as far as your loans, can you move in with your parents?

[JudynTX]

[DarrinS]

$500 on $40k? That's either really low interest or a long amortization schedule.

My advice: live on the cheap and repay your debt

You weren't forced at gunpoint to take out the loans

[The Reckoning]

marriage

[Spur|n|Austin]

$500 on $40k? That's either really low interest or a long amortization schedule.

My advice: live on the cheap and repay your debt

You weren't forced at gunpoint to take out the loans

We'll I'm obviously going to repay my loans, I was asking for advice on what repayment options were best for others here in The Club.

And forced at gunpoint? Wtf are you talking about? No I wasn't forced to take out the loans, but after my father's death, my single mom didn't have the means to send 3 kids through college on her own. So in order to get the education I wanted I had to use loans. Any more solid advice?

[DarrinS]

Don't bite off more than you can chew?

[The Reckoning]

take out more loans to pay your loans. tell the banks youre a keynesian believer and that if it works for the US, it'll work for you.

[GoodOdor]

We'll I'm obviously going to repay my loans, I was asking for advice on what repayment options were best for others here in The Club.

And forced at gunpoint? Wtf are you talking about? No I wasn't forced to take out the loans, but after my father's death, my single mom didn't have the means to send 3 kids through college on her own. So in order to get the education I wanted I had to use loans. Any more solid advice?

If it makes you feel better, you could be A LOT worse - there are people out there with 100k+ loans with art/philosophy/latino studies degrees.

You have a job with growth opportunities. You're probably just upset become the time has finally come to start paying off that loan - it's hard to do the mental switch from not paying anything
to suddenly having to s out $500 out of your disposable income every month.

I'm not sure about the % of income option - my understanding was that you basically lock yourself into 20 years where you have to make payments based on a % of your income - this might work if you have 200k debt
and a useless degree, but in your case I'm pretty sure you are much better off just aggressively paying it off.


P.S this is coming from someone who's parents paid for his 4 year degree. Thanks mom and dad!

[leemajors]

Don't have a kid and get divorced, you could be s ing out 1k or more per month in debt and support!

[Spur|n|Austin]

Don't have a kid and get divorced, you could be s ing out 1k or more per month in debt and support!

Touche! I won't be having kids for a few years, but I have friends who pay monthly child support and all they do is complain about it. I don't see me and my girl getting a divorce, though I'm sure everyone says that.

[TDMVPDPOY]

Don't bite off more than you can chew?

he couldve been whoring his ass and mouth out during his time at uni.....there are girls who own multiple properties during their college days by whoring out their orifixes....what do you think international students are doing besides on their scholarships earning money on the side more then first year grads

[DarrinS]

Sorry for being a with my earlier responses. Actually, I found myself in similar cir stances after graduation. I didn't have your level of student debt, but I got divorced shortly after graduation and my ex left me with credit card debt SHE had ac ulated. I lived quite frugally for 5 or 6 years and just paid that off. It sucked, but its a distant memory for me now. You'll get through it.

[FkLA]

That's how much college costs holmes, I'm actually lucky it's not more. I paid for everything, room, board, fun, drugs, etc.

Have you graduated? If not, how are you paying for classes since you've only taken two loans out?

Grants normally covered atleast 3/4ths of my tuition, did you not qualify for financial aid? I worked while in school and paid off the rest out of pocket every semester except those two. Didnt live on campus though tbh.

[Jacob1983]

Win the lottery, build some type of device that can you let time travel safely, build a machine that can accurate predict the probabilities of outcomes ie the lottery and sporting events, or rob a bank.

[Trill Clinton]

i have some friends who went the deferred route but i hear they tack on more interest each time you request to have it deferred. after i graduated i had about 10 grand in loans but i had a college fund set aside to take care of that. good luck, fam.

[Spur|n|Austin]

i have some friends who went the deferred route but i hear they tack on more interest each time you request to have it deferred. after i graduated i had about 10 grand in loans but i had a college fund set aside to take care of that. good luck, fam.

They do, that's how they get ya. Thanks b