School Loans

[Spur|n|Austin]

What are you studying, tbh?

My ideal route is working for 2-3 years, getting an MBA from an elite program like Wharton, Harvard, Stanford, MIT, etc., then going into Private Equity.

No don't! It's a scam!

Good luck, sounds like a solid plan.

[TheRealCB]

What are you studying, tbh?

My ideal route is working for 2-3 years, getting an MBA from an elite program like Wharton, Harvard, Stanford, MIT, etc. (and for that I'll need to take out loans for sure ), then going into Private Equity.

It's called economic sciences,but I've chosen the accounting sub-section. (it's either that,economic theory or management economics) so I'm thinking getting an MBA in accounting while working at an accounting firm as an assistant or something,then try to get into the state's economic crime task force (I guess it's something like your IRS).

Private Equity seems like the most profitable option if you're good,but I find accounting more exciting..I still have some time to think about it.

[DUNCANownsKOBE]

It's called economic sciences,but I've chosen the accounting sub-section. (it's either that,economic theory or management economics) so I'm thinking getting an MBA in accounting while working at an accounting firm as an assistant or something,then try to get into the state's economic crime task force (I guess it's something like your IRS).

Private Equity seems like the most profitable option if you're good,but I find accounting more exciting..I still have some time to think about it.

Before deciding on an MBA in accounting, take at least one finance class that focuses on valuation. People who start off as econ majors (like me when I was pre-business), then get drawn to accounting and find it exciting (like me), usually take a finance class that touches on valuation and find it 10x as exciting as their accounting or econ classes. That's what got me into private equity/I-banking (and the fact it makes tons of money ), valuation and financial modeling are by far my favorite parts of business from what I've studied.

[TheRealCB]

Before deciding on an MBA in accounting, take at least one finance class that focuses on valuation. People who start off as econ majors (like me when I was pre-business), then get drawn to accounting and find it exciting (like me), usually take a finance class that touches on valuation and find it 10x as exciting as their accounting or econ classes. That's what got me into private equity/I-banking (and the fact it makes tons of money ), valuation and financial modeling are by far my favorite parts of business from what I've studied.

Thnx for the advice bro,I will look into it.Also,don't be afraid to get school loans for your MBA,if the program's worth it's salt (i.e Harvard),you'll be able to clear the debt in less than 5-6 years tbh.

[Jacob1983]

My main problem is I have no idea what I want to do. I hate not knowing that . I cannot stand not knowing what to do or what I am supposed to do. I want answers, damn it.

[The Reckoning]

do a ton of . if you dont like what youre doing after a year, opt out. when you're in your 20s, the only thing chaining you down is yourself. once you get into family responsibilities and whatnot, you don't have as much room to maneuver.

[DarrinS]

My main problem is I have no idea what I want to do. I hate not knowing that . I cannot stand not knowing what to do or what I am supposed to do. I want answers, damn it.

This is quite normal.

[CubanMustGo]

Here's another idea: if your current position allows it, get some sort of part-time job and apply that income totally to your student debt. You're young, you probably aren't tied down with family or other extracurricular activities taking a lot of your time away from work. Even if you only clear $5K a year (which isn't hard to do, really) you'll pay off that loan a lot faster and get it the out of the way. Yes, two jobs is a drag, being in debt to the man is even more of a drag.

Good luck.

[CosmicCowboy]

Here's another idea: if your current position allows it, get some sort of part-time job and apply that income totally to your student debt. You're young, you probably aren't tied down with family or other extracurricular activities taking a lot of your time away from work. Even if you only clear $5K a year (which isn't hard to do, really) you'll pay off that loan a lot faster and get it the out of the way. Yes, two jobs is a drag, being in debt to the man is even more of a drag.

Good luck.

LOL...Jacob freaks out over working the part time job at Target he has now. He would crack up over the oppression of having to work a second job.

[CubanMustGo]

Which would be cool if I was talking to him, but the OP was the one that was directed to.

[DUNCANownsKOBE]

I'd also approach this extremely carefully and only do it if you know your boss likes you and is a big fan of the work you do, but you could look into your employer helping out with loans.

[leemajors]

I'm assuming your fiancee's family is paying for the wedding? If not, JOP and save a bundle.

[TDMVPDPOY]

u can always defer it, or ask for a discount if u pay a lump sum repayment

[Spur|n|Austin]

Here's another idea: if your current position allows it, get some sort of part-time job and apply that income totally to your student debt. You're young, you probably aren't tied down with family or other extracurricular activities taking a lot of your time away from work. Even if you only clear $5K a year (which isn't hard to do, really) you'll pay off that loan a lot faster and get it the out of the way. Yes, two jobs is a drag, being in debt to the man is even more of a drag.

Good luck.

Thanks for the advice, I actually considered this but I don't think it would fly with my management as I'm an associate project manager and have to work from home a lot, or randomly come in on Saturday's. They of course don't have to know about it, but at the moment I feel very close to a big promotion which would solve this issue to an extent.

I'm assuming your fiancee's family is paying for the wedding? If not, JOP and save a bundle.

Yeah, fortunately they are funding the wedding, but we're not going too extravagant with it. If I had it my way, we would run off to the beach or to Vegas with the parentals and get hitched, saving thousands of dollars.

[Jacob1983]

I just wish life could be like the island on Lost and I could just drink some ty water from a stream and know what the I'm supposed to do. That would be nice. I've been tempted to go the second job route. I just don't know if I could handle it mentally and physically.

[TDMVPDPOY]

hey class clown op

have u ever thought about doing student assignments for others to earn a few bucks?

[Spur|n|Austin]

hey class clown op

have u ever thought about doing student assignments for others to earn a few bucks?

If by that, you mean do other people's homework then no, no. I've got enough to do at work, last thing I need to do is travel 6 hours to Lubbock and see who needs help with their ing homework and get paid in beer and a few measly bucks.

[leemajors]

If by that, you mean do other people's homework then no, no. I've got enough to do at work, last thing I need to do is travel 6 hours to Lubbock and see who needs help with their ing homework and get paid in beer and a few measly bucks.

he's an Aussie mope, I would pretty much ignore him

[Spur|n|Austin]

he's an Aussie mope, I would pretty much ignore him

I usually do, but every once in a while he'll ask a somewhat reasonable question (this was not one of them.) Had to let him know his question was one that a jabronie would ask.

[RandomGuy]

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.

Income based repayment.

http://studentaid.ed.gov/repay-loans...s/income-based

You're welcome.

[The Reckoning]

aussies get 0% interest school loans with deferred payment from their government, so they can effectively be lifelong students. ignore them.

[mavs>spurs]

a couple of random thoughts after actually reading all 4 pages because this thread is actually interesting for a change:

1) damn, i feel really lucky now after seeing how some people got it. i felt ty having 20k in debt (only like half of that 7 months into working tho) but i see now that i'm pretty lucky, being able to land a job at a fortune 1000 company with room for future growth and having no kids/marriage

2) "college is a scam" is a blanket statement, and totally depends on the situation. some degrees like liberal arts are a scam, others like science/math/technology/medicine are always a winner, and others fall into a grey area of case by case basis. for example, finance and accounting are good degrees but only if you make good grades and are driven. finance requires a lot of networking due to the nature of the business which i didnt do and sort of screwed me, luckily i had my grades to sort of save me. although with my grades/talent i should be ahead of where i'm at. also degrees like psychology are a winner only if you get a masters, my cousin is a neuropsychologist for a major hospital and makes a lot of money. but she only succeeded in that field because she was very driven and into it, your average person ends up working at target like jacob

3) spurstalk isn't the best place to go for advice bro, too many trolls and assholes and just people who downright think theyr'e a lot smarter than they are and that their opinions have any sort of value, careful with some of the advice you get here

4) my advice: you got a good job at a good company, the obvious and really only solution is to explore options to lower your payments until you move up in the company in the next couple of years.

[mavs>spurs]

more thoughts:

1) debt isn't necessarily a bad thing, but keep it proportionate to what you can realistically expect to make when you graduate. an average person studying in a field with average job prospects which pays an average salary shouldn't really take on a lot of debt. that's a recipe for disaster.

2) jacob - quit the in target job and go get a marketable skill. you need to start your life over at this point and do something that can earn you at least twice minimum wage without having to go to shcool for another 4 years in order to do it, something you can start making a little money NOW. IE, learn a trade, teach yourself a skill, learn to program on your own time, go work for a medical office doing admin work and while you take classes to become a medical assistant then continue schooling for your RN as you progress along, but you need a plan bro. just chilling at target with no direction is some lame ass pussy . put together a plan (office admin > medical asst > nurse is just an example) but hte point is you need to be able to start earning NOW while you build your prospects for future growth. chilling wasting time at target has no point. target doesn't have any future growth especially when management hates you and you've burned bridges there as you've said, so quit the job right now. it doesn't even have to be the most glorious plan in the world, but at this point you need to ing do something.

[mavs>spurs]

and when i say quit right "now" i mean that figuratively, don't quit until you find another one but you need to start hustling and busting ass looking right now.

[DUNCANownsKOBE]

Yeah idk why Jacob whines about how ty his life is but does absolutely nothing about it.