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It is currently Thu Apr 17, 2014 8:50 pm




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 Post subject: Student Loan Debt--I think it's time to worry now...
PostPosted: Sat Nov 30, 2013 11:25 am 

Joined: Sat Jun 16, 2012 5:41 pm
Posts: 19
Well,

I think it's time to worry now. I called Sallie Mae and found out that I will owe a grand total of 100,000 dollars in student loans when I complete my master's degree in Education. I've also found out that my unsubsidized loans accumulate about 4 percent interest every year I do not pay on them, even if I'm still in school. My current job, substitute teaching, only helps me bring in about 700 dollars per month. I have not been able to find a teaching position in state, and I haven't explored my options out-of-state. The debt I accumulated is the result of changing majors, using financial aid for miscellaneous living expenses, taking out unsubsidized loans, and not budgeting properly. I have since learned to be much more careful with money and never intended for my debt to balloon out of control like this. I knew not to even touch a private education loan, take out a mortgage, or open up a credit card, but I had no idea that unsubsidized Stafford loans could build up so quickly. :worried:

I don't think I can pay off my loans on what I make currently, but I thought about maybe trying to pay only the accounts containing unsubsidized student loans while I'm still in school (I'm planning to go after a doctorate if I can't find a decent job.) A little over half of my debt consists of unsubsidized student loans and the interest that compounded during the years I was going to college.

I'm happy I went to college, but I should have done a much better job of budgeting and keeping track of the interest rates.


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 Post subject: Re: Student Loan Debt--I think it's time to worry now...
PostPosted: Tue Dec 03, 2013 12:16 am 

Joined: Fri Apr 05, 2013 2:30 am
Posts: 155
There are many students who face similar situation once they complete their higher education. It is very important to budget and pay off the loans. It would have been better if you would have made interest payments on the unsubsidised Stafford loans. This would have lowered your liability after you complete the course. Depending upon your present situation, you can go ahead and consolidate the loans to pay them off easily or go for an extended repayment plan.

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 Post subject: Re: Student Loan Debt--I think it's time to worry now...
PostPosted: Sun Jan 26, 2014 1:16 pm 

Joined: Sun Jan 26, 2014 11:49 am
Posts: 33
You can have a payment plan in the future based off of what your income is. This would probably be a good idea for you. I would not recommend getting your doctorate right away, as this will probably leave you with closer to $200,000 in loans after adding additional tuition and interest. Education is a great investment, but not if it is so expensive that you can not make a return on that investment.

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 Post subject: Re: Student Loan Debt--I think it's time to worry now...
PostPosted: Mon Jan 27, 2014 10:28 am 

Joined: Sun Jan 06, 2013 10:30 pm
Posts: 61
Yea I will have to agree with drew also. $100,000 is a lot already to be in debt, going for a doctorate right now would not be wise since you owe so much already and you’re not guarantee a job either. Maybe you can find employment that will help pay for your doctorate later on. Also have you ever considered teaching oversea? Some oversea companies have many perks and also you get an oversea tax benefit. I am also working oversea, but not in teaching though. The oversea benefit is great, so just throwing out some ideas.

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 Post subject: Re: Student Loan Debt--I think it's time to worry now...
PostPosted: Mon Jan 27, 2014 12:05 pm 
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Joined: Mon Jan 27, 2014 10:24 am
Posts: 3
Location: Oklahoma City
Just remember: a student loan is one of the few debts that never goes away. Credit cards and medical debts will eventually fall off your credit if you don't pay them, but not student loans.

This makes them somewhat of a priorty. I would definitely try to negotiate for them to give you a lower pay-off amount if you agree to keep making payments on the loans.

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