4 ms·

I think this warrants: holy shit. Start reading the Simple Dollar (google it). You'll need it. As far as I know, you can't bankrupt your way out of student de

I think this warrants: holy shit. Start reading the Simple Dollar (google it). You'll need it. As far as I know, you can't bankrupt your way out of student debt. So you could just flee the country (likely not a good option), or else you're going to have to live with this for a long, long time. You'll need to learn to negotiate with the debtors (is that what they're called?). After all, it's better for them if you pay of some debt slowly than no debt at all. You'll probably also have to start paying this off, and unfortunately do this for many years to come. I can't believe they let students take on these types of debts. Since you work in the internet field, it's possible you might land a high-paying job with the right experience. That could help you pay this off in a reasonable amount of time (5 years perhaps).

deleted 16y ago
[deleted]
- petervandijck 16y ago
  Can you negotiate a certain monthly amount that you can handle for the next few years?
  - heavilyindebt 16y ago
    yes, but the combines monthly amount is still about 1,000, and that just covers the interest
    - gregable 16y ago
      Sure, but this is $5.75/hr for 40hrs/week with an average month (there are 4.3 weeks in a month). That's $1.50 below the US minimum wage. Also, how would this be interest only? I think you should make sure that's correct. $12k/yr on a $150k loan is 8% interest, which seems steep for a student loan (that's credit card territory, but maybe I'm just not familiar). $12k/year on $50 (you said elsewhere that they'd forgive $100k) would be 24% interest, which is insanely high. I imagine that with a degree, even not doing a job related to the degree, you can earn significantly more than minimum wage. Take what you can find and keep looking. Switch jobs if/when you find something better. The economy sucks, taking a job you don't like now isn't a permanent decision and more opportunities will present over time.
- shpxnvz 16y ago
  however I would like to be a founder of my own company Perhaps not what you want to hear, but at this point you are probably going to have to put your wants aside for a while and focus on getting rid of the debt. I think the first step is finding a steady and sufficient paycheck that will let you live modestly while paying down the loan (and not just the minimum payments). It sounds like you are still young and although it may not seem like it at the moment, if you make some smart choices now you can be free of this obligation with plenty of time left to enjoy your life.
melling 16y ago
I'm guessing it is a US backed govt loan. It appears we are creating another bubble in this country where people will need a "bailout" from taxpayers. Huge unfunded public pensions, student loans, ... Roll the dice. Borrow another $100k and figure out how to bet against the next bubble.
kronusaturn 16y ago
> debtors (is that what they're called?) OP is a debtor who needs to negotiate with his creditors.
__why__ 16y ago
I second the recommendation for The Simple Dollar. Also, OP, be sure to ask the five why's. Other people have six figures in debt but have very different stories to tell. You answered the question as to why you haven't been able to pay off your debt, but it leads to another question: when you had regular jobs, why weren't your salaries higher? Were you not an effective employee? Why? Were you not effective at finding a job? Why? Best of luck to you.

deleted 16y ago

[deleted]

petervandijck 16y ago
Can you negotiate a certain monthly amount that you can handle for the next few years?
- heavilyindebt 16y ago
  yes, but the combines monthly amount is still about 1,000, and that just covers the interest
  - gregable 16y ago
    Sure, but this is $5.75/hr for 40hrs/week with an average month (there are 4.3 weeks in a month). That's $1.50 below the US minimum wage. Also, how would this be interest only? I think you should make sure that's correct. $12k/yr on a $150k loan is 8% interest, which seems steep for a student loan (that's credit card territory, but maybe I'm just not familiar). $12k/year on $50 (you said elsewhere that they'd forgive $100k) would be 24% interest, which is insanely high. I imagine that with a degree, even not doing a job related to the degree, you can earn significantly more than minimum wage. Take what you can find and keep looking. Switch jobs if/when you find something better. The economy sucks, taking a job you don't like now isn't a permanent decision and more opportunities will present over time.
shpxnvz 16y ago
however I would like to be a founder of my own company Perhaps not what you want to hear, but at this point you are probably going to have to put your wants aside for a while and focus on getting rid of the debt. I think the first step is finding a steady and sufficient paycheck that will let you live modestly while paying down the loan (and not just the minimum payments). It sounds like you are still young and although it may not seem like it at the moment, if you make some smart choices now you can be free of this obligation with plenty of time left to enjoy your life.

melling 16y ago

I'm guessing it is a US backed govt loan. It appears we are creating another bubble in this country where people will need a "bailout" from taxpayers. Huge unfunded public pensions, student loans, ... Roll the dice. Borrow another $100k and figure out how to bet against the next bubble.

kronusaturn 16y ago

> debtors (is that what they're called?) OP is a debtor who needs to negotiate with his creditors.

__why__ 16y ago

I second the recommendation for The Simple Dollar. Also, OP, be sure to ask the five why's. Other people have six figures in debt but have very different stories to tell. You answered the question as to why you haven't been able to pay off your debt, but it leads to another question: when you had regular jobs, why weren't your salaries higher? Were you not an effective employee? Why? Were you not effective at finding a job? Why? Best of luck to you.