Comments on: I Will Not Be Able to Afford My Student Loans http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/ Money issues for college students and 20-somethings, without being boring. Wed, 08 Feb 2012 11:22:41 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Melloney http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-161294 Melloney Wed, 22 Jun 2011 11:01:24 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-161294 Okay I'm cvoincned. Let's put it to action. Okay I’m cvoincned. Let’s put it to action.

]]> By: lynn http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-117985 lynn Thu, 30 Dec 2010 01:34:21 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-117985 Where are the parents when it comes to advising their young adult children? My two children both went to a public university one has their bachelors and one has their masters. They owe nothing. We saved and they saved. They saved from birth. All birthday money, Christmas money, and they both had jobs from the age of 16 on, while doing sports, etc.. Once they started college, they worked 18 hours a week at the university while attending full time. They had to live on campus as we have no university close. They worked hard and received some scholastic scholarships that helped. I do not believe they missed out on too much by making these sacrifices nor did we. Where are the parents when it comes to advising their young adult children? My two children both went to a public university one has their bachelors and one has their masters. They owe nothing. We saved and they saved. They saved from birth. All birthday money, Christmas money, and they both had jobs from the age of 16 on, while doing sports, etc.. Once they started college, they worked 18 hours a week at the university while attending full time. They had to live on campus as we have no university close. They worked hard and received some scholastic scholarships that helped. I do not believe they missed out on too much by making these sacrifices nor did we.

]]> By: Lisa http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-97271 Lisa Sat, 17 Jul 2010 17:13:12 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-97271 @Stan Actually, the Peace Corps can't even help you unless you have federal loans, and even then, you're still looking at the same options of deferment. @Stan

Actually, the Peace Corps can’t even help you unless you have federal loans, and even then, you’re still looking at the same options of deferment.

]]> By: David http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-95445 David Thu, 01 Jul 2010 12:45:36 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-95445 I am an unemployed librarian and I have over 200k in debt on student loans. I have one loan with Sallie Mae. The principle is just over 100k (this was after consolidating several loans from other lenders) and over 60k in capitalized interest. The other loan is just over 45k (my master degree in library science). I managed to earn a bachelor and two master degrees along the way to stacking up that debt. Sometimes I look at it and freak out. Then I remind myself that covers three degrees. It is actually very comforting to hear that other people are in my situation. School is just expensive. I can’t believe that the average is only between 18k and 22k, which is what I read online. It is probably more like 40k for an undergrad degree. Whatever your situation may be remember that you took out these loans to improve your life. When I joke about it with friends and family I like to call it the mortgage on my education. But that doesn't erase the debt. It is really bad now. The current economy is very hard on a profession like mine. I interview for part time jobs (often less than 20 hours a week) and there are often 20 to 40 people waiting to take a shelvers test. It’s crazy! I do hope to pay it down one day. But it seems unlikely at this point I am an unemployed librarian and I have over 200k in debt on student loans. I have one loan with Sallie Mae. The principle is just over 100k (this was after consolidating several loans from other lenders) and over 60k in capitalized interest. The other loan is just over 45k (my master degree in library science). I managed to earn a bachelor and two master degrees along the way to stacking up that debt. Sometimes I look at it and freak out. Then I remind myself that covers three degrees.

It is actually very comforting to hear that other people are in my situation. School is just expensive. I can’t believe that the average is only between 18k and 22k, which is what I read online. It is probably more like 40k for an undergrad degree.

Whatever your situation may be remember that you took out these loans to improve your life. When I joke about it with friends and family I like to call it the mortgage on my education. But that doesn’t erase the debt.

It is really bad now. The current economy is very hard on a profession like mine. I interview for part time jobs (often less than 20 hours a week) and there are often 20 to 40 people waiting to take a shelvers test. It’s crazy!

I do hope to pay it down one day. But it seems unlikely at this point

]]> By: Charlotte http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-92270 Charlotte Wed, 19 May 2010 03:04:42 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-92270 I am 69 years old and owe $120,000.00 on my student loans. I am presently still in school earning Ph.D. Can I get my students loans forgiven due to age? I am 69 years old and owe $120,000.00 on my student loans. I am presently still in school earning Ph.D. Can I get my students loans forgiven due to age?

]]> By: Ian http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-81252 Ian Mon, 09 Nov 2009 23:49:10 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-81252 I know the feeling, Im unfortunately a junior with 4 more semesters left. Im currently sitting on $110,000 of student loan debt and will probably have $200,000+ of debt once im done with my bachelors and then my masters. So this means 60% of my starting gross salary will go to paying off my debt. Im going to a great school and getting a great degree but if If I could go back and tell my high school age self one thing, it would be to not go to such a expensive private school. Thanks stephanie for making this site, and sharing what you know. I know the feeling, Im unfortunately a junior with 4 more semesters left. Im currently sitting on $110,000 of student loan debt and will probably have $200,000+ of debt once im done with my bachelors and then my masters. So this means 60% of my starting gross salary will go to paying off my debt.
Im going to a great school and getting a great degree but if If I could go back and tell my high school age self one thing, it would be to not go to such a expensive private school. Thanks stephanie for making this site, and sharing what you know.

]]> By: Granny Isolda http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-81025 Granny Isolda Wed, 04 Nov 2009 09:36:54 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-81025 For God's sake I did not have idea that you kids have so big problems with these loans! Standard plan is $470 ?! This World is totaly crazy! For God’s sake I did not have idea that you kids have so big problems with these loans! Standard plan is $470 ?! This World is totaly crazy!

]]> By: Stephanie http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-80590 Stephanie Mon, 26 Oct 2009 02:58:22 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-80590 Thanks John, for sharing your ex-girlfriend's situation with us. It's true, I don't have that much debt, but the ratio of what my profession pays to my amount of debt is not so great! At its highest levels, my profession pays about $30k-$35k per year, and my student loans are at $42k. So, not terrible, but really not a good situation, either. I hear you about living at home or finding some place to live rent free. That's my situation now, although I'm hoping that now that I have a full time job, I can contribute a little money toward rent. I'm living pretty frugally in general - we don't have cable, I have my car only because it's the only way to get to my job (and my job may end in February, so I can't be sure the next job won't need a car, as well). A scooter isn't too practical because I believe I would need a motorcycle license to have one here, but I get what you are saying. The last two months I had a job in downtown DC, so I was able to avoid driving and take the Metro system every day, which cut down on my gas purchases dramatically - I've only bought two gallons of gas since moving here in August! So things are getting better, but my student loan payments are still the biggest expense I have. The only place I disagree with you is that I'm in no hurry to pay them off. The interest rate is low and I'd rather do other things with the money I could be using to pay them off: save for important things coming up in my life, save for retirement, get braces... there's a lot of things that are more important to me now than paying off my student loans quickly. I hope it doesn't take the full 25 years to pay them off, but I don't feel that now is the right time in my life to dedicate extra money to them. It doesn't make sense to me either emotionally or mathematically. Of course, that's just my situation - everyone should run the numbers and consult their own needs and goals! Thanks John, for sharing your ex-girlfriend’s situation with us. It’s true, I don’t have that much debt, but the ratio of what my profession pays to my amount of debt is not so great! At its highest levels, my profession pays about $30k-$35k per year, and my student loans are at $42k. So, not terrible, but really not a good situation, either.

I hear you about living at home or finding some place to live rent free. That’s my situation now, although I’m hoping that now that I have a full time job, I can contribute a little money toward rent. I’m living pretty frugally in general – we don’t have cable, I have my car only because it’s the only way to get to my job (and my job may end in February, so I can’t be sure the next job won’t need a car, as well).

A scooter isn’t too practical because I believe I would need a motorcycle license to have one here, but I get what you are saying. The last two months I had a job in downtown DC, so I was able to avoid driving and take the Metro system every day, which cut down on my gas purchases dramatically – I’ve only bought two gallons of gas since moving here in August!

So things are getting better, but my student loan payments are still the biggest expense I have. The only place I disagree with you is that I’m in no hurry to pay them off. The interest rate is low and I’d rather do other things with the money I could be using to pay them off: save for important things coming up in my life, save for retirement, get braces… there’s a lot of things that are more important to me now than paying off my student loans quickly. I hope it doesn’t take the full 25 years to pay them off, but I don’t feel that now is the right time in my life to dedicate extra money to them. It doesn’t make sense to me either emotionally or mathematically.

Of course, that’s just my situation – everyone should run the numbers and consult their own needs and goals!

]]> By: John http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-80582 John Sun, 25 Oct 2009 20:46:05 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-80582 I don't know what the principle is, but it doesn't seem as much as other's student loans. My ex-girlfriend owes $200,000 and thinks that her life is screwed up for the next 30 years (until she's 70), and has to pay $1500 a month for the next 30 years! Imagine that! It will be worse if she misses payments. She will end up paying $450,000 total including interest if she is lucky. I don't think that your loans are that bad! What I did-Live at home for free. It's really the only way unless you are special and owe maybe only 20-30K. Next, work and put almost all your money into those loans. Not 10, 20, 30, 40, or 50%. I mean almost all of it. Don't forget to eat because your life will get better one day. The loans are like a black cloud hanging over your head. If you don't have parents or a free place, then rent a real cheep place. For real. Your mission is to pay those loans off so that you are not stuck the rest of your life. Trust me. I know from years past! Find trustworthy people to live with and split the rent on a cheep studio so that you pay almost nothing a month. So what if 5 people live in a one bedroom studio! Get rid of the car if possible. No insurance or car payment! You can get a scooter that will be maybe $50 a year for insur and a few bucks a month for gas. Don't just go to grad school hoping that things will be better. Pay off your loans 1st. Do you want to be 40, 50, 60 or 70 years old still paying on a student loan! No way! My ex is 40 years old and burdened with financial problems. Don't be like that! If you owe 200,000 and you are not a medical doctor, then trying to repay it is very tough. For real! Believe me, you can not pay off 200K making 50-60K a year unless you live bare bones for a long time with the sole mission of paying them off. Your life will be the loans for a long long time! 200K =$450K over 30 years! Bring home 50K and how much is left after taxes? I can tell you are not that bad off and are young. Remember, your freedom is more important than anything else! I know plenty of people who "own" a nice home decked out and have decent paying jobs who will be slaves their entire lives...and they hate it! The banks own their house, and they own their student debt. Good luck! I don’t know what the principle is, but it doesn’t seem as much as other’s student loans. My ex-girlfriend owes $200,000 and thinks that her life is screwed up for the next 30 years (until she’s 70), and has to pay $1500 a month for the next 30 years! Imagine that! It will be worse if she misses payments. She will end up paying $450,000 total including interest if she is lucky. I don’t think that your loans are that bad! What I did-Live at home for free. It’s really the only way unless you are special and owe maybe only 20-30K. Next, work and put almost all your money into those loans. Not 10, 20, 30, 40, or 50%. I mean almost all of it. Don’t forget to eat because your life will get better one day. The loans are like a black cloud hanging over your head. If you don’t have parents or a free place, then rent a real cheep place. For real. Your mission is to pay those loans off so that you are not stuck the rest of your life. Trust me. I know from years past! Find trustworthy people to live with and split the rent on a cheep studio so that you pay almost nothing a month. So what if 5 people live in a one bedroom studio! Get rid of the car if possible. No insurance or car payment! You can get a scooter that will be maybe $50 a year for insur and a few bucks a month for gas. Don’t just go to grad school hoping that things will be better. Pay off your loans 1st. Do you want to be 40, 50, 60 or 70 years old still paying on a student loan! No way! My ex is 40 years old and burdened with financial problems. Don’t be like that! If you owe 200,000 and you are not a medical doctor, then trying to repay it is very tough. For real! Believe me, you can not pay off 200K making 50-60K a year unless you live bare bones for a long time with the sole mission of paying them off. Your life will be the loans for a long long time! 200K =$450K over 30 years! Bring home 50K and how much is left after taxes?
I can tell you are not that bad off and are young. Remember, your freedom is more important than anything else! I know plenty of people who “own” a nice home decked out and have decent paying jobs who will be slaves their entire lives…and they hate it! The banks own their house, and they own their student debt. Good luck!

]]> By: Luara http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-78335 Luara Fri, 04 Sep 2009 21:46:12 +0000 http://poorerthanyou.com/2009/01/21/i-will-not-be-able-to-afford-my-student-loans/#comment-78335 Hi Stephanie, sorry to here that you are getting trouble for debt. $470 is not a small amount..I can say don't loose hope and be strong. Everything will be alright. Hi Stephanie, sorry to here that you are getting trouble for debt. $470 is not a small amount..I can say don’t loose hope and be strong. Everything will be alright.

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