Posted on 01/19/2022 7:26:30 AM PST by grundle
Question: “I will owe about $189,000 on my student loans when repayment starts. I’m so stressed. I got let go from my job and lost my apartment. I have so much debt and moved from New York to Texas in search of work. I started work in e-commerce with an oil pump company, but I will only be making $41,000 a year. I’m 45 years old and living out of my car until I move into a studio on the 15th of this month. Help.”
Answer: You’ve already made some huge steps in the right direction and have a number of reasons to be optimistic. “Relocating to take advantage of a lower cost of living just shifted half your budget. With no state income tax and a low unemployment in addition to the low cost of living, Texas is a good choice,” says Jen Grant, certified financial professional at Perryman Financial Advisory. In addition, getting your living situation settled will likely improve your state of mind — and help you realize paying down these loans is possible.
First up, the emergency student loan pause is now scheduled to end in May 2022, so you will want to think about how you’ll tackle payments then. One solid option to consider is to “try to get your loans on an income-driven repayment plan, which will cap your monthly payments at 10% to 20% of your discretionary income,” says Rebecca Safier, certified student loan counselor and education finance expert at Student Loan Hero. Since your payments will be adjusted in accordance with your income, they hopefully won’t be as burdensome as they would be on the standard plan.
(Excerpt) Read more at marketwatch.com ...
Simple...
Pay $1 per month for 15,750 years...
Be sure to keep the receipts...
Well I worked and still do, 2 jobs now going into my late 50’s. Try that. Also I never cried and got PTSD neck made a poor educational decision. Your best bet; keep voting Democrat because eventually they will pay your bill and inflation will be so bad that 189k will be 100$ in today’s money.
41K a year and you’re complaining?
“You can go for any program you want… I’ll tell you what I’ll PAY for.”
From grade school I told my kids the same thing. One’s an engineer, the other one is an aerospace machinist. Neither of the spent all of the money we had budgeted and they both had jobs in school.
“41K a year and you’re complaining?”
Location Location Location
Where I live now that is very good wages as living expenses and housing are cheap.
Where I moved from that is near starvation wages.
Worry not—you will be drafted soon to fight in the Big War. While battling Chinese Robot drones your student debt will be the least of your worries. If you survive the war, inflation will make it possible to pay off your loan with pocket change. We all will be billionaires in “New Dollars” with Biden on the ten thousand dollar Bill. It will be enough for a Veggie Burger, Turnip fries, and a diet coke.
What.
The.
Heck?
Stupidity knows no age I guess.
It’s an article
The rule is to never borrow . but if you have to, only borrow up to the annual income earned for that vocation. Otherwise, you’re so screwed.
When I moved here to Raleigh everything was great. Now with all the Liberal refugees living here, not so much:-(
Is this a situation that you could declare bankruptcy?
Will take anything that has a chance to make 150k a year to pay that off. Not unemployable majors in transgender studies with a minor in fisting.
45 years old and JUST NOW starting a career WTH???
Yes, that would be bad. My son is the type of person who would grind through law school even if he hated it and then use his law degree to pursue a career in something other than the legal profession. However, given his personality, I think he would like practicing law.
Vote for a Republican next time.
Exactly. Every prospective student should be doing a serious cost/benefit analysis before ever signing up for college. People also forget that much of the information that is taught in colleges and universities is out of date and/or irrelevant to fast-changing industries. It’s like paying an obscene premium to buy a lottery ticket for last week’s drawing.
You need a time machine.
45 living in a car, still with student debt. What can anyone find to say about that that is good?
I may feel sorry for the guy the article is about but that does nobody any good.
Any graduate who gets their student loan debt paid-for by the taxpayers, should have that degree cancelled, as well!! START OVER!!
I won't hire anyone who had their loan forgiven.
Great idea!!
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