My son owes $250,000 in student loans. We helped him get through college initially, but he decided to go on for advanced degrees and also went to Oxford. After his first degrees, we had to opt out as we could no longer afford to finance it.
I told him a while back that $250,000 is not all that much money in the scheme of things, and that it is like how you eat an elephant - one bite at a time. So, that’s what he’s doing, living lean and paying it off. A hard lesson.
It is so depressing to see kids running up credit card debts of maybe $9,000 and then committing suicide because of the hassle - and $9,000 to a child from a poor background looks like such a large sum of money. These credit card companies have used some stinkin’ nasty tactics for the almighty dollar.
You’ll soon see that your $100,000 debt is very do-able and you’ll knock it out pretty quick.
That’s very crazy advice. Since I did work collections, I can say you are wrong. One hundred thousand dollars of debt in today’s job market is death.
Don’t listen to bvw - your son is doing it the right way - paying off his debt. Tell him most of us appreciate his honestly and integrity.