‘It doesn’t seem fair’: I have $131K in student loans and can’t afford my life, despite making $110K a year. How to get out of student-loan debt faster ["I didn’t care what the cost was — I didn’t even look at what I was signing"]

marketwatch.com ^ | December 29, 2021 | Brienne Walsh (advice columnist)

[grundle]

Question: I’m now 39, and in a better place in my life than I was roughly 10 years ago, when I decided to take out over $100,000 in student loans to attend a food policy and nutrition master’s program. The program was the only master’s program I got into, and I didn’t care what the cost was — I didn’t even look at what I was signing.

Now, in total, between my undergrad and grad loans, I owe $131,000. Some of the loans are federal and some of them private; one of those companies charges an interest rate of 6%. Though most of my loans are on pause now (thanks to the federal government), I’m worried about what will happen when that stops. The loan payments are too expensive, even though I’m now a nutrition and public health consultant who works on a contractual basis, and I make a good salary — $110,000 a year.

But our mortgage costs $1,100 a month; daycare is about the same, and car payments are $400. Otherwise, I feel we live very frugally: We even bathe our son in a Tupperware tub because our bathroom needs to be renovated, but we don’t have the money for it! We can’t even afford, as it is, to contribute to retirement or pay for some much-needed dental work. I honestly don’t know what we are going to do when my loans become unfrozen. How can I get out of debt faster?

[Reno89519]

Not our problem.

[dfwgator]

How to get out of student-loan debt faster

Uhhh pay off the loan.

[Lurker]

“I didn’t care what the cost was — I didn’t even look at what I was signing.”

“Stupid is supposed to hurt.” Lurker’s Granddad.

L

[C210N]

Your timing is impeccable, and you are in luck.

The FED, its FIAT dollars and $29T debt are going to CRASH. And, sooner rather than later.

Your student debt, and many other debts that us non-students may have will go poof in a welcome debt Jubilee.

[Dacula]

Get another job in addition to the one you have now.

[Veggie Todd]

I didn’t even look at what I was signing.

I think I see the problem.

[dfwgator]

Doesn’t speak well for the education he got at this University.

[SkyDancer]

What was your major? Classical Studies?

[teeman8r]

use your master’s degree to find a rich man to marry.

[Signalman]

I didn’t care what the cost was — I didn’t even look at what I was signing.

Not very bright. And she has a Master's degree too.

[HereInTheHeartland]

“and I make a good salary — $110,000 a year.”

NOT MY PROBLEM THAT THEY BORROWED THE MONEY!!!!

But the good news is that they make $110,000. Unless someone is completely financially illiterate, that’s plenty of income to pay it back and live life.

[dfwgator]

Cut the cable bill, stop going to Starbucks, get a cheaper phone plan. Lots of things he can do.

[bethelgrad]

Welcome to life. Stupid to take that big of a loan. His mortgage is tiny. With his current income he should have no problem paying it off Dave Ramsey style

[Dacula]

Didn’t the Obama administration take over and change the student loan process and raise the interest rates?

[NautiNurse]

I didn’t care what the cost was — I didn’t even look at what I was signing.

Caveat emptor. I rest my case.

[Taxman]

Suck it up, buttercup and pay your own bills!

[Seruzawa]

Consider yourself lucky to have a job at all considering the stupid masters program you took.

[Billie Bud]

Well, when college for everyone is pushed through these national resting standards, then most degrees become expensive and meaningless.

This is the result .

[dfwgator]

This is the result .

How Rat voters are created.