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Old April 10th, 2013, 09:24 AM   #1
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Default Mitigating Student Loan Debt

Has anyone had any experience reducing or removing the burden of a MASSIVE student loan debt?

My friend has $200K + in loan debt as high as 9%, yes really. Buy the tiem thay are paid off, they will be ready to retire having paid over $450K in total.

Since the federal loans have been consolidated once, they cannot be consolidated again.

Bankruptcy does not forgive student loan debt.

What other options do they have?

Itís almost not worth it to work when you are giving over ĺ of your paycheck back to the gov/loan payments.
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Old April 10th, 2013, 09:27 AM   #2
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Not take it out in the 1st place?

Hopefully after racking up $200K in debt, he's a surgeon and not an English teacher.
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Old April 10th, 2013, 09:28 AM   #3
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Your friend doesn't have federal student loans. That's the problem.

Some of my loans are/were state loans or whatever they call them, which is totally different than federal loans. The federal loans are like 1% interest or something, non federal varies with the interest rate of everything else.

Other than medical school how in the fukc do you end up with 200k in student loans? Or better yet end up with such a shitty job that you are spending 3/4 of your paycheck to pay them back?
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Old April 10th, 2013, 09:29 AM   #4
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Learn how to not live above your means, pay more than the minimum payment (whatever you can afford), and keep hunting for a higher paying job.

Look for odd jobs on Craigslist for extra cash. Get another job. Reduce expenses elsewhere.

I realize this probably isn't what you want to hear, but it's what you need to hear.

Quote:
Originally Posted by mschaffer66 View Post
Your friend doesn't have federal student loans. That's the problem.

Some of my loans are/were state loans or whatever they call them, which is totally different than federal loans. The federal loans are like 1% interest or something, non federal varies with the interest rate of everything else.

Other than medical school how in the fukc do you end up with 200k in student loans? Or better yet end up with such a shitty job that you are spending 3/4 of your paycheck to pay them back?
Very valid questions.
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Old April 10th, 2013, 09:35 AM   #5
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tell him to become a career student. dont have to pay them back until you are done with school, to looks like he will end up with multiple masters and doctorate degrees
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Old April 10th, 2013, 09:37 AM   #6
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Quote:
Originally Posted by dogface View Post
Has anyone had any experience reducing or removing the burden of a MASSIVE student loan debt?

My friend has $200K + in loan debt as high as 9%, yes really. Buy the tiem thay are paid off, they will be ready to retire having paid over $450K in total.

Since the federal loans have been consolidated once, they cannot be consolidated again.

Bankruptcy does not forgive student loan debt.

What other options do they have?

Itís almost not worth it to work when you are giving over ĺ of your paycheck back to the gov/loan payments.
I am guessing his degree is not in business or finances?
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Old April 10th, 2013, 09:41 AM   #7
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If he defaults on the notes, I hope they expunge his school records and invalidate his degree.

Kinda like if you don't pay on your car, they come and take it away.
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Old April 10th, 2013, 09:52 AM   #8
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I am guessing his degree is not in business or finances?
Maybe he's one of those people that went to Kettering to get a business degree...
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Old April 10th, 2013, 09:57 AM   #9
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Quote:
Originally Posted by mschaffer66 View Post
Your friend doesn't have federal student loans. That's the problem.

Some of my loans are/were state loans or whatever they call them, which is totally different than federal loans. The federal loans are like 1% interest or something, non federal varies with the interest rate of everything else.
Where the fukc are you finding federal loans that are 1%? Even my unsubsidized loans are 2.5%. The subsidized ones are like 5.5%. Paying student loans back sucks, but I'd rather have a good paying, secure job that I enjoy. Tell your friend to suck it up like the rest of us instead of looking for a handout....he didn't have to go to college
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Old April 10th, 2013, 09:58 AM   #10
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Do you normally finish a meal then ask how you can get out of paying for it? No sympathy here......
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Old April 10th, 2013, 10:00 AM   #11
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Originally Posted by ajmorell View Post
Where the fukc are you finding federal loans that are 1%? Even my unsubsidized loans are 2.5%. The subsidized ones are like 5.5%. Paying student loans back sucks, but I'd rather have a good paying, secure job that I enjoy. Tell your friend to suck it up like the rest of us instead of looking for a handout....he didn't have to go to college
I was being a bit sarcastic with that rate.

However I do believe my federal loan is below 2.5%. It started low and there were bonuses along the way for not missing payments and what not. I'm not sure what the rate is, but it's pretty negligible compared to my private loan.
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Old April 10th, 2013, 10:04 AM   #12
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Quote:
Originally Posted by mschaffer66 View Post
I was being a bit sarcastic with that rate.

However I do believe my federal loan is below 2.5%. It started low and there were bonuses along the way for not missing payments and what not. I'm not sure what the rate is, but it's pretty negligible compared to my private loan.
Yeah, my wife's private student loan rate varies from 6.5-9.5% depending on disbursement. For some reason Chase wouldn't let us consolidate them either...
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Old April 10th, 2013, 10:12 AM   #13
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Quote:
Originally Posted by ajmorell View Post
Yeah, my wife's private student loan rate varies from 6.5-9.5% depending on disbursement. For some reason Chase wouldn't let us consolidate them either...
Yeah I don't fully understand how the private loan consolidation works. All I remember is that private and federal couldn't be consolidated. So I have two loans now. The larger of the two is the private.
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Old April 10th, 2013, 10:14 AM   #14
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Seriously?
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Old April 10th, 2013, 10:24 AM   #15
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I'm glad I nevir wint to collige.
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Old April 10th, 2013, 10:27 AM   #16
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Don't make promises you don't intend to keep. Man up and PAY THE FUCKING BILL!!!!!
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Old April 10th, 2013, 10:36 AM   #17
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Seriously what does he do for a living? He should be a doctor or something, in which case, forego the fucking mercedes for a few years and pay them back.
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Old April 10th, 2013, 10:38 AM   #18
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Quote:
Originally Posted by mschaffer66 View Post
Your friend doesn't have federal student loans. That's the problem.

Some of my loans are/were state loans or whatever they call them, which is totally different than federal loans. The federal loans are like 1% interest or something, non federal varies with the interest rate of everything else.
Quote:
Originally Posted by ajmorell View Post
Where the fukc are you finding federal loans that are 1%? Even my unsubsidized loans are 2.5%. The subsidized ones are like 5.5%. Paying student loans back sucks, but I'd rather have a good paying, secure job that I enjoy. Tell your friend to suck it up like the rest of us instead of looking for a handout....he didn't have to go to college

Yeah, I was wondering where you were finding federal loans at 1% as well. I think the rate on subsidized federal loans has been hovering between about 4.5% and 6.5% for about a decade now.

To the OP - if a significant portion of your friend's loans are federal, and they end up working for 10 years in certain fields like military, local/state government, teaching, qualified non-profits, etc. the remaining balance after that point can be forgiven if you've been making your mandatory payments without incident in that time. Combining that with an income contingent repayment plan can really reduce the total amount paid out at the end.

If your friend has a significant portion in private loans, well, then he's probably SOL.


FWIW, my best friend has multiple law degrees from some top schools and paid for almost everything with student loans and is nowhere near $200k in debt. Even the few doctors I know who are my age all seem to have about half of that debt. How somebody racks up that much is beyond me.
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Old April 10th, 2013, 10:40 AM   #19
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Cliff's Notes:

"A friend borrowed $200K to go to college and now wants to know how to skip out since it'll take a lot of money to repay those loans".

There was a time in our history where nobody with any common sense would actually speak that out loud. But now, in our world of everybody gets a trophy for showing up, businesses that fail due to taking ill-advised risks get no-strings bailouts, and idiots who bought more house than they can afford get their mortgages "adjusted", it's perfectly reasonable.

We're doomed.
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Old April 10th, 2013, 10:44 AM   #20
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I just keep trying to think of how you can have $200k in student loans and not either a)be a doctor, which paying them back would not be a long term concern. or b) have a BS/MS from some pretty reputable schools, and once again have a pretty solid career making pay back reasonable.

The only thing I can think of would possibly be a veterinarian of some sort. I was talking to a guy at the SOS once and his daughter was getting ready to graduate or go to the MSU vet school and she was looking at like $160k in loans. Unless you have your own office or some other circumstance starting wages for vets are in the upper 60's(IIRC).
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