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Mitigating Student Loan Debt

12K views 141 replies 48 participants last post by  kickstand 
#1 ·
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?

It’s almost not worth it to work when you are giving over ¾ of your paycheck back to the gov/loan payments.
 
#3 ·
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 fuck 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?
 
#4 ·
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.



Very valid questions. :sonicjay:
 
#26 ·
Me Neeather budy!

Don't make promises you don't intend to keep. Man up and PAY THE FUCKING BILL!!!!!
EXACTLY! :thumb: So many people don't want to work for what they want anymore. Everyone wants handouts, no one wants to work hard or pay money they vouched for. Credit score is EVERYTHING these days.

I also see people on pirate saying the same thing. :sonicjay:
 
#19 ·
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.
 
#21 ·
B I N G O

...and Bingo was his name-o.

I don't feel as though I've gotten my money's worth out of my degree. How do I get my debts washed away? Fuck this working for shit and paying off what I've rightfully incurred. I'm ready to hop up on the wagon like dogface's friend while all of you suckers pull us along.

While we are on this topic how do you ditch your house and not pay for it? I'm tired of paying for that too.

Car loans, can I just give them back and have the debt forgiven? I'm tired of those as well.
 
#20 ·
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).
 
#25 ·
that is your fault, not the fault of the institution that loaned you the money.
 
#27 ·
Once I graduate from college I will have right around $140k in student loans. I am a double major is Aviation Flight Science and Aviation Maintenance Technology at Western. 90% of my loans are through Wells Fargo with an interest rate between 11% and 8ish%. When I graduate I will be a flight instructor making $18/hr working 25-30hrs a week if I am lucky. Once I build up my hours I will be working for a regional airline making about $24k a year starting out, with minimal increases is wage for several years till I make it to a captain position. It won't be till about 10-15 years down the road that I am able to make 100k + per year.
 
#45 · (Edited)
we're debating semantics, but your optimal 37,800$ is pretty tight to 45k take-home. You leave out that 60k job requires a certain dress code, and chance cost of living expenses, etc. It would be tight.


I'll balk at your comment about 1000$ a month repayment and say I'll have paid back somewhere in the range of 120k in 6 years. Most of the kids I went to school with are doing very well and I'd exclude myself and them from this discussion.
 
#48 ·
we're debating semantics, but even with your optimal 37,800$ is pretty tight on 45k take-home. You leave out that 60k job requires a certain dress code, and chance cost of living expenses, etc. It would be tight.


I'm ground to balk at your comment on 1000$ a month college loans and say I'll have paid back somewhere in the range of 120k in 6 years. Most of the kids I went to school with are doing very well and I'd exclude myself and them from this discussion.
That 38k can be reduced drastically, maybe you missed the part where I said I feed a family of 4, own a home, 2 brand new cars, and my bills are less than that....

you probably didn't miss it, you just aren't very smart.
 
#61 ·
It wont make the plane go down. A few times when I was flying I forgot to turn my cell phone off and someone would call me and I would get a lot of buzzing in my headphones from the interference.

There are some claims that electronic devices can mess with altimeters and things like that. You dont want you plane to say its 10,000 feet off the ground when you are only 1,000 feet off the ground do you?

And what you said earlier, I could have kept going with being colorblind and all that, could never work for the military but I could still get a job being a pilot.
 
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