Now I have to get a part time job because of this shit. I guess going to grad school and getting my MBA has swamped me and cursed me for now. It's either find a full time job paying me at least 10% more than what I'm getting paid now or I work a part time job in addition to the full time job I already work now. Life fucking sucks.

Just had to vent.

Welcome to adulthood.

I understand your fustration. Im about 20,000 in. it was 16,000 but with me being out of work a couple times and having to deferment intrest just kept going up. Ugh. I like how they bump my pay because of my degree attatched but..FUCK ME for being so naive and listening to my dad making my life decisions for me. It makes me depressed alot of times. At least I get some of it back on taxes. $200 a month extra on top of bills I already have just fucking SUCKS.

paisleypark4 said:

I understand your fustration. Im about 20,000 in. it was 16,000 but with me being out of work a couple times and having to deferment intrest just kept going up. Ugh. I like how they bump my pay because of my degree attatched but..FUCK ME for being so naive and listening to my dad making my life decisions for me. It makes me depressed alot of times. At least I get some of it back on taxes. $200 a month extra on top of bills I already have just fucking SUCKS.

Exactly.

My sis in law just got a new job after finishing school, she had to start paying those school loans too, which add up to about $300 a month. Not much of a raise with the new job having to pay that much a month now for the loan

[Edited 9/12/11 14:24pm]

veronikka said:

My sis in law just got a new job after finishing school, she had to start paying those school loans too, which add up to about $300 a month. Not much of a raise with the new job having to pay that much a month now for the loan

[Edited 9/12/11 14:24pm]

Yes...and dont even talk about rent, phone, and food...

There is only one thing that will make your life worse than paying student loans: not paying what you owe.

Just trust me on this one.

paisleypark4 said:

veronikka said:

My sis in law just got a new job after finishing school, she had to start paying those school loans too, which add up to about $300 a month. Not much of a raise with the new job having to pay that much a month now for the loan

[Edited 9/12/11 14:24pm]

Yes...and dont even talk about rent, phone, and food...

Exactly.

don't give up. given time, your degree and experience will open more doors and more financial opportunities than you would have had if you did not go to college. It's a tough market for everyone, but it will get better.

BlackAdder7 said:

don't give up. given time, your degree and experience will open more doors and more financial opportunities than you would have had if you did not go to college. It's a tough market for everyone, but it will get better.

Thanks for the encouragement.

[Edited 9/12/11 17:13pm]

I paid for grad school, as I went along. No loans, made the payment each month. IT hurt like hell and it was hard as hell but 24K and I only owe 2K. best decision

My advice (and I should have done it myself way way sooner): Live like you're poor to free yourself of debt. Work that part time job, and cancel cable, and all other unesseary expenditures and just pay that shit down as quickly as you can.

The strategy that is supposed to work (and I actually followed it), is concentrate on the debt that is easiest to payoff first (credit cards with the least amount, then moving to more difficult ones). The object of the game is to remove easy debt earliest as possible, then transfer the money you would ahve owed on it to the second easiet, then move on from there.

Although I do splurge a bit from time-to-time, my credit card debt has never been so low, and I'm starting to accumulate money in savings I didn't really have before. All because I stripped down my excesses and I'm working excessive hours to do it---is it tiring? yeah. Is it impossible? nope.

As my debt goes down, my dreams become more real. I'm actually thinking of starting a consulting firm soon--I never would have considered it 2 years ago.

Don't give up. Work your ass off. It pays off in the end.

The replies recommending hard work, early payoff & NOT defaulting = wise magic.

Worth saying though, these recent grads AIN'T facing a climate nearly as rosey as us **cough** older **cough** folks in here did.

I went to an EXPENSIVE ass college in the late 80's & after grants, loans, work study & outright payment, graduated with about $8,000 in debt (at like 4% & flexible terms, as I recall). That's NOTHING for modern students......FFS.....8 grand?

And the job climate is DAUNTING (more than 20 years ago...for sure).

So..yeah, Fee....I feel for you folks. It's TOUGH for this generation(s) of grads. Hang in there & GL.

JamFanHot said:

The replies recommending hard work, early payoff & NOT defaulting = wise magic.

Worth saying though, these recent grads AIN'T facing a climate nearly as rosey as us **cough** older **cough** folks in here did.

I went to an EXPENSIVE ass college in the late 80's & after grants, loans, work study & outright payment, graduated with about $8,000 in debt (at like 4% & flexible terms, as I recall). That's NOTHING for modern students......FFS.....8 grand?

And the job climate is DAUNTING (more than 20 years ago...for sure).

So..yeah, Fee....I feel for you folks. It's TOUGH for this generation(s) of grads. Hang in there & GL.

Just FYI, some of us "older" folks faced an economy that is every bit as tough as the current one. **cough** jimmycarterwastheworstpresidentever **cough**

When I bought my first car after college, the interest rate was 12.8% ( ) and that was an extra special, super good rate. At one point in my 20s, I was so broke - and so underemployed - that I did default on a student loan. It wasn't a lot by today's standards - around $8K - but those people hounded me until my parents finally co-signed on a personal loan so I could get out from under their thumb.

I worked two jobs pretty much 'til I turned 35 - first paying off debt from periods of unstable employment and then to fund the finishing of my degree, because when I went back to school, I was determined to pay cash.

Bottom line: You have to pay your debts. You made the decision to take out the loans and you agreed to pay that money back. It isn't easy. But it's a fact. So you might as well just put your head down and plow ahead. There's no other way to do it.

imago said:

My advice (and I should have done it myself way way sooner): Live like you're poor to free yourself of debt. Work that part time job, and cancel cable, and all other unesseary expenditures and just pay that shit down as quickly as you can.

The strategy that is supposed to work (and I actually followed it), is concentrate on the debt that is easiest to payoff first (credit cards with the least amount, then moving to more difficult ones). The object of the game is to remove easy debt earliest as possible, then transfer the money you would ahve owed on it to the second easiet, then move on from there.

Although I do splurge a bit from time-to-time, my credit card debt has never been so low, and I'm starting to accumulate money in savings I didn't really have before. All because I stripped down my excesses and I'm working excessive hours to do it---is it tiring? yeah. Is it impossible? nope.

As my debt goes down, my dreams become more real. I'm actually thinking of starting a consulting firm soon--I never would have considered it 2 years ago.

Don't give up. Work your ass off. It pays off in the end.

yes, the debt snowball.

I've been paying shit off and living poor, just as you describe. It is slow going, but it is incredibly rewarding just to realize that I actually CAN live within my means. I am not only not accumulating more debt, but paying it off and saving, even.

The debt snowball addresses the smallest debts first, though traditional advice is to attack the highest interest ones first.

Either way, pay it off!!

If you can, make some arrangements with them to pay. Don't be surprised if they take away your tax refund to cover your debt.

Genesia said:

Bottom line: You have to pay your debts.

Glad to see you have turned from the Tea Party Express

angel345 said:

If you can, make some arrangements with them to pay. Don't be surprised if they take away your tax refund to cover your debt.

Well I think if you default on your loan that they go to the lengths of taking your tax refund from you. I've had a couple of friends that has been in that situation. I haven't defaulted, I have it set up that they take the payment each month out of my account its just that after my other bills are paid, I'm left with little to nothing for other neccessities, like groceries and gas...but as I said, a part time job can take care of that as well as doubling up to pay the debt down if I can. I'm going to do what I have to do at the end of the day to get the monkey off my back.

its a shame education isnt free!!!

and it would be extremely difficult to have to repay large amounts of money esp when u just start working as your income would be lower than the experienced employees that are also paid adult wages.

are u able or do u have time to get casual work which will give you that extra bit of spending money that you need?

i really dont understand student loan payment structures from other countries, although we have them here and many young employees also have a hard time paying them off.... its often a big debt to start off with.

when i was studing they didnt exist and it was easy to learn about saving money.... kids just dont get that chance these days!!!!

SupaFunkyOrgangrinderSexy said:

Genesia said:

Bottom line: You have to pay your debts.

Glad to see you have turned from the Tea Party Express

Riiiiiiight. Because the other side isn't spending us into oblivion at the moment. **cough** nationaldebthastripledunderobama **cough**

NDRU said:

The debt snowball addresses the smallest debts first, though traditional advice is to attack the highest interest ones first.

Either way, pay it off!!

You can call your credit card companies and beg them to dro the percentage as well.

Most of the times they'll only drop it by one bracket (28 percent to 21 percent, or 21 percent to 17 percent, etc.), but a drop is a drop.

Also, after 6 months of paying on time, your credit score goes up and sometimes your interest goes down....if not , you can always call and try to get them to bump it down.

Bank of America dropped my interst on one of my cards and for the first time in ....well, like forever, I'm only about a year away (or less) from being totally credit card debt free.

When we lived in Germany, our landlords kids were going to a sort of vocational school... They didnt have to pay for the education they recieved because the company they were going to work for put them thru school...

At least thats what I remember her telling me... Pretty damn good idea

paisleypark4 said:

I tell young kids these days to not go through the student loan route. Not worth it.

For real. If only I could do it all over again...I would do things a lot different.

missfee said:

paisleypark4 said:

I tell young kids these days to not go through the student loan route. Not worth it.

For real. If only I could do it all over again...I would do things a lot different.

Genesia said:

SupaFunkyOrgangrinderSexy said:

Glad to see you have turned from the Tea Party Express

Riiiiiiight. Because the other side isn't spending us into oblivion at the moment. **cough** nationaldebthastripledunderobama **cough**

Precicely because he put on the books the debt Bush wouldn't But you believe in personal responsibility. I hope you paid your parents back

imago said:

NDRU said:

The debt snowball addresses the smallest debts first, though traditional advice is to attack the highest interest ones first.

Either way, pay it off!!

You can call your credit card companies and beg them to dro the percentage as well.

Most of the times they'll only drop it by one bracket (28 percent to 21 percent, or 21 percent to 17 percent, etc.), but a drop is a drop.

Also, after 6 months of paying on time, your credit score goes up and sometimes your interest goes down....if not , you can always call and try to get them to bump it down.

Bank of America dropped my interst on one of my cards and for the first time in ....well, like forever, I'm only about a year away (or less) from being totally credit card debt free.

Good for you! I did not even notice my credit card bills until I went to rent an apartment and realized I could get a better one without a credit card bill to pay. Suddenly I understood, and vowed to change my situation.

Now my largest balance is on a card at 6.9% (69, dude!!) that I don't ever use.

The other card is 29% but they lowered the limit from $17,000 to $500!!! so I don't worry too much about that one.

paisleypark4 said:

I tell young kids these days to not go through the student loan route. Not worth it.

I never thought I could do what I did, paying $22K in the 2 years but I buckled down and made it work. One of the best choices I have ever made. I took out one loan for $3,800.00 but my school offered it at zero interest and zero fees. You won't get that from mom and dad.

missfee said:

angel345 said:

If you can, make some arrangements with them to pay. Don't be surprised if they take away your tax refund to cover your debt.

Well I think if you default on your loan that they go to the lengths of taking your tax refund from you. I've had a couple of friends that has been in that situation. I haven't defaulted, I have it set up that they take the payment each month out of my account its just that after my other bills are paid, I'm left with little to nothing for other neccessities, like groceries and gas...but as I said, a part time job can take care of that as well as doubling up to pay the debt down if I can. I'm going to do what I have to do at the end of the day to get the monkey off my back.

I hope that all goes well in your journey. May your end be more prosperous.