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Submitted 331 days ago...

alqahinyo

New User (6)

Need help with student debt!

I have yet to get my BA, I have 2 years to go (I have actually been in college for 5 years already and yes i suck at it).

I have about 25k in Federal loans, 10k in sally mae loans.

Also & most importantly about 100k (13% interest) in independent bank given student loans from "next student" (so all in all about 150 k by the time i have my BA). Worst yet, My Mother is the co-signer on this loan.

I realize I have gotten myself in a bad situation financially and I have no idea what kind of job with just a BA in the social sciences I can get to pay off the1500 (10%) a month minimum payment for these loans.

Also, I have terrible credit, so consolidating federal loans and bank loans may never be an option for me as u have to qualify for that..

I am now so scared that there is no way i'll be able to pay these loans and I dont want to destroy my moms credit because she cherishes it. I am actually considering mvoing out of the country w/her.

My main Q is, I heard I that if i pay just 50 dolars a month and that they can't go after me or the co-signer like by go after her house or garnishing our wages, is this true?,how will it affect our credit?

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Answer 1 / 3

Submitted 330 days ago...

sidelko

Brain (3,031)

That is quite a bit of debt racked up for just a BA? did you go to a top notch ivy league school?

is it really worth moving out of the country for to avoid?

I don't know about the $50 a month, It would be worth looking into. maybe someone else will have an answer.

could you live with your mom while you paid just about 100% of what you make at your job towards the loans?

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Answer 2 / 3

Submitted 328 days ago...

Skoolie

Brain (2,107)

First off relax and take a deep breath. Thinking about student loans is very overwhelming.

you have a 6 month free period after you graduate from college completely before you have to start paying on your loans.

Also you can defer a loan if you feel like you are unable to pay it. Deferring doesn't cause your credit problems or default..

So I would first try to deffer it. If you can pay some see about working out a different agreement and find out what the lowest you can pay for the time being until you got a good paying job in your field.

but I urge you to defer it if you don't land a job in your field 6 months after graduation. I've been there before and I'm now paying the concequences. A 3,000 loan turned into a 4,000 loan quickly after I forgot to pay it.

talk to your loan officer to see what is best for you.

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Answer 3 / 3

Submitted 327 days ago...

Jodi-Mesa

Brain (2,795)

I know it can be overwhelming! Listen to skoolie - she has some GREAT advice!

My little tidbit that I wanted to offer is to not feel stuck because you chose a degree in a field that generally pays less. It is more important that you finish your degree. You can acquire skills for higher paying jobs. Focus for the remainder of your time there on getting the MOST out of your education. Learn skills on how to learn skills if that makes sense. I think the most important thing you learn in collage is how to teach yourself anything.

If you do have 2 years left and you are still worried about getting a high-paying job with your degree, consider switching to something like business which could open up because it is less specific and applicable to a WIDE variety of jobs from financial, technical, training, management, etc. They tend to pay higher as well (says the web designer/developer with the psych degree :)

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