Student Loan Concessions/Life Decisions
Date: Sat, 09/20/2008 - 11:22
I have about $100K in student debt...I went to a private University for Aviation Flight, but I ended up failing my medical exam during my 4th year due to having been prescribed anxiety medication since my first medical exam. (Ironically, the actual anxiety was related to the student debt and the stress of school). I fought with the FAA for six months before being ultimately defeated.
Bitter and sick at the thought of a career in aviation after everything, I spoke with advisors at school to figure how I could somehow graduate. The Liberal Arts major was the most realistic way. Liberal Arts meant the completion of two minors, and general eds. I already had enough for a minor in Aviation Administration.
Within a 5th year, I changed focus to a minor in Music Technology, obtained an internship, completed independent studies, finished gen-eds, and graduated with a Liberal Arts major.
However, now I am struggling with how to deal with my debt. Next month, my grace period is up and I will likely be paying close to $700 a month minimum. I am working multiple part-time jobs (private music lessons, live sound engineering, record engineering, valet parking) to make things work and still retain some semblance of a career, but I'm not sure if it's worth it. I'm living with my parents, my girlfriend wants to take things to the next level...But I have so much debt, and my degree I feel is frowned upon.
My parents want me to live at home, and according to my dad: "If you can't pay of those loans in 3 or 4 years, something is wrong with you." I'm 23 and I feel like maybe I should just make the minimum payment and save money to move on with my life. It's hopeless to try and make a dent in this debt, right? I just don't make enough money. I just can't stand the thought of sitting at home working/sleeping/working/sleeping for probably 10 years and then...I'm 33 with no student loans but nothing else to show.
I need advice. I make 2.5K a month on average.
Bitter and sick at the thought of a career in aviation after everything, I spoke with advisors at school to figure how I could somehow graduate. The Liberal Arts major was the most realistic way. Liberal Arts meant the completion of two minors, and general eds. I already had enough for a minor in Aviation Administration.
Within a 5th year, I changed focus to a minor in Music Technology, obtained an internship, completed independent studies, finished gen-eds, and graduated with a Liberal Arts major.
However, now I am struggling with how to deal with my debt. Next month, my grace period is up and I will likely be paying close to $700 a month minimum. I am working multiple part-time jobs (private music lessons, live sound engineering, record engineering, valet parking) to make things work and still retain some semblance of a career, but I'm not sure if it's worth it. I'm living with my parents, my girlfriend wants to take things to the next level...But I have so much debt, and my degree I feel is frowned upon.
My parents want me to live at home, and according to my dad: "If you can't pay of those loans in 3 or 4 years, something is wrong with you." I'm 23 and I feel like maybe I should just make the minimum payment and save money to move on with my life. It's hopeless to try and make a dent in this debt, right? I just don't make enough money. I just can't stand the thought of sitting at home working/sleeping/working/sleeping for probably 10 years and then...I'm 33 with no student loans but nothing else to show.
I need advice. I make 2.5K a month on average.
If these are all stafford loans (which I doubt)with a interest r
If these are all stafford loans (which I doubt)with a interest rate of 6.8%, for a 10 year repayment you are looking at a payment of $1150 per month. Your monthly interest right now would be in the region of $600 per month.
You are 23 years old. Living at home and pounding out these loans would probably be the best option while you are young. Better to do it now than to be facing retirement with student loan payments hanging over your head.
