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Im in debt up to my ears in private student loans, how can i get rid of this stress, it is over $100,000...... |
Im in debt up to my ears in private student loans, how can i get rid of this stress, it is over $100,000...... Well, the debt isn't going away, but there are things you can do to lower your monthy payment (which I assume is your immediate concern) -- consider private loan consolidation. www.finaid.org (a great resource) offers a list of private loan consolidators, as well as some sound advice. Here is their list: http://www.finaid.org/loans/privateconso... {Note: Sallie Mae recently came out with w private loan consolidation product} Not to push a certain company, BUT, of the companies listed above, you might look first at Sallie Mae, Key Bank, Wells Fargo, and NelNet, as they are established education loan lenders. Some lenders on www.finaid.org's list may no longer offer private consolidation; others may require at least some of your loans to have been borrowed through them to begin with. Key Bank's program does not require that you have loans with them in order to consolidate with them now. Note: By consolidating your private loans, you should expect to see a slight increase in your interest rate (and obviously, your overall accrued interest); it is up to you to decide whether this increase is outweighed by the benefit of a lower monthly payment (if it helps you pay your other bills and preserves a good credit rating, the answer may be a resounding "yes"). Take advantage of any benefits that the company has to offer: consider having your payments automatically deducted from your checking/savings account each month -- it can often save you .25% off your interest rate. Refinance before July bcs the laws are changing... rates will increase next year. Pay it off as fast as you can with second jobs and saving money... build up your resume and get a good paying job. You caan pay off some of those loan and soon you will be debt free The only way you can get rid of the stress is to mentally accept the debt and to plan your payback strategy. Remember, your education will give you a lifetime earning potential of $1,000,000 over what you could have made if you hadn't gone to school. If you don't graduate and get a job, however, you are in deep, deep trouble. I'm guessing the loans will amount to about two car payments for about 10 years. Chin up - it is worth it. Think of it another way... You seem pretty smart. Had you not gone to school, you would probably be doing okay...maybe $30 - $35K/year. Okay...now you graduate and get a job for $55K/year. With the extra money, you pay your loans and you are still a little bit ahead of where you'd be. Also, you have a career, not some dead-end job. You can advance in your career and hopefully do well financially. Just relax, graduate, and pay it off. 1st you buy a lottery ticket,2nd teach your self to limit your spending on a budget,3rd don't pay attention to the miscellaneous,4Th don't stress out yet,5th if number 1 didn't work then get a good job Modified 1 year ago you are the one who borrowed the money...you must have had some repayment plan in mind when you were signing all these papers to borrow the money. Where is that plan today? Have you found that you prefer to spend the money rather than repay those who got you through college or whatever? I suggest you sit down, write up a budget and stick to it. School loans are NOT going to be forgiven because you are the most wonderful guy in the world, nor because the world owed you an education. Get real and start paying what you promised...stress and all. Sorry to be so unsympahetic, but where in the hell was your head when you were getting the money...and what did you spend it on???fun and school..perhaps you should have had less fun and more school??? too late to stress about that. If these loans were guaranteed by the Feds, guess what...no amount of bankruptcy in the world is going to get you out of the mess...it just sticks around and sticks around, screwing up your credit forever. And, you are subject to liens from the Government...If the government backed the loan, they will pay the bank for what you borrowed, the bank will dicimate your credit, the lien will stay on your credit, and good luck trying to get a house, a car, a...anything...You better set up a repay scedule and stick to it. |
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