Massive School Debt

estevan_carlos · 03-26-2006, 12:38 PM

Is anyone else dealing with this matter?

At this point, I feel I've abandoned my life to paying for my four year education. I had little practical or wise insight when I went about the college process. I did not know the difference from public and private schools, my father encouraged me not to work during school (he's not paying for it!). Now I owe more than I should. More than it's worth. And to add to that, I wanted to pursue a master's and was accepted into a program at UCLA but I'm seriously reconsidering.

If I incur this new debt, I could likely end up paying more than 100k in loans. I honestly regret doing what I've done. I don't recommend college for the poor unless they are studying to be engineers or doctors.

**annie24** · 03-26-2006, 12:41 PM

well, I think that higher education is one of the best investments you can make.

Do you plan on using your master's degree? Is it going to be beneficial in getting a better job? If so, then maybe take on the debt, live frugally, and pay as much of it off, as soon as you can.

estevan_carlos · 03-26-2006, 12:43 PM

more than 100k is a daunting number. I don't understand how a person can live a remotely comfortable life with that much debt.

**annie24** · 03-26-2006, 12:48 PM

yeah, that is a big number.

but.... will the job you get as a result help you pay off those debts? Will it help you advance your career?

xmrth · 03-26-2006, 12:58 PM

Are you filling out scholarships and getting grants and things like that?
If you aren't working during your semesters, you should definitely work in your time off, like summer break, etc.

DN · 03-26-2006, 01:02 PM

It is an investment - just the same as an entrepreneur starting a business has to invest his time and money and often go into considerable debt. But a successful entrepreneur has a properly costed and effective business plan. He knows what he wants to achieve, how to do it and is prepared to work hard to turn his debt into a profit.

So make sure you have clear goals, understand the risks, know what you have to do in order to gain success and go for it.

xblondyx · 03-26-2006, 01:20 PM

I'm not in debt yet, but in September i may be going to university for 3/4 years so that's £3000 per year so i'll be in a lot of debt! Not looking forward to it...

estevan_carlos · 03-26-2006, 01:29 PM

I'm unnecessarily resentful at the fact that I did not have any plan or money management or guidance during my undergraduate schooling. i took the blind faith approach. if I'm an entrepreneur then I feel I've incurred too much debt at this point to carry on any further. my debt is not actually 100k but rather that is how much I would pay if I followed their payment plan.

$1000+ a month is "doable" right now. I don't want it to be $1400 so i'm considering abandoning any further education at this point.

Life After Debt: Results of the National Student Loan Survey
[Only registered and activated users can see links. ]

• Borrowers who report the greatest levels of burden are: (1) those who borrowed large amounts but make lower than average salaries, such as art and music students (50% of whom have overall debt higher than current salary); (2) Professional and some graduate students, particularly those who went to law school, whose debt levels are high enough to make even their relatively high starting salaries appear inadequate; (3) some African-American students who disproportionately report that student loan debt changed their career plans or prevented them from attending graduate school.

justpaisley · 03-26-2006, 04:39 PM

Just to put that into perspective, many people (about 66% of Americans) are over $100,000 in debt, thanks to home ownership. It's a big number, but it's about standard. Add that to all the other debt people incur (credit cards, cars, etc.), you're right on par with most Americans, AND you're educated.

If you make the right decisions and can pay back those loans without continuing your education, then by all means, don't continue. Get a job that will pay for any future education - you'd be surprised at how many employers are willing to pay for that. Or, apply for grants and scholarships - or go to a cheaper school. UCLA costs an unholy amount of money.

Luke Skywalker · 04-05-2006, 04:52 PM

Yes, I have a school debt too that I have no idea of how I'm going to pay off. I have exausted all the interest relief programs and am now obligated to pay interest on the loan, which continues mounting higher, and I do not have a quality job or career to even deal with it.

I'm thinking I may end up going default unless I find a decent job somewhere or make enough money in my self-employment (an unlikely scenerio as I've been at this for a couple of years now and cant see my way properly).

The problem with the system is this. University does not teach hands on practical skills that you will need to be employed, and often times you need to go to post-gradulate college in order to just go that extra mile to be more employable. I applied for the government for a loan to go to post-graduate college, but they turned me down because I had bad credit rating.

The previous government, the Conserative party, ensured that if anyone had a bad credit rating, they no longer qualified for a student loan. I had big lines of credit cards and spent most of the money in the stock market and made bad decisions on the market. When I came to my sences it was too late and I really fell through the cracks. No good job, and no means of paying back the credit cards, and now I could not even qualify for any further student loan.

So, here I am, stuck with a $ 20 000 loan debt that I have no way of paying off, and am even struggling to pay just the interest on that loan. I do not feel I can even get into any serious relationship with anyone given the tenous circumstaces, and think I'm just stuck here until this loan goes on default or I find a good job somewhere. In a sence, I think the government is to blame for having harsh policies about credit ratings and should never have denied access to loans on the basis of credit ratings if a little extra school was all that was needed to make a difference at a post secondary applied college institution.

Currently, I'm in Real-Estate, but the income is too haphazard, and I end up holding on to the money I make just to stay afloat until the next deal, and maybe pay a little here and there, but it is nothing that can really make a difference so far.

03-26-2006, 12:38 PM	#1
estevan_carlos Offline Member Join Date: Oct 2003 Age: 27 Posts: 50	Massive School Debt Is anyone else dealing with this matter? At this point, I feel I've abandoned my life to paying for my four year education. I had little practical or wise insight when I went about the college process. I did not know the difference from public and private schools, my father encouraged me not to work during school (he's not paying for it!). Now I owe more than I should. More than it's worth. And to add to that, I wanted to pursue a master's and was accepted into a program at UCLA but I'm seriously reconsidering. If I incur this new debt, I could likely end up paying more than 100k in loans. I honestly regret doing what I've done. I don't recommend college for the poor unless they are studying to be engineers or doctors.

03-26-2006, 12:43 PM	#3
estevan_carlos Offline Member Join Date: Oct 2003 Age: 27 Posts: 50	more than 100k is a daunting number. I don't understand how a person can live a remotely comfortable life with that much debt. __________________ i am no good

03-26-2006, 01:02 PM	#6
DN Offline Super Moderator Join Date: Jan 2005 Location: Ontario, Canada Gender: Male Posts: 23,439	It is an investment - just the same as an entrepreneur starting a business has to invest his time and money and often go into considerable debt. But a successful entrepreneur has a properly costed and effective business plan. He knows what he wants to achieve, how to do it and is prepared to work hard to turn his debt into a profit. So make sure you have clear goals, understand the risks, know what you have to do in order to gain success and go for it. __________________ Immaturity is not defined by him not doing what you want him to do. Hartman's Law of Prescriptivist Retaliation: "any article or statement about correct grammar, punctuation, or spelling is bound to contain at least one eror".

03-26-2006, 01:20 PM	#7
xblondyx Offline Member Join Date: Nov 2005 Location: UK Gender: Female Posts: 489	I'm not in debt yet, but in September i may be going to university for 3/4 years so that's £3000 per year so i'll be in a lot of debt! Not looking forward to it... __________________ It's all your fault You called me beautiful You turned me out And now I can't turn back I hold my breath Because you were perfect But I'm running out of air And it's not fair

03-26-2006, 01:29 PM	#8
estevan_carlos Offline Member Join Date: Oct 2003 Age: 27 Posts: 50	I'm unnecessarily resentful at the fact that I did not have any plan or money management or guidance during my undergraduate schooling. i took the blind faith approach. if I'm an entrepreneur then I feel I've incurred too much debt at this point to carry on any further. my debt is not actually 100k but rather that is how much I would pay if I followed their payment plan. $1000+ a month is "doable" right now. I don't want it to be $1400 so i'm considering abandoning any further education at this point. Life After Debt: Results of the National Student Loan Survey [Only registered and activated users can see links. ] • Borrowers who report the greatest levels of burden are: (1) those who borrowed large amounts but make lower than average salaries, such as art and music students (50% of whom have overall debt higher than current salary); (2) Professional and some graduate students, particularly those who went to law school, whose debt levels are high enough to make even their relatively high starting salaries appear inadequate; (3) some African-American students who disproportionately report that student loan debt changed their career plans or prevented them from attending graduate school. __________________ i am no good

03-26-2006, 12:41 PM	#2
annie24 Online Super Moderator Join Date: Oct 2004 Age: 29 Posts: 26,827	well, I think that higher education is one of the best investments you can make. Do you plan on using your master's degree? Is it going to be beneficial in getting a better job? If so, then maybe take on the debt, live frugally, and pay as much of it off, as soon as you can.

03-26-2006, 12:48 PM	#4
annie24 Online Super Moderator Join Date: Oct 2004 Age: 29 Posts: 26,827	yeah, that is a big number. but.... will the job you get as a result help you pay off those debts? Will it help you advance your career?

03-26-2006, 12:58 PM	#5
xmrth Offline Silver Member Join Date: Sep 2004 Location: mid-ish USA Gender: Female Posts: 1,500	Are you filling out scholarships and getting grants and things like that? If you aren't working during your semesters, you should definitely work in your time off, like summer break, etc.

03-26-2006, 04:39 PM	#9
justpaisley Offline Gold Member Join Date: Jul 2005 Location: Mississippi Gender: Female Age: 29 Posts: 857	Just to put that into perspective, many people (about 66% of Americans) are over $100,000 in debt, thanks to home ownership. It's a big number, but it's about standard. Add that to all the other debt people incur (credit cards, cars, etc.), you're right on par with most Americans, AND you're educated. If you make the right decisions and can pay back those loans without continuing your education, then by all means, don't continue. Get a job that will pay for any future education - you'd be surprised at how many employers are willing to pay for that. Or, apply for grants and scholarships - or go to a cheaper school. UCLA costs an unholy amount of money.

04-05-2006, 04:52 PM	#10
Luke Skywalker Offline Gold Member Join Date: Apr 2006 Posts: 3,471	Yes, I have a school debt too that I have no idea of how I'm going to pay off. I have exausted all the interest relief programs and am now obligated to pay interest on the loan, which continues mounting higher, and I do not have a quality job or career to even deal with it. I'm thinking I may end up going default unless I find a decent job somewhere or make enough money in my self-employment (an unlikely scenerio as I've been at this for a couple of years now and cant see my way properly). The problem with the system is this. University does not teach hands on practical skills that you will need to be employed, and often times you need to go to post-gradulate college in order to just go that extra mile to be more employable. I applied for the government for a loan to go to post-graduate college, but they turned me down because I had bad credit rating. The previous government, the Conserative party, ensured that if anyone had a bad credit rating, they no longer qualified for a student loan. I had big lines of credit cards and spent most of the money in the stock market and made bad decisions on the market. When I came to my sences it was too late and I really fell through the cracks. No good job, and no means of paying back the credit cards, and now I could not even qualify for any further student loan. So, here I am, stuck with a $ 20 000 loan debt that I have no way of paying off, and am even struggling to pay just the interest on that loan. I do not feel I can even get into any serious relationship with anyone given the tenous circumstaces, and think I'm just stuck here until this loan goes on default or I find a good job somewhere. In a sence, I think the government is to blame for having harsh policies about credit ratings and should never have denied access to loans on the basis of credit ratings if a little extra school was all that was needed to make a difference at a post secondary applied college institution. Currently, I'm in Real-Estate, but the income is too haphazard, and I end up holding on to the money I make just to stay afloat until the next deal, and maybe pay a little here and there, but it is nothing that can really make a difference so far. Last edited by Luke Skywalker; 04-05-2006 at 04:55 PM.