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I made a huge mess of my finances. Trying to figure out a way to make it better somehow.

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I'd give anything to go back years ago and not make the bad decisions I made. I bet we all wish that was an option, right? When I was young, I took out loads of student loans with this intention that I would spend the rest of my life paying it off, but dammit I would have that dream job and I would be fine. I wasn't smart and wasn't informed on student loans and how the whole process worked. I went to school, spent my years in school paying off any debt or credit cards I had, because my new debt was going to be my loans when I graduated. Well I graduated into a market that is literally not hiring. I've been fortuante enough to find a job, but the pay isn't that great and I haven't been able to touch my loans. I kept deferring and putting into forebearance, but I still ended up defaulting. Now my life is a nightmare and I don't know how to get afloat. Shortly after I graduated I had a child. I feel like I'm barely home as it is so I can't get a 2nd job. I just feel like such a failure and like such a horrible role model to my child. I messed up bad and wish I could go back and not take out those loans or maybe went to a different school. I've ruined my credit and that of my co-signer and I can't seem to land that dream job I envisioned. I spend so many days stressed about my finances and the calls from creditors that I cannot focus at my job. I feel so foolish and so lost.


Has anyone else found themselves in this situation? Was there any help in salvaging your credit or getting a handle on the finances?

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Don't despair. Your situation is not unusual, seriously. My cousin went through the same thing. Have you thought of debt settlement? I know it messes up your credit, but you can get rid of your debt with half of what you owe. You're young and you could probably rebuild your credit over the next 10 or so years.

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I did a little google searching and found this website:

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IBRinfo was created by the nonprofit, nonpartisan Project on Student Debt to help student loan borrowers learn about two new federal loan programs: Income-Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF). IBRinfo's partner organizations are helping to spread the word about the site and these important borrower benefits.


I am not sure if you've already looked in to these, but thought I would pass them on just in case you hadn't.


I am sorry you are struggling....I know that many people have a huge burden with student loan debt. I don't know what field you work in, but if you work at some non-profit agencies, you can get some of your student loans forgiven. That might be another avenue to consider.


best of luck to you!

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I'm 40k in debt, at the age of 23 and I still have 2 years of full time school, as well as looking forward (not) to 6 months of 30hr/week unpaid practicum while attending full time classes.


I wont be able to work work any other time, so I will continue delivering newspapers from 2-6am for what probably works out to $10/hr after expenses. $1300/mo absolute maximum.


Because of the ridiculous practicum program, many people either drop out completely or take an extra year to finish.


I am in such dire straights financially that I don't have the option to spend another year in school and I constantly think about dropping out even now while I've only invested a year.


I'll have to settle for a diploma instead of the degree I wanted because of my finances.


I know in my heart that a diploma is going to get me nowhere fast.


By the time I graduate, I will be 60+k in debt and will likely make 35k in an entry level position.


Now, if I could get my degree I would be able to have a higher paid entry level position. I'm doing lots of volunteering in my field to close that gap as much as I can, but a degree in my field might as well be an absolute necessity. Hopefully one of these days I can go back to upgrade to a degree, but I will spend many years paying down current debt first, and I'm child oriented more than career oriented. But I still need a career, damnit.


I don't have any advice, but I understand the stress you're under.

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