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Location: Stuck on the East Coast, hoping to head West
4,640 posts, read 11,883,089 times
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Littlemissunshine is right, there are lots of different options and the years to pay back vary depending on how much you owe. I think you can only consolidate once, so make sure you get a really good interest rate if you go that route.
I don't know how old you are or how your credit is, but if you pay your loans on time it will at least give you a chance to build your credit. I'd suggest that you pick the repayment plan conservatively and have the money automatically taken out of your account. Then I'd try really hard to make extra payments each month.
When I'm done with elementary ed. in two years I'll probably owe well over 30,000 dollars. My wife still owes around 10,000 from getting her nursing bachelors at U of M. This is partly why when I go looking for a job that I see what districts are ready to offer some loan forgiveness.
You are going to have to be realistic about not getting into more debt ---that is a very difficult thing to do-being aware of the problem is the first step---not underestimating it is the second---good luck...
best gift we gave our son and daughter was to pay for their education--BA--so they had not debt when they graduated--our son went back for his MA in creative writing as teaching asst after teaching in public school for about 7 years and we helped him with that but he did not live at home (needless to say) and he did go into debt somewhat--but tells us he has cut up his credit cards and is trying to pay his way out--finally got job in business sector working for company that does web-base instruction for businesses and organizations--working on something for Stanford Medical School--stressful and working hard but likes it so much better than teaching--too much stress in that profession and not administrators to stand behind their teachers....
Not sure if this should go in education or finance, so I am posting in both:
I just calculated my student loan debt (both undergraduate and graduate school) and I owe just under $30,000.00--and that's just the principle!!!!!!!! I am feeling really freaked out right now. Someone please tell me that they owe or owed a lot more and are paying it off or have paid it off, and that it isn't the end of the world. I feel sick to my stomach.
Student Loans are nothing more than a "Scam" perpetuated by the .GOV , to make their"Big Business" freinds ie. bankers, Richer...
Student Loans are nothing more than a "Scam" perpetuated by the .GOV , to make their"Big Business" freinds ie. bankers, Richer...
Um, right. Without student loans many, many people would not be able to attend colleges and since the interest rate of those loans are so low, no one is getting rich off of them.
My daughter owes over $100,000 for both her Bachelor's and Master's. She had it deferred for years working in Special Education, but has begun paying it back.
She went to two private universities in Texas and doesn't regret any of it at all. She insisted on these universities rather than a public one.
She doesn't worry about it too much as she knows it will eventually be eliminated. She just wishes she'd win the Lotto. I'm just kidding; she doesn't even play the Lotto.
I'm teaching in FL this year. I just graduated. Are you a teacher? Think about teaching in FL, they offer student loan forgiveness.
I teach at the college level...I wonder if community colleges offer loan forgiveness, or private primary schools?
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