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Old 10-11-2010, 08:09 PM
 
Location: Pacific Northwest
2,992 posts, read 3,391,520 times
Reputation: 4939

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Is this one of those for-profit private schools (DeVry, Art Institute, Capella, U Phoenix)? There aren't many legit non-profit private schools offering degrees in interior design.

The great irony is that Harvard and most of the other Ivies are entirely free for students who come from households that make less than $80k. Over half the class bodies at America's top ten universities come from lower to lower middle class.

Tell your kids to do well in K-12, it's worth its weight in gold.
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Old 10-11-2010, 08:14 PM
 
18,837 posts, read 37,229,870 times
Reputation: 26458
I have student loans..based on when I was married, my ex husbands income, rahter than my own. I will be paying on them to my death bed. Probably, I should have thought it thru more..but it seemed like a good idea at the time...
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Old 10-12-2010, 02:42 AM
 
66 posts, read 161,919 times
Reputation: 43
Quote:
Originally Posted by sydbristowwannab View Post
So I graduated in May 2010 and just today discovered that my monthly student loan payments will be about $575 a month. I have about $40,000 in loans...not bad for a private school I suppose. However, I was gullible at 18 and believed that the second I graduated I would find an amazing job and have all the money in the world.

Six months after graduation, I have a job that pays $12 an hour (can't find anything higher) and I'm about to have a baby in November. With my mortgage payment and all the other bills I pay just to live, I am at a complete loss of what to do.

HELPPPPPPPPPPPPP!!! I never would've gone to school if I had been able to look in a crystal ball....
40K in school debt is slightly above average, just be thankful you are not in 75K debt like an english major i knew
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Old 10-12-2010, 10:56 AM
 
4,246 posts, read 11,986,699 times
Reputation: 3150
Time to suffer and cancel internet, cable and going out to eat. Start eating sandwiches with water.


Do you have a husband and does he work?
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Old 10-12-2010, 11:11 AM
 
12 posts, read 17,983 times
Reputation: 26
My advice is stop paying your mortgage immediately. It'll take you two years or so to be foreclosed on. Save every cent you can. Pass that money off to a family member that you trust and have them put that money under their name. Ignore the student debt. Right when the bank finally gets around to your house file for bankruptcy. All the student debt will be wiped out, and youll now have tens of thousands of dollars under a family members name they can transfer back to you! Buy a house at a depressed price with a huge cash infusion, or start renting again with no debt and massive savings. btw.. I would not doo this only because its not in my nature, but so many are doing it why not join the party. I feel for you. At least you spent your money on trying to better yourself via education, and not like many degenerates in this nation who bought junk and cant make payments. If you dont do something similiar to this, your life will be very difficult for the next 20 years or so, you may not ever possibly reverse it. Donald Trump filed multiple bankruptcies without shame, had he not done it hed be poor now
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Old 10-12-2010, 12:37 PM
 
3,500 posts, read 6,143,437 times
Reputation: 10023
Quote:
Originally Posted by joeychestnut View Post
My advice is stop paying your mortgage immediately. It'll take you two years or so to be foreclosed on. Save every cent you can. Pass that money off to a family member that you trust and have them put that money under their name. Ignore the student debt. Right when the bank finally gets around to your house file for bankruptcy. All the student debt will be wiped out, and youll now have tens of thousands of dollars under a family members name they can transfer back to you! Buy a house at a depressed price with a huge cash infusion, or start renting again with no debt and massive savings. btw.. I would not doo this only because its not in my nature, but so many are doing it why not join the party. I feel for you. At least you spent your money on trying to better yourself via education, and not like many degenerates in this nation who bought junk and cant make payments. If you dont do something similiar to this, your life will be very difficult for the next 20 years or so, you may not ever possibly reverse it. Donald Trump filed multiple bankruptcies without shame, had he not done it hed be poor now
GRRRRR. Posts like this make me so mad. The OP made really bad decisions. She needs to suck it up & deal with her debt, not hide her money & foist her obligations onto the rest of us.
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Old 10-12-2010, 01:04 PM
 
Location: West Orange, NJ
12,546 posts, read 21,341,971 times
Reputation: 3730
also student loans dont go away through bankruptcy...
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Old 10-12-2010, 01:25 PM
 
28,896 posts, read 53,976,196 times
Reputation: 46662
Quote:
Originally Posted by sydbristowwannab View Post
So I graduated in May 2010 and just today discovered that my monthly student loan payments will be about $575 a month. I have about $40,000 in loans...not bad for a private school I suppose. However, I was gullible at 18 and believed that the second I graduated I would find an amazing job and have all the money in the world.

Six months after graduation, I have a job that pays $12 an hour (can't find anything higher) and I'm about to have a baby in November. With my mortgage payment and all the other bills I pay just to live, I am at a complete loss of what to do.

HELPPPPPPPPPPPPP!!! I never would've gone to school if I had been able to look in a crystal ball....
Well, digging your way out won't be easy. Consider it a test of character. So here you go:

1) Call the bank and see how you can get a deferment of some sort.

2) Sell your home. Even if you break even, it's better to rent at this point than have a mortgage. If you can't sell, then get a roommate.

3) Start planning now on how you're going to find a job. That means having a real heart-to-heart with someone you trust on being a desirable hire. That means stepping outside your comfort zone and getting a friend's opinion on how you present yourself, how professional your wardrobe is, etc. etc. You need to have a plan more sophisticated than just calling people up or sending them your resume.

4) If you're having a baby in November, that means there's a dad somewhere out there. Where the heck is he, and why haven't you hit him up for financial support? If you're still seeing him, then I think it's time to rethinking the living arrangements.

5) If all else fails, move home and live with your folks. Rent out your house/condo to cover your mortgage. Hey, it's not ideal. But anything is better than the pickle you're in.
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Old 10-12-2010, 01:56 PM
 
Location: Lansing, MI
2,948 posts, read 6,998,795 times
Reputation: 3271
Quote:
Originally Posted by joeychestnut View Post
My advice is stop paying your mortgage immediately. It'll take you two years or so to be foreclosed on. Save every cent you can. Pass that money off to a family member that you trust and have them put that money under their name. Ignore the student debt. Right when the bank finally gets around to your house file for bankruptcy. All the student debt will be wiped out, and youll now have tens of thousands of dollars under a family members name they can transfer back to you! Buy a house at a depressed price with a huge cash infusion, or start renting again with no debt and massive savings. btw.. I would not doo this only because its not in my nature, but so many are doing it why not join the party. I feel for you. At least you spent your money on trying to better yourself via education, and not like many degenerates in this nation who bought junk and cant make payments. If you dont do something similiar to this, your life will be very difficult for the next 20 years or so, you may not ever possibly reverse it. Donald Trump filed multiple bankruptcies without shame, had he not done it hed be poor now
This suggestion is HIGHLY illegal and would be grounds to have BK thrown out. Not to mention student loans are not excusable in BK.

To the OP ... find ways to SAVE $ and live cheaper. Even if it means moving in with a relative and renting the house out.

My brother graduated in May with a masters and $170,000 in student loan debt. He still has not landed a job and the debt is overwhelming - to say the least. He was naive and stupid when he took out the loans and didn't have a rock solid career path picked out when he started signing up for classes. He is currently staying in my guest room with odd jobs around the house to pay for rent. Gotta do what you gotta do.

Last edited by dragon_fly_12; 10-12-2010 at 02:54 PM..
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Old 10-12-2010, 02:06 PM
 
Location: California
37,055 posts, read 42,006,001 times
Reputation: 34868
Quote:
Right when the bank finally gets around to your house file for bankruptcy. All the student debt will be wiped out
Where do you get that idea? No, it absolutely won't. It may be the only debt left but believe me, it won't go away with a bankruptcy. Hopefully, you don't give financial advice for a living.

OP, you need your spouse/baby daddy to work and bring in an income. One of you may even need a second job. Take in roommates perhaps? Alternatively, you might have to give up your independence and move in with family if you can't up your income. It sucks, but that's what people do.
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