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Old 10-08-2010, 01:54 PM
 
4 posts, read 8,433 times
Reputation: 19

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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....
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Old 10-08-2010, 02:01 PM
 
6,039 posts, read 9,458,638 times
Reputation: 3945
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, you're pretty much SOL. You borrowed it, you have to pay it back, and with student loans you can't bankrupt your way out of it. You made some poor choices, you'll just have to figure out how to solve them. Have you looked into any sort of consolidation?
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Old 10-08-2010, 02:04 PM
 
Location: West Orange, NJ
12,545 posts, read 18,440,623 times
Reputation: 3689
wow. i have to disagree with mercury cougar. you didn't make poor choices by going to school and getting a degree. just because you're only making $12/hr now, doesn't mean the degree won't be worth it. the numbers are out there for how much people with a degree make.

what was your degree? the economy will turn around and eventually you'll be better off because of it, but for now, you're going to have to contact the lender and find out what your options are for payments based on income. don't sweat it. i have $55,000 left and i graduated in 2004. i own one car outright, paying off another, bought a house, and live comfortably with my wife. you'll get there.
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Old 10-08-2010, 02:07 PM
 
4 posts, read 8,433 times
Reputation: 19
Well, thanks for the encouragement! My degree was Interior Design (which I would have gone for something different if I had realized how much of a "who you know" field it was). I had the highest GPA out of the graduating design class and I just feel very frustrated because one girl that I know BARELY graduated with a 2.something has a higher paying job than I. After I have my baby, I'll definitely be searching again but with the economy, there aren't many options right now.
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Old 10-08-2010, 02:17 PM
 
Location: West Orange, NJ
12,545 posts, read 18,440,623 times
Reputation: 3689
Quote:
Originally Posted by sydbristowwannab View Post
Well, thanks for the encouragement! My degree was Interior Design (which I would have gone for something different if I had realized how much of a "who you know" field it was). I had the highest GPA out of the graduating design class and I just feel very frustrated because one girl that I know BARELY graduated with a 2.something has a higher paying job than I. After I have my baby, I'll definitely be searching again but with the economy, there aren't many options right now.
well, i'd say maybe you could have thought out the degree a bit better. private tuition for interior design may not be the greatest bang for your buck, but hey, this is your deck of cards now.

in the meantime, try to find a not-for-profit that you can use your skills for. it will give you experience and show that you had initiative while you were waiting to find a job.

it's gonna be crazy with a baby, but whatever you can manage will show potential employers your stuff!
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Old 10-08-2010, 02:21 PM
 
Location: San Antonio, TX, USA
5,142 posts, read 11,476,141 times
Reputation: 2506
You've got some options:
* Contact your lender about consolidating all of your loans into one payment if you have not done so already.
* Your lender may have income sensitive type of payment schedule where your monthly payment will be adjusted according to household income. Granted, it will stretch out the years it takes to pay it off but gives you some relief now.
* Find a forgiveness program that you may be able to qualify for: there are some for teachers, public sector employees, etc.

Good luck!
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Old 10-08-2010, 02:26 PM
 
Location: Great State of Texas
86,093 posts, read 72,507,006 times
Reputation: 27565
In these current times..lenders are recognizing that not everyone who graduates gets that job with high salaries.

Call the lender pronto before you find yourself sinking.
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Old 10-08-2010, 02:31 PM
 
Location: West Orange, NJ
12,545 posts, read 18,440,623 times
Reputation: 3689
Quote:
Originally Posted by skeet09 View Post
You've got some options:
* Contact your lender about consolidating all of your loans into one payment if you have not done so already.
* Your lender may have income sensitive type of payment schedule where your monthly payment will be adjusted according to household income. Granted, it will stretch out the years it takes to pay it off but gives you some relief now.
* Find a forgiveness program that you may be able to qualify for: there are some for teachers, public sector employees, etc.

Good luck!
good idea on the forgiveness program! forgot about those.

unfortunately very few lenders will consolidate private loans. sallie mae and citi won't do it.
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Old 10-08-2010, 02:55 PM
 
Location: Atlanta, GA
1,181 posts, read 1,767,565 times
Reputation: 776
IBRinfo :: Help is here! What kind of loan is it? If it's federal, you've got help.
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Old 10-08-2010, 03:51 PM
 
Location: Planet Eaarth
8,955 posts, read 17,703,531 times
Reputation: 7193
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....
I will get flamed for this but for the average person college is a waste of money since the whole system is set up as a scam. Many promises few deliveries of good jobs.

None of our four sons went to college since they saw that trade schools would pay more in the way of a good living. All are doing very well today.
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