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My buddy is 40, he just completed college, and is now a teacher making around 36K a year. He has 100K in student loan debt and its completely buried. I know you cannot file BK on student or other government loans, what what can he possibly do?
He should minimize expenses and maximum income in order to pay off the debt. To minimize expenses, he should live way below his means, and perhaps share an apartment with someone (and pay half rent) for a few years. To maximize income, he should take on part-time tasks during the school year (maybe some Saturday tutoring?) and work summers, or he should get a better-paying job. But yeah, $100K is not good debt to have for someone making $36K.
I really don't know specifics, but, aren't there programs where you go teach in Underpriveleged areas, and then after a couple of years they pay off your loans (or a large portion of them)? Might want to look into that.
Okay, I see the meanies have already posted their real feelings, so I feel more secure offering my opinion. Yeah. How do you amass 100K in student loans for a teaching degree? You borrowed the money, so now pay it back. Unfortunately I know of two cases where people used the student loan money to buy drinks, take overseas trips etc. I don't feel too much sympathy. Take this as a lesson learned. That's a basic concept that many of us have to deal with. If you borrow money, you eventually have to pay it back...with interest. Unless of course you're a homeowner who will have his/her loan "modified" or a big bank. :rolleyes Sigh. Someone else did mention teaching in a disadvantaged area. It may be a terrible experience, but it could also be rewarding and a way to touch a child's life for the better. ha ha ha I'm so cynical. Chances are it will be scary, depressing and dangerous...but in exchange, you may have an easier way of paying off the debt you/your friend has incurred.
My buddy is 40, he just completed college, and is now a teacher making around 36K a year. He has 100K in student loan debt and its completely buried. I know you cannot file BK on student or other government loans, what what can he possibly do?
Well... he can move in with momma, get a roommate or two, ditch the car and take mass transportation, eat Ramen noodles, no cable/cell phone, etc. AND he can get another part-time job (maybe tutoring?).
I too, do not understand how someone with a mere teaching degree managed to amass $100k in loans. That's the level of a medical degree, or a law degree!
To your buddy, I'd say...tough noogies. Suck it up princess, and pay.
My buddy is 40, he just completed college, and is now a teacher making around 36K a year. He has 100K in student loan debt and its completely buried. I know you cannot file BK on student or other government loans, what what can he possibly do?
HOLY MOLY BATMAN!
How do you justify blowing 100k in order to become a teacher?!?!?
How do you justify blowing 100k in order to become a teacher?!?!?
thats what I asked. Master Degree at 15K a year, plus all the classes you have to take just to get into the program.
I guess if thats what you have always wanted to do, I guess youll do what it takes to make your dreams. To me, I would rather be a school janitor than look at my 100K bill every month for the next 30 years. If I owed 100K, I better be living in it.
I too, do not understand how someone with a mere teaching degree managed to amass $100k in loans. That's the level of a medical degree, or a law degree!
To your buddy, I'd say...tough noogies. Suck it up princess, and pay.
Well, theres a little more to it, he had some terrible medical problems too which drained (and is currently) draining his resourses. He has already lost his house, and his car just broke down with a blown engine. Doesnt this sound like a country Western song.
My point is, I think everyone who is able to pay for a lone should, but sometimes, life just kicks you in the ass, and you have no where to turn. I think he is at that point.
Personally, My answer would be to leave the country at this point.
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