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I went to school for 5 years to be an Engineer and didn't spend anywhere close to that amount. Of course the first couple were at a community college for which I had 100% of my tuition paid through scholarships but the end result was I came out doing much better than that with a whole lot less debt.
The friend should look to live as lean as possible. Any extra money should go towards the loan. Like others said live with family or get a couple of roomates to share expenses.
If you have a lot of SL debt, they should be able to offer an extended payment plan (I think over 30 years).
When times get better, he should look for a second job and put all of that money towards the loan until the balance is either paid off or at least at a manageable monthly payment. Tutoring and after-school can pay a lot. Here after-school pays about $40 an hour. Unfortunatley, because of the economy, there might not be too many after-school positions. After-school is usually offered to the most senior teachers. So, it might be a while before he qualifies.
If you join the Reserves, and do the every other weekend and two-week duty bit, and choose a "critical specialty" (these vary each year with the service's needs), the gov. will forgive significant amounts of loans. For me, it was $3K a year (and of course, I was still making required payments AND getting paid for Reserve duty).
I also fail to understand how anyone can get $100K in student loans for a teaching degree. I dropped out of college when I realized I was borrowing money for pure liberal arts, and had no desire to be a PhD waitress or cab driver.
Sometimes people borrow buckets of money for "useless" degrees, including grad school, when there's no jobs or no clear focus and "going to school" feels like doing something. After that, they might borrow more money for a degree that is work-ready. On top of that, they might be foolish enough to go to private colleges for some or all of the above.
I don't see how the OP's friend's medical problems or other life problems relate to that level of student loans, unless he got personal loans for living expenses. When I was applying as an older student, they'd only give me tuition help, and I worked for my normal adult living expenses. No one would have loaned me money for rent, etc.
Oh, and the Reserves, at least the Army, will pay for any degree. It didn't needn't be related the critical specialty or any particular Army function. It's just a benefit of serving in the Reserves.
No, I was not deployed in Gulf I, although it came close. I would never have wanted to be in the miltary with Bush Jr. as my "commander in chief."
If you join the Reserves, and do the every other weekend and two-week duty bit, and choose a "critical specialty" (these vary each year with the service's needs), the gov. will forgive significant amounts of loans. For me, it was $3K a year (and of course, I was still making required payments AND getting paid for Reserve duty).
I also fail to understand how anyone can get $100K in student loans for a teaching degree. I dropped out of college when I realized I was borrowing money for pure liberal arts, and had no desire to be a PhD waitress or cab driver.
Sometimes people borrow buckets of money for "useless" degrees, including grad school, when there's no jobs or no clear focus and "going to school" feels like doing something. After that, they might borrow more money for a degree that is work-ready. On top of that, they might be foolish enough to go to private colleges for some or all of the above.
I don't see how the OP's friend's medical problems or other life problems relate to that level of student loans, unless he got personal loans for living expenses. When I was applying as an older student, they'd only give me tuition help, and I worked for my normal adult living expenses. No one would have loaned me money for rent, etc.
Oh, and the Reserves, at least the Army, will pay for any degree. It didn't needn't be related the critical specialty or any particular Army function. It's just a benefit of serving in the Reserves.
No, I was not deployed in Gulf I, although it came close. I would never have wanted to be in the miltary with Bush Jr. as my "commander in chief."
It depends on where the OP's friend went to school. Many private universities charge over $25,000 per year for full time students (which would = $100, 000).
Would the Army accept the friend? The OP said that the friend was 40 and had medical problems.
We used to owe closer to $250,000 in student loans. Between my husband and I, 2 bachelors degrees, 2 masters degrees and 1 medical degree. We have paid the majority of it off. I can't believe all the advice to leave the country and what not. It is his responsibility to pay that off. Get a second job. Otherwise he shouldn't have taken out the loans in the first place.
Not really trying to be mean, but he shouldn't have used student loan debt for his medical conditions...it's better to use other sources of debt you can wipe away during bankruptcy and aren't federally enforced to pay back.
I have 220K in student loans currently that I had consolidated at a lower rate of 4.5 APR. Current month payment are $1100 for 360 months. I have been paying the minimum since graduating 8 month ago, but plan to make some huge block payments in this year to cut the principal fast.
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.
I agree. I suspect that said student used said student loan money to party and play....how else could he amass $100K in debt for just a teaching degree? I had student loan debt of $11,000 when I graduated with a BA in English. But I had friends who borrowed much more than they needed and wasted the money on vacations, partying and clothes. It happens all the time.
I would look into teaching in disadvantages area or someplace that people dont want to go because they pay more...like Alaska. Also get a second job at night and move in with someone to cut living expenses.
Surprised you got 100k in debt getting a degree that only pays 36k/year. I put myself through school -2 B.S. degrees-and didnt get more than 20k down.
He could always get a parttime job which many do while in college and a full time in summer. I have two that got their teachong degrees last few years and they didn't run up that kind of debt. But he can get summer jobs and work part time how to pay offf the loans.
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