How to pay back $120,000 in student loans?


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Unix2

Does anyone have a suggestion in how to pay back $120,000 in student loans? I have a job but is not full time and I don't know when I will be able to find the right one. My resume is a piece of crap. I have a master in business but without experience. I am just thinkng how the **** I will pay this money back. What do you think guys I should do? Thanks!

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User6060

masters in business and you figure out a loan agreement?

sorry thats mean, where do you live? with whom did you get a loan from? the gov or the banks?

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CoLdFuSi0n

Best advice get a full time job or sell your body one of the 2 will work.

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spacer

You could ###### yourself out to 1200 fat chicks for $100 bucks a pop...or 120 really fat chicks for $1000 bucks.

Seriously though, that sucks you have so much student loan debt. My girlfriend had something similar when she was out of college, though that was because she decided to go straight for her masters before working full time. Not much you can do besides find a decent paying job that has room for advancement and work your ass off. Find a roommate or move back in with your parents to save money on rent. Don't spend money on frivolous things, and be adamant about always looking for a better job.

You may also be able to qualify for government tax breaks and stuff that could ease your expenses. Though I don't know any specifics about that.

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Unix2

masters in business and you figure out a loan agreement?

sorry thats mean, where do you live? with whom did you get a loan from? the gov or the banks?

From the school, they did everything for me. I also have a bachelor in web design, but never have the talent for that, just to learn about it.

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Peter Griffin

Its really hard man. I only have 80,000 dollars in student loans, but I can afford to pay those. I have a 70k/year full time job and can't keep up with those payments. For my 80k in loans, my monthly payment runs about $800 give or take.

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Jan

You could ###### yourself out to 1200 fat chicks for $100 bucks a pop...or 120 really fat chicks for $1000 bucks.

Seriously though, that sucks you have so much student loan debt. My girlfriend had something similar when she was out of college, though that was because she decided to go straight for her masters before working full time. Not much you can do besides find a decent paying job that has room for advancement and work your ass off. Find a roommate or move back in with your parents to save money on rent. Don't spend money on frivolous things, and be adamant about always looking for a better job.

You may also be able to qualify for government tax breaks and stuff that could ease your expenses. Though I don't know any specifics about that.

:p

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Unix2

Its really hard man. I only have 80,000 dollars in student loans, but I can afford to pay those. I have a 70k/year full time job and can't keep up with those payments. For my 80k in loans, my monthly payment runs about $800 give or take.

70k and you can't keep up with the payments? holy crap, you probably have too much bills to pay. I wish to find a good job but it is hard right now, I am trying to build my resume with the current job I have.

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Growled

Unless you can turn things around and get a decent paying job you may never pay all your loans off. That's a lot of money to owe. Every considered relocating?

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acnpt

When do you have to pay if off by?

Are they charging any interest?

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Night Prowler

Does anyone have a suggestion in how to pay back $120,000 in student loans? I have a job but is not full time and I don't know when I will be able to find the right one. My resume is a piece of crap. I have a master in business but without experience. I am just thinkng how the **** I will pay this money back. What do you think guys I should do? Thanks!

The first thing you need to do is get off your lazy a**, get off the internet, and go find a job or two. Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

Hopefully you live in the US and are made to pay back every penny, simply because there is NO way you'll ever write this off in the US. They will hound you till your buried, and then go after your kids. Well, not your kids, but they should be able to.

Anyone that takes out $120k in student loans and gets nothing out of it, should be ashamed of themselves.

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Unimatrix Xero

The first thing you need to do is get off your lazy a**, get off the internet, and go find a job or two. Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

Hopefully you live in the US and are made to pay back every penny, simply because there is NO way you'll ever write this off in the US. They will hound you till your buried, and then go after your kids. Well, not your kids, but they should be able to.

Anyone that takes out $120k in student loans and gets nothing out of it, should be ashamed of themselves.

:blink:

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Peter Griffin

70k and you can't keep up with the payments? holy crap, you probably have too much bills to pay. I wish to find a good job but it is hard right now, I am trying to build my resume with the current job I have.

It adds up fast: 1100 rent, 800 student loan, 300 car, 100 gas, 100 electric, 100 cable/internet, groceries...

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neufuse

The first thing you need to do is get off your lazy a**, get off the internet, and go find a job or two. Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

Hopefully you live in the US and are made to pay back every penny, simply because there is NO way you'll ever write this off in the US. They will hound you till your buried, and then go after your kids. Well, not your kids, but they should be able to.

Anyone that takes out $120k in student loans and gets nothing out of it, should be ashamed of themselves.

uh not really, you can get a univeristy to forgive your loans under certain circumstances... my dad had half a million in student loans from medical school, but then he became disabled.. you know the real one not the i dont want to work one..... they forgave the loans since there was no way in heck he could ever repay them at that point after 15 years of paying on them before that happened.....

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DukeEsquire

The first thing you need to do is get off your lazy a**, get off the internet, and go find a job or two. Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

Hopefully you live in the US and are made to pay back every penny, simply because there is NO way you'll ever write this off in the US. They will hound you till your buried, and then go after your kids. Well, not your kids, but they should be able to.

Anyone that takes out $120k in student loans and gets nothing out of it, should be ashamed of themselves.

^Take a chill pill man. He didn't steal anything from anyone. This is a contract arrangement, not a tort. I had $100,000 in student loans coming out of law school and I'm certainly not ashamed of myself.

@ OP

If you are really having difficulty paying off the monthly payments, make sure to call your creditors--and I assure you your creditor is not the school, it will be probably partially federal government and majority private lenders--and let them know your situation.

They will usually defer some of the payments or give you a break.

The last thing you want to do is sit there are not tell them because if you default on your loan, then they can come knocking in your door and start trying to collect.

CALL YOUR LENDERS AND KEEP THEM INFORMED AT ALL TIMES.

It adds up fast: 1100 rent, 800 student loan, 300 car, 100 gas, 100 electric, 100 cable/internet, groceries...

Geez, cut your cable.

That alone will probably save $60 a month.

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DrJens

I guess I'm lucky. I have about ? 39,000 in loans. But I started my own business, and applied for unemployment benefits (yepp.. it's legal. If you quit your job and start your own business, the government will pay you "unemplyment" benefits for up to 9 months).

Then, as I'm on unemployment benefits, I don't have to pay back anything on the loan - interest free period too. So I can pay some if I feel like, and have the extra cash.

I don't know your possibilities, but maybe you have some rights as you only work part time? I'd look into that.

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AJerman

The first thing you need to do is get off your lazy a**, get off the internet, and go find a job or two. Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

Hopefully you live in the US and are made to pay back every penny, simply because there is NO way you'll ever write this off in the US. They will hound you till your buried, and then go after your kids. Well, not your kids, but they should be able to.

Anyone that takes out $120k in student loans and gets nothing out of it, should be ashamed of themselves.

Chill out dude, he said he has a masters in business and a bachelors in web design. Doesn't sound like nothing out of it to me.

Debts like that are common coming out of school. It's a sad part of our society that we have to incur that much debt to get a good job, and then our good job is just used to pay back tons of college debt. I can give you a few tips from what I've learned over the years with my college debt.

First, you say it's with the school, but I didn't think schools offered that much out. You usually have to go through a student loan company like Nelnet (that's where my loans are). Regardless, if the school did loan that kind of money out, I'm sure they have payment systems in place. For one, there's a good chance you can get monthly payments lowered if you can't afford them. Loan companies are typically willing to do this, because it just means more interest they are going to make off of your debt, so you don't want to do it unless you have to. Second, I know with my loans they gave me the ability to defer payments for a year or two while I was unemployed. This let me get into a job and settle a little before I had to start paying them. See if you can do that until you find a job that pays well. With a masters in business, I assume you won't have too much trouble finding a job. Find a position to start and move your way up to higher salaries. It may take a couple of years to start making some money since you have no experience, but they should know this and work with you.

You'll probably be paying them off all your life, that's kind of how that **** works. I personally think it's absolutely ridiculous to have to take on that kind of debt just for schooling, but that's how our country works.

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acnpt

Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

:rofl:

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CoLdFuSi0n

uh not really, you can get a univeristy to forgive your loans under certain circumstances... my dad had half a million in student loans from medical school, but then he became disabled.. you know the real one not the i dont want to work one..... they forgave the loans since there was no way in heck he could ever repay them at that point after 15 years of paying on them before that happened.....

That can happen yes, but he is not disabled and is 100% perfectly capable of paying back his loan. He just needs to get off his ass and off the computer and look for a full time job or a 2nd job.

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WelshBluebird

The first thing you need to do is get off your lazy a**, get off the internet, and go find a job or two. Make an effort to pay back the money you stole, which is usually from the public IE: your neighbors, your parents, your siblings, etc....

Hopefully you live in the US and are made to pay back every penny, simply because there is NO way you'll ever write this off in the US. They will hound you till your buried, and then go after your kids. Well, not your kids, but they should be able to.

Anyone that takes out $120k in student loans and gets nothing out of it, should be ashamed of themselves.

Someone clearly doesn't live in the real world.

If the US economy anything like the UK economy right now, then getting a job is not that easy.

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Unix2

Chill out dude, he said he has a masters in business and a bachelors in web design. Doesn't sound like nothing out of it to me.

Debts like that are common coming out of school. It's a sad part of our society that we have to incur that much debt to get a good job, and then our good job is just used to pay back tons of college debt. I can give you a few tips from what I've learned over the years with my college debt.

First, you say it's with the school, but I didn't think schools offered that much out. You usually have to go through a student loan company like Nelnet (that's where my loans are). Regardless, if the school did loan that kind of money out, I'm sure they have payment systems in place. For one, there's a good chance you can get monthly payments lowered if you can't afford them. Loan companies are typically willing to do this, because it just means more interest they are going to make off of your debt, so you don't want to do it unless you have to. Second, I know with my loans they gave me the ability to defer payments for a year or two while I was unemployed. This let me get into a job and settle a little before I had to start paying them. See if you can do that until you find a job that pays well. With a masters in business, I assume you won't have too much trouble finding a job. Find a position to start and move your way up to higher salaries. It may take a couple of years to start making some money since you have no experience, but they should know this and work with you.

You'll probably be paying them off all your life, that's kind of how that **** works. I personally think it's absolutely ridiculous to have to take on that kind of debt just for schooling, but that's how our country works.

You really added a wonderful info, thanks a lot I will follow your recommendation. :rolleyes:

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neufuse

That can happen yes, but he is not disabled and is 100% perfectly capable of paying back his loan. He just needs to get off his ass and off the computer and look for a full time job or a 2nd job.

I'm just saying it is possible to get them forgiven under certain circumstances, others seemed to imply its impossible to ever have that done

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ILikeTobacco

I am assuming you live in the USA based on using $ to denote how much you owe. If it starts to become to much, you should look at filing for bankruptcy. It will destroy your credit line for the next decade but it will mean you will only pay back a fraction if any of the cost. The great thing about a degree is that a bank can't repo it. Once you have it, it is yours. It is a drastic and questionably unethical thing to do, but given no other choice, consider it.

Your other option, if they are true student loans, you have the option of contacting the lender and getting the payments deferred partially or completely for a while allowing you to catch up in other things. If you go this route, cut back on all spending and pay your car off immediately. Then you will have 300 more a month to deal with student loans with. If you have any other debts like credit cards, pay them off and then put what you were putting into the credit card/car into the student loan. It is called snowballing your debt. Every few years, refinance the loans at lower rates. If you bring your min payment down from 800 to 500, keep paying 800. You will quickly get to a point where you only owe around 300-400 a month.

You are already paying to much as it is. A house mortgage for $125k costs around $500-$600 a month right now depending on your credit score. May just need to refinance to start with.

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acnpt

If the US economy anything like the UK economy right now, then getting a job is not that easy.

I think the US unemployment rate is now falling, while the UK's is still rising, and its only going to get worse for now. :(

Although definitely difficult for anyone to get a decent full-time job.

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Peter Griffin

Geez, cut your cable.

That alone will probably save $60 a month.

You give me the other hundreds of dollars I need and I'll cut the 60 bucks, rofl.

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