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

[Southern Patriot]

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.

Student loans are generally not allowed to be written off in a bankruptcy. My wife and I had to file a few years back, and her student loan was one of the things that we couldn't include (althout it did get deferred till we were out of the bankruptcy).

Considering most companies pay for moving costs, yes its pretty easy.

Not sure what companies you are talking about, but very few around here would pay for moving costs for someone.

[abecedarian paradoxious]

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!

If these were "federal" or "state" grants and loans, the best thing to do is keep looking for work related to your degree, keeping records of every application / resume' you submit, AND, maintain contact with the organization(s) that provided you with loan(s); explain to them you are looking for work in your field of expertise and such. Most of the time, the government organization(s) will work with you, defer payments and such until you have found gainful employment, meaning you are working in your field, and may even provide leads for you to follow for work. If you are unable to procure work in said field, many will forgive the loan, which means you owe nothing and they go after the school even the accreditation organisation for fraudulent practices, recouping the money from them instead of you.

Private grants and loans may be more difficult to get out of though.

Still do NOT ignore any creditors, keep in contact; this could help your credit score and such and make it possible for you to make other arrangements to repay, irrespective of government or private grant or loan.

[JonathanVP]

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!

Do not listen to all the worthless idiots here expressing their idiocy.

I too have a MBA and I learned a lot. Since you graduated with a Masters in Business you probably took a course or two about creating business plans. The best way to control your destiny is to create one. Rather than work for someone else, why not create a business for yourself? Use those skills you learned in graduate school and create a business plan for some idea that you want to create. You stated you studied web design, why not start a business on that or some other ideas that you are passionate about. This way, your startup may create a viable business to help reduce these student loans.

I am currently working for a startup where the CEO does not have a MBA (and hence no real business background). He is passionate about his idea and my job is to create the business plan, acquire venture capital financing, etc. I am utilizing my MBA to good use and I suggest you use your new found knowledge also.

This is my humble opinion. Working in a startup is not for everyone. I have worked in two that have failed due to management incompetence. Best of luck!

[CoLdFuSi0n]

Do not listen to all the worthless idiots here expressing their idiocy.

I too have a MBA and I learned a lot. Since you graduated with a Masters in Business you probably took a course or two about creating business plans. The best way to control your destiny is to create one. Rather than work for someone else, why not create a business for yourself? Use those skills you learned in graduate school and create a business plan for some idea that you want to create. You stated you studied web design, why not start a business on that or some other ideas that you are passionate about. This way, your startup may create a viable business to help reduce these student loans.

I am currently working for a startup where the CEO does not have a MBA (and hence no real business background). He is passionate about his idea and my job is to create the business plan, acquire venture capital financing, etc. I am utilizing my MBA to good use and I suggest you use your new found knowledge also.

This is my humble opinion. Working in a startup is not for everyone. I have worked in two that have failed due to management incompetence. Best of luck!

So since we don't have a MBA we're all idiots? He's asked for ideas and help and a lot of us have givin him ideas and criticizium about his situation. I'll call you an idiot for suggesting him start a business.

[zeta_immersion]

Right, who do you think you are kidding. If he is in the US and these are US loans then he owes me, the taxpayer...

Again, if you spent $100k and got nothing out of it then you should also be ashamed of yourself...

These kids nowadays just don't think about tomorrow. Party today, pay later. Well it's now later for the OP. Then he posts is in this forum for help. Well, this is about as silly as bilking the private or public sector out of $110k with nothing to show for it, and no way to pay it back. He needs to go get professional help, and it's just not on methods to pay back the loans. Anybody that can rack up $110k in student loans, with nothing to show for it as more problems than trying to figure out how to pay the money back.

I think you are an egocentric self centered inconsiderate ****** human being to say whatever you said in the 2 posts in this thread

first of all, is it the case that you don't have any debt? a house/car that you bought using someone else's money? ... is it the case that you are so perfect that you graduated at a master/phd level without any debt and furthermore was able to contribute to the US society to not destabilize the entire ****ing world economy?

or is it the case that you are so smart and can single handedly take care of everything and everyone ?!

the problem this guy is having I am having too (and countless other people) is the high interest rates and no ****ing jobs ... WHY? because of the damn ****ing economy which has nothing to do with me directly ... if you had a business i would gladly (NOT!!!) work for you for 70k ... although i would rather take a janitorial position than be your damn employee with that attitude ...

grow some balls man and stop being so small minded, the world does not revolve around you and taking into account high interest rates, that 120k is unbearable ... moreover, what anyone learns should be for free (or close to), like in europe, then again it is politics, so there is no need to single out americans for this

[ILikeTobacco]

Student loans are generally not allowed to be written off in a bankruptcy. My wife and I had to file a few years back, and her student loan was one of the things that we couldn't include (althout it did get deferred till we were out of the bankruptcy).

Not sure what companies you are talking about, but very few around here would pay for moving costs for someone.

Personal loans can be written off right? If you know your current path is going to lead to bankruptcy, could always take personal loans and use them to pay for the student loans, then file. The personal loans are then written off and you have effectly written off some of that student loan debt.

[threetonesun]

Personal loans can be written off right? If you know your current path is going to lead to bankruptcy, could always take personal loans and use them to pay for the student loans, then file. The personal loans are then written off and you have effectly written off some of that student loan debt.

It would be a bit suspicious if you had a $120,000 in student loans, no job, and you were taking out $120,000 in personal loans. :laugh:

[COKid]

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.

He didn't "have" to do anything. He chose to sign the dotted line. Maybe he could have shopped around and found a less expensive college to attend, as well. Anyway, I know plenty of people who go to college on the "pay as you go" method. You know, they work a job while going to school. The OP simply chose to defer the cost. That was his choice. I'm not saying it was the wrong choice. Who could have known the economy would go in the crapper.

OP: Try not to default. The government will garnish your wages and any yearly tax refund to help pay what you owe. Additionally, your credit will tank so you can forget about getting a car or home loan. Now, a person can get by in life with bad credit. It just gives you less flexibility when it comes to the big ticket items you may want. It can also affect what you pay for other things, e.g. insurance. And some employers even check your credit before they hire you.

On that cheery note, good luck and hang in there!

[carson2255]

Sounds like the next 10 - 20 years will be very hard for you. I suggest the ignorance is bliss method..... (if dont see it, its not there)

[Pauleh]

$120,000?! What the hell? I didn't know Uni was that expensive in America. Blimey. I'm almost finished my second year of a CS degree and I've only racked up ?18,000.

How much does it cost per year over there?

[carson2255]

$120,000?! What the hell? I didn't know Uni was that expensive in America. Blimey. I'm almost finished my second year of a CS degree and I've only racked up ?18,000.

How much does it cost per year over there?

Actually it depends on which university you go to, there is much more diversity here, when I came out of uni, I only had $14,500 in debts (was there 5 and a half years). So dont think its like this for all univerisities, but tuition is rising at a pretty fast rate (same could be said with all universities though).

Tuition in state when I went to uni was around 5-6k a year.

[zhangm Supervisor]

My undergrad annual tuition was around 40K a year. The place that I'm currently working at has undergrad tuition pegged around 42K. If you're paying the full amount, that's easily 160K for a four year degree, not counting other expenses.

[sc302 Veteran]

$120,000?! What the hell? I didn't know Uni was that expensive in America. Blimey. I'm almost finished my second year of a CS degree and I've only racked up ?18,000.

How much does it cost per year over there?

It depends on what schools you go to over here. 120,000 is probably an out of state school("in state" would be going to a school located in the state that you reside in, "out of state" is going to a school in a state that you don't reside in). If you stay in state, the prices are better than out of state. I think my brother graduated from stevens instute (an in state technology school) with a masters for about 80,000.

[shakey]

You can charge to screw 1200 really fat chicks for 100$ each, or screw 12,000 hot chicks for 10$ each.....

[Unix2]

I really appreciate all positive comments to try to guide me to a better path, I will explore about it and see what my possibilities are. Apologize if some of you took it offensive owning this amount of money, but let me explain what is going on with my life. I really didn't plan to take a career, I just took it what I thought it will probably give me a good job. Well, I was wrong with the web design thing and then the master degree didn't even help. My current job is in the help desk environment and I like it, I am trying to build my resume base in this career. But most companies will only hire you if you have experience and is currently employed. Another guy here suggested to create my own business, but I am too scary to add even more debt to myself and then what happened if the business fail? I can't add more debt that I will never going to pay off. I am a poor guy that is trying to survive and do the right thing to success, but sometimes success is something that not everybody is able to accomplish in this economy.

[Ambroos]

That's a huge amount of money... Tuition fee here in Belgium is never over ?600 a year, even in the best universities (student loans hardly exist here, just not needed)! I really hope you find a way to pay it back!

[ncoday]

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.

WOW, if you cannot figure this kind of stuff out I would say it is no wonder you cannot find a good paying full-time job with an MBA.

This is the kind of stuff I learned my freshman year in college

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.

Student Loans cannot be wiped out by a bankruptcy, it is federal law

[neufuse Veteran]

$120,000?! What the hell? I didn't know Uni was that expensive in America. Blimey. I'm almost finished my second year of a CS degree and I've only racked up ?18,000.

How much does it cost per year over there?

It depends on the school, I went to a large university and only cost me $26,000, but then I lived at home and that saved me about $30k in living expenses like rental, food, utilities, etc.....

[lt8480]

I have a master in business but without experience.

Forgive my ignorance, but shouldn't the $120,000 Business course teach you how to make money, and the $100 internet connection be left for comical videos.

[Lezard]

Suggesting that someone with an MBA can easily find money growing from a tree is ridiculous. Even if he graduated with an MBA this economy is so shtty that work becomes that of fables. Stress and mild depression due to the economic circumstance can very easily created problems like these. He is just asking for good advice like what are somethings he can do to achieve experience to use his MBA expertise, not please criticize me and point fingers at me.

At least he has an MBA and worked hard for the degree. I graduated with 40k Debt and well thanks to these greedy pigs we have this kind of crap happening. Best to do is to cope with it. Some people leave the country because of this crap.

[iamawesomewicked]

I know someone who took 4 years of University and took about 4 years to actually even get a job in the field of work he studied for.

People suggesting that he get off his lazy ass and find a permanent job... I mean, if you can find him a job.. i'm sure since it's so easy, it shouldnt be hard for you to find one for him.

[Unix2]

Suggesting that someone with an MBA can easily find money growing from a tree is ridiculous. Even if he graduated with an MBA this economy is so shtty that work becomes that of fables. Stress and mild depression due to the economic circumstance can very easily created problems like these. He is just asking for good advice like what are somethings he can do to achieve experience to use his MBA expertise, not please criticize me and point fingers at me.

At least he has an MBA and worked hard for the degree. I graduated with 40k Debt and well thanks to these greedy pigs we have this kind of crap happening. Best to do is to cope with it. Some people leave the country because of this crap.

Thanks for your understanding. At least you tested my shoes and know how difficult it's. We didn't born in a mansion with everything at your fingertip. We have to get loans in order for us get a college degree while others got lucky and their parents can pay for.

[Lezard]

Aye, I had to pay for everything while I was in school. I guess being fed by silver spoons alters one reality

[Raa]

Lesson learnt eh?

Just take it easy, pay it back as you go along. That's about all you can do without selling drugs, stealing money or winning the lottery...

[Andrew Lyle Global Moderator]

I thought my 30K debt was bad.

I suggest you go get a job, even if temporary. It won't be easy to pay that student loan off, but with a masters in business, you should pay that off within 5-7 years. Now go get a JOB!