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

[Unix2]

$120k sounds about right for a MBA around here if you include living expenses and other things you might have to get loans for during the process.... they are not cheap

120k is for both careers, the bachelor and MBA combined loans. I have too much bills to pay every month and can't pay the amount they want, which is about $1000 dollars a month. I have also a 4 years old daughter who I pay weekly child support. I will probably need to talk with a financial counselor. Thanks to all of you who suggested pretty good advices. Appreciate it.

[Unix2]

I find it hard to believe that somebody with an MBA doesn't have a good resume, and "can't find a job"? Honestly though, didn't they teach you in school how to write a better resume, how to balance your finances, etc.?

Well, I got the MBA without having job experience. I am good in math and this is key to be succesful in the MBA program. I have a good resume its just that there is not experience at all, just few that didn't last too long. I know how to balance money but when you are recieving too little for too much to pay, tell me how you can balance a budget when I tried hard to cut in things that I don't need and does not work?

[sc302 Veteran]

Talk to a financial advisor. Listen suze and follow daves debt snowball. You will get out of your hole in time. Call up dave or suze, they will point you in a good direction, although you may not like what they say. You are in some trouble and need professional help, go get some.

[CoLdFuSi0n]

So glad i never went back to school after highschool. lol

[Fred Derf Veteran]

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

It depends on how much they want the person. If they are hiring a shipper/receiver then they'll find somebody local. If they want a particular executive or engineering expert then they'll pay to relocate that person and their family. This particularly happens when you move somebody from a low-rent/low cost of living location to a high-rent/high cost of living location. It happened to the family across the street from me.

I find it hard to believe that somebody with an MBA doesn't have a good resume, and "can't find a job"? Honestly though, didn't they teach you in school how to write a better resume, how to balance your finances, etc.?

Not all MBAs are created equal. An Ivy League MBA will hold more respect than a degree mill. I don't know where the OP went to school but a MBA from certain schools should open up a lot of doors.

[sc302 Veteran]

My brother was recently relocated by freddie mac, they just hired him. He is a systems auditor. I told him to hire me when he gets into a management position. They paid a good portion of his house off and moved him.

[revvo]

Get any job.... Get 2 jobs, do something but don't give up.

Is it an MBA that you went after? Usually they require you to have 2-3 years of experience to get in.

[DeadEndAccount]

First step should be more to move back with the folks, take any job that is going and start paying it back thus leaving just a very small amount each week to live on. I'm sure if your parents understand why you're coming back home they'll be more than happy to help out with free bored and you pay for what ever food you want.

Basically do that for around a year, live like a hermit and eventually get the debt down to a level that is manageable - it might require that you work 50-60 hour weeks but do a year of that, put 90% of your pay on getting rid of the debt and you'll get ontop of it pretty quickly. I've done the same thing, I only have $20,000 of debt but I'm living like a hermit, paying it off with the aim to get it 1/2'ed in around a 8months or so.

[Southern Patriot]

Cable internet and phone is not a necessity

That depends a lot on the person's situation. Most people do need a phone of some sort, and depending on your job having internet access at home can sometimes be a requirement (and it is also quite helpful in searching for better jobs).

[sc302 Veteran]

A pay as you go cell phone can be had for as little as 20 a month to 20 every 3 months a house phone is not needed. If a business is hiring you many provide phones and if internet is required they provide internet access too. Here is a little secret about internet access...librarys have internet access for the public and not many people go to librarys for internet, then there are always neighbors that have wireless that you can possibly leech off their access if you know them well and ask.

[DeadEndAccount]

A pay as you go cell phone can be had for as little as 20 a month to 20 every 3 months a house phone is not needed. If a business is hiring you many provide phones and if internet is required they provide internet access too. Here is a little secret about internet access...librarys have internet access for the public and not many people go to librarys for internet, then there are always neighbors that have wireless that you can possibly leech off their access if you know them well and ask.

There is 'pay as you go' internet as well; many pre-paid mobile providers have plans such as '$1 for 10MB per day' so you only pay for what you use. Assuming you're job searching and nothing else then it will be fairly easy to keep the costs down.

[WelshBluebird]

$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?

Yep its crazy.

Its why a lot of people here are worried about our system starting to creep closer to the US model.

[Xilo]

Why would you even wrack up that much of a loan to begin with?

Good luck though. It's pretty much impossible to get rid of student loans. Not even bankruptcy will do it.