After college, I'll be 84+ grand in debt, what do I do??!?!?

Question

Unfortunately I fell into the trap of taking out private loans to pay for my undergraduate degree...drama production.

The 84+ total is my combined federal and private loans. Provided that the field I've studied so hard for offers no guarantee for any kind of steady employment after school (or even a livable salary), I'm feeling very overwhelmed and a little beaten by the system. Is consolidation an option without a steady job with a reasonable salary?

I feel like I worked so hard to get here, and I've financially ruined my life before it even started. Any words of advice or help?

Answer 1

Technically you dont have to start paying back your loans until you've finished being a part time or full time student, so lets say you get a job 8-5, take a class m-f after work, and you wont have to pay back your loan until you are done taking classes, theoretically you could take classes for the rest of your life, and you wouldnt have to pay. Thats the best advice I got, I graduated with a B.S. about a year ago, and only found a contract job, which is now over, so I am unemployed, and I owe 16,000, so I just go to school part time and dont have to worry about the bill for now.

Answer 2

Get a good job and work diligently to pay off the debt.  You can do it!

Answer 3

After you graduate (or stop attending) you have six months before you have to start paying. Keep in mind thought, that you can file an extention based on financial hardship such as unemployment, but make sure you're on top of it. I would consolidate all of your loans and hopefully you can get a decent APR before it goes up again in July. Good Luck!

Answer 4

Hi,

I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://tighturl.com/683

Answer 5

Consolidate your loans into one, then you can put it on a income contingency payment plan that will allow you to still be able to live while paying off your loan. Direct Loan is who I recommend to my students and they have all kinds of payment options. Get help now to avoid default.

Answer 6

I wouldn't expect to live the hight life for the next couple years. Yeah, It sucks, because you worked hard on you education, but hey many are in the situation you are. At least you have your education and knowledge-you can take that with you for the rest of your life. You might have to live with a relative untill you can support yourself. Also, you can get help from the government, such as food stamps.

Good luck