College debt, eeek!?

Question

My husband and I are working really hard to get through college. I'm an education major and he is working on his OT masters. We are now at the point where we must begin taking out loans... after estimates it seems like once we have our degrees we will be $130,000 in debt from loans. This amount scares me. We both work, applied for financial aid and applied for scholarships yet can't seem to catch a break. This amount of debt to be paid off in 10 years scares the heck out of me. Is this normal amount of debt for two people? How is one supposed to pay this off?

Answer 1

wow, that is really a lot of debt unless you are going into a high paid field, if so you two should be fine.  hope that your degrees will get you a job that will enable you to pay these without too much hardship.  you can take more than 10 yrs to pay them though, I consolidated and they gave me some 20 yr loan which I shortened.  I dont recommend extending the payment period but sometimes you have to.  

there are options if you are willing to join the military

perhaps with your education degree, you could teach in some very low income area and get debt forgiveness

Answer 2

The Army has lots of ways to help, or the National Guard, if you both serve for a 4 year commitment after college you could each get 40000.00 enlistment bonuses and make about that much each year as officers (which you would be) plus you would have no expenses.

Answer 3

One of the greatest fringe beneftis many employers offer is tuition payoff, or tuition assistance.  Many companies will pay your loans off for you, or a percentage of them, if you agree to work for that company for a set period of time.  Good Luck and I am sure you will be fine!

Answer 4

You can either stretch out the time it takes you to get your degrees done (paying as you go), or live on Top Ramen and mac-n-cheese for 10 years.

Answer 5

Live on a very tight budget for a couple of years, living well below your means. You don't have to live in house, you can rent a cheap one room apartment or live in an inexpensive trailer. You could also find  yourself a good lawyer and file for bankruptcy.

Answer 6

That is way to much money.  Never ever ever ever take out private student loans.  Go with Federal student loans only.  There are limits on the max amount you can borrow per year and this will keep you in check.  Never borrow more than what you would expect to earn your first year out of college.  So, if you graduate with a debt of 150,000 this is good if you are now a doctor.  Not good if you are a kinder garden teacher.

130K / 2 = around 65K for each of you?  Will each of you expect to earn that immediately after graduation?  No?  Then you are borrowing too much.  Find another way or look into the load forgiveness programs for teachers.  Perkins loans can be forgiven after 5 years of teaching in a low income area and a couple of other things.  Some Stafford loans can also be forgiven after 5 years as well.  BEFORE you borrow, check these options out for you.

PS: Don't think of your loans as combined.  They aren't they are individual and you never know what is going to happen tomorrow.

Answer 7

Is there ANY way that you can take the GRANTS only?? I just graduated as an ED major. I owe about 50K..NOT WORTH IT! For the bills I am about to have I could have a fully loaded, top on the line SUV in my drive way! PLEASE...Try to avoid the loans...And, paying that amt back in 10 years is not a good estimate. Normally loans take about 20 yrs to pay back over a certain amt...like mine. I am COMPLETELY petrified! So much for retirement.

Answer 8

start a lemonade stand!!!

Answer 9

wow, i was $35 000 in the hole after college

cant imagine 100's of thousands!

eeek is righT!