Student Debt Crisis

[thatdude954]

Shes a big 4 accountant making more money than she knows what to do with. Why not?

How you feel about a new brother in law?

 

[GodinDaFlesh]

For people struggling to pay your federal loans you can work a public sector or nonprofit job, sign up for Income Based Repayment which will make your payments manageable, make 120 payments, then the rest of your debt will be forgiven. It's called Public School Loan Forgiveness.

 

[mamba]

For people struggling to pay your federal loans you can work a public sector or nonprofit job, sign up for Income Based Repayment which will make your payments manageable, make 120 payments, then the rest of your debt will be forgiven. It's called Public School Loan Forgiveness.

That's a good out for people. How long do they have to work in the public sector?

 

[Azul]

For people struggling to pay your federal loans you can work a public sector or nonprofit job, sign up for Income Based Repayment which will make your payments manageable, make 120 payments, then the rest of your debt will be forgiven. It's called Public School Loan Forgiveness.

It only works well if you're not making much or have dependents/a spouse

 

[Urbanmiracle]

There are ways to get rid of that debt, if you can get a job working for the federal or state government, they have a program in which all of your student loans will be erased if you work for them for 10 years. Some of these civil service jobs pay decent and provide excellent benefits.

Link? Cuz I've been on my job 10 years

 

[GodinDaFlesh]

That's a good out for people. How long do they have to work in the public sector?

120 payments, so it basically adds up to 10 years, consecutive or non-consecutive.

 

[GodinDaFlesh]

It only works well if you're not making much or have dependents/a spouse

Not true, there is no cap on PSLF. And having dependents our a spouse has no bearing on whether your qualify or not.

 

[Elvira Sol]

My biggest mistake was taking loans for a grad school education that I'm come to realize I didn't really NEED to have for any reason besides to check off a box in the "Preferred Qualifications" section of a job application. Had I just stuck by my bachelor's, I would have manageable debt. But a debt is only as manageable as your salary is.

If I could do it over ...

My life

 

[KRiLL (+)]

only owe 7k, got out before they could trap a nikka...

 

[mamba]

120 payments, so it basically adds up to 10 years, consecutive or non-consecutive.

That's still, in a sense, letting the debt dictate your life and career choices.

There needs to be more information, particularly for young Black students, regarding this student loan stuff.

Too many brehs and brehettes making bad financial decisions early in life that will rob them of their joy and freedom down the road.

 

[mamba]

The Mental and Physical Toll of Student Loans

As the use of student loans escalates, so too do conversations about the possible ramifications of increasingly high debt for young Americans. It's widely known that inability to pay student debt can result in a host of problems, like damaged credit or garnished wages, but a new study from the University of South Carolina suggests that some ill effects, such asincreased stress levels or feelings of depleted health, can surface just from accumulating student-loan debt.

 

[GodinDaFlesh]

That's still, in a sense, letting the debt dictate your life and career choices.

There needs to be more information, particularly for young Black students, regarding this student loan stuff.

Too many brehs and brehettes making bad financial decisions early in life that will rob them of their joy and freedom down the road.

Yeah I agree, it's better to avoid being put in that situation in the first place. But for people who already struggling it's definitely a lifeline they can utilize.

 

[EndDomination]

I have like $5k in subsidized loans, but law school will likely be the real killer.
I may have to avoid Georgetown and either jump on the Northwestern train (that 150k scholarship for ED is GOAT), or take a fellowship at OSU-Mortitz.
I'm not going to be one of the lawyers drinking myself to death because I owe $200k to a bank

 

[EndDomination]

And if you were taking out more than 50% of tuition in loans and didn't have a 4.0

 

[William F. Russell]

I have like $5k in subsidized loans, but law school will likely be the real killer.
I may have to avoid Georgetown and either jump on the Northwestern train (that 150k scholarship for ED is GOAT), or take a fellowship at OSU-Mortitz.
I'm not going to be one of the lawyers drinking myself to death because I owe $200k to a bank

It will be the death knell on your financial freedom for a good 10-15 years afterwards, if not longer. But your earning potential is uncapped.

If you don't want to work at a firm, aim for a government agency. But even govt legal jobs are as competitive as private firm jobs.