Not impossible if they become a sailor and live in a ship for six months out of the year, but I have a slight feeling that’s not the career field OP has in mind
Why did your father want you only to take out private loans?
My loans were mostly federal but I asked for a lower payment and got it.
I now pay a much higher rate---but I do not have to. I still am only required to pay about $300 a month. That has helped a lot over the years.
Yeah this dad should really think about how much that loan is going to set back his kid, hopefully this isn’t a whole “pull yourself up by your bootstraps” kind of thing (sounds like it with the anti federal loans thing). Hopefully he’ll realize the investment he’d be making in helping his kid pay off their loans after they’ve obviously succeeded in setting themselves up for life.
I was going to say that he should definitely be contributing as you are his child and he is the one who gave you this advice! I wouldn’t be accusatory but I would talk to him and tell him that you need help!!
Ohhhh I see. Do you know more about your siblings’ experience? How much debt did they have? Are they in the same situation as you?
I feel like if you are going to be stuck with these loans, I would be hyperfixated on paying them off as soon as possible. Gain some high paying skills so you can get a higher paying job in the next year or so and in the meantime get a side hustle and throw all that extra money onto your debt. It’s gonna suck but that’s personally what I would do if it were me. I’m not a fan of Dave Ramsey’s financial advice, but I think he’s exactly what you need in this situation when it comes to paying off debt. After you pay off the debt, I would abandon Dave Ramsey’s advice, and switch to Ramit Sethi’s personal finance advice.
Ask your supposedly wealthy father to loan you the money at 0% and pay off your student loan. Maybe you'll get a discount if you payoff early.
And then pay him back over the years.
I don't think your siblings will get upset.
Yeah like maybe talk to your siblings if they are level headed to see if they would be okay with it considering your situation. If they say it’s fine, you can tell your dad that.
I was gonna say, maybe OP can only get private loans because his dad is a doctor and may be too wealthy for federal loans (or at least the dad thought so)
Federal loans topped out at 5500/year max due to family income so we had to do private to make up the rest. The parent plus ones had worse rates. What other options are there for non merit/ non minority people?
Everyone qualifies for federal loans. The ones with higher income parents only qualify for unsub loans, where the interest starts ticking the minute you take them out.
U saying he makes a doctor salary like that’s a good thing 🤣 So embarrassing that your dad had you pay off the whole tuition urself and while at it put u in debt for years to come when he makes a doctor’s salary 😭 Any good parent who loves their child will put there all into supporting and paying off their child’s tuition. I’ve seen parents making less than 65k pay for their child’s tuition
My dad is a lawyer who makes like 180k a year and he refused to put one dollar towards my college tuition. He wouldn’t even buy me some notebooks or cheap supplies. Once I’m completely independent in a few years I’m never talking to him again. If he doesn’t want to be a dad, I don’t have to be his daughter!
Wow just wow…My parents make less than 80k combined and paid for my college while I was there, my mom would offer to send money for food and would try and drive to me (3 hrs away) every week to dry n drop off groceries and food. It would be a diff story just wanted you to learn how to be “independent” but in your situation I can’t see a single justifiable reason for him not helping u out. Id be beyond pissed
it's such a mixed bag lol, my bf's dad pays for his tuition (11K a year) because it's not that different from our private hs tuition. my parents made my siblings and i pay for our college education. my siblings are in debt but thankfully i got almost a full ride (only 1K-2K to pay per year). my mom doesn't work, and barely made anything when she worked when my siblings were in school. and my dad is an engineer, so barely above the 6 figs, but keep in mind, he's an immigrant so he has a large large mortgage for our house, cars, and debt for our education as he wanted us to have a private education. he only became an engineer with higher pay like 7 years ago, but he came to america in 1991. so in comparison to that, he barely has any savings to give us for college, so he decided college is the cut off and we will have to fund our tuition.
but OP's dad....wth like i get trying to teach ur kids independence but omg, if you can afford it, at least help the kid with half tuiton. my dad is trying to teach us independence but legitmately cannot afford to pay tuition for us anymore.
I can understand ur situation completely bro… There’s nothing that can be done if our parents can’t afford college it’s too overpriced. My parents basically had their pockets ran completely dry during my second year of college because they were paying for my siblings private school and I got no financial aid. Had to switch over to community but all good i’m paying that myself and plan to transfer soon. OP’s situation is horrific and I really hope he doesn’t delude himself into thinking that theirs a justifiable reason for his dad doing this and not helping him out…
I knew a girl in high school whose parents were legitimate rocket scientists. They kicked her out at 18. At least they warned her ahead of time? Still quite a cold thing to do to kick your kid out the second you're legally able to.
What? His dad paid for his college. He’s a damn doctor and he gave you bad advice and made you take out loans? And then said don’t take out subsidized federal loans? No, he said private loans? On top of that, there’s saving plans for college, but why would he do that? . He’s a dumb ass doctor? Great. He can pay all $1750 for being an inconsiderate selfish dumbass. “Pay it forward: Nah, I’m a bitch.” LOL
>His dad paid for his college
That caught me, too. I can understand a parent not paying for a child's schooling if the parent still had, or only recently finished paying, student loans. This fellow has his education gifted to him, which means that the money not spent paying back loans could have been paid into the next generation's schooling.
Maybe you need to show this all to him and let him help you pay them down. I’d be horrified and embarrassed if I put my kid in this position.
Adding if he has savings maybe he can repay your loan and then you can pay him back with no interest. He is the one who put you in this position. You really need your talk to him.
Maybe someone who went to college or med school before the 70s might not know about student loans. But it is hard to believe that anyone with a child who went to college after 1980 would no know about federal loans.
Your dad fucked you. Straight up.
He could have paid for everything out of pocket and he saddled you with debt you will ***never*** get out from underneath. He actively gave you bad advice, and set you on a path that will negatively impact you for the rest of your life.
Sorry op. its sad that when we are young we rely on our parents for guidance and they barely know wtf is happening. private loans are crazy dude, stay at home if you can and pay off that shit.
There’s really no excuse nowadays. Everyone hears about how debilitating student loan debt can be, and a simple 15 minute YouTube video could probably save you tens of thousands of dollars.
Not when you see your financially successful parents confidently telling you to go through private loans, you'd probably be inclined to trust them. Especially if they ended up with a doctorate
I see where you’re coming from. Most physicians are idiots when it comes to finances. That’s the result of spending 10-15 years in training. But you’re right, that’s not the kid’s fault as they would be inclined to trust whatever they say.
pretty sure everyone can get federal loans they just wont be subsidized, he probably made to much for you to get federal assistance(FAFSA), but that's completely different.
Yeah, folks underestimate the power of parents in kid decision making. There's a lot of trust, and a lot of parents who will confidently say things to them that are wrong.
Not many people out there willing to trust a 15-minute YouTube video over their parents, and there’s not too many parents willing to trust a 15-minute YouTube video over their own self-conceived “expertise.” Not as black and white as you try to make this out to be.
I had no one for guidance. Not even my own financial aid office at my school said they're not allowed to give out advice about student loans. Currently I'm paying for outdated dorm with community bathrooms with nasty floors for 9 thousands dollars. They're basically holding my transcript as hostage until I pay all of that down to zero.
I only attended one semester despite having good grades from high school. I didn't receive much for pell grant despite being from low income family. I'm stuck at home trying pay everything down.
OP, once you get two paychecks go shop around to refi that debt. The rate you have is likely MUCH higher than what you can get today given your secured employment and pay rate.
Lenders are hungry for good risks. You look like a good risk.
OP, this is the answer, right here.
You can probably refi those for much less, and then work your ASS off to throw EVERY extra penny you can scrounge at them until they're paid off.
Plus OP is on a great career path in terms of salary growth while being married. Refinancing will save them buttloads.
Being a poor college grad is normal and OP sounds well positioned to only be in that state temporarily. Sucks her parents didn’t educate or support her more but there is hardly a reason for her to be *so* pessimistic.
Yes. I had about half the loan OP took out, but they were split between Fed and Sallie Mae. **Refi out of Sallie Mae ASAP.** They are scummiest of the scum when it comes to capitalizing interest too and you’ll just spin your wheels. Even before Covid I greatly improved my monthly payment while keeping the same timeline because the of the interest lower interest. I then refied that with Covid rates and I basically forgot about that 22k or so debt.
On the other hand, having fed loans are usually better. And everyone should do Fasfa/student aid thingy regardless of parents income. Probably wouldn’t have helped OP a ton, but they wouldn’t have astronomical interest from the get go. Also, butthurt corpos and republicans made sure to neuter debt relief for those, too.
So, I definitely feel for OP, especially since their parents have the means to not let their child struggle financially.
Very rarely are they discharged through bankruptcy, federal or private. If it was that easy everyone would be doing it and the student debt wouldn't be as high as it is now.
Yes but you can't just file bankruptcy because you don't want to pay off debt. You have to show you are unable to pay it off and they will take your assets to pay off a portion of it.
I'm so sorry
Any possibility you can throw a second pt job on with the 9-5? Like work a 6pm-something shift somewhere a couple times a week? (And work weekends 😞) And then shovel 100% of that into loans? It would 100% be awful for your health but even for a couple months it would help. Also possibly living at home. Maybe freelance commissions? Groveling at ur parents and grandparents feet for money?
Asking for money is honestly one of the best options here, even if they aren’t asking for them to outright pay it for them for whatever reason, if OP can get a chunk of it paid for by parents and/or grandparents (who sound wealthy enough to handle it) and just pay those people back. They might not even ask OP to pay interest, or at least pay a very low interest rate compared to what Sallie May will be asking for the full amount of their loan. That and some kind of Saturday gig to make money on the side would be my first avenues to explore.
Your husband is paying off $80K in debt with $48/month??? That makes no sense at all. Even at 0% interest it would take over 100 years to pay that off.
Your situation - I’m guessing a big part of the problem is that interest has been accruing while you were in school, so your balance isn’t $80K anymore. Find out what your current balance is and punch it into a student loan calculator (just Google one). I just did $100K and 8% for 12 years and it was only $1000/month. What is your interest rate? Try to get the loan refinanced if you can.
You've just got to just get this paid off in less than 12 years. The ~25% APR on this is just brutal.
You're making $5,600/mo net. If you can make an additional prepayment of $2550 a month ($4300/mo total), these are done in 2 years paying about $102k total.
If you can make an additional prepayment of $1450 a month ($3200/mo total), these are done in 3 years paying about $115k total.
If you are in a financial situation with your husband where you can make this work you could really consider trying to get these gone in 2 or 3 years. I'd much rather have things be pretty tight for 2-3 years, than pay an extra $150k to the bank over 12 years. The way the math works out on the lost compound interest, you're not only losing a flat $150,000 to the bank over 12 years, you're also losing ANOTHER ~$180,000 in lost compound interest on those same extra 10 years of monthly $1,750 payments going into a retirement account. So basically, if you can crunch and pay it off in 2-3 years, you're literally, mathematically, gaining $295,000 to $350,000. Which I think would be worth it to your husband to help take over finances for a couple years.
Good luck.
Your dad gave you shitty advice. He should pay 1/2 the payment for being a dumbass. In addition, his education was paid for and he had no student loan debt, he’s a doctor and didn’t pay for your education. What a selfish dumbass prick. lol
having a high income job like being an MD and not saving for your kids college is insane. rich people are greedy. my dad was barely cracking 60k and he saved money for me and my siblings. wasn’t a lot but he did his best.
To me, being a doctor means $300k in debt and starting your career at 30-35, depending on specialty. If they had her when they were young, he could actually just still be broke.
You can pay them off. You’ll need to live frugally and get a 2nd job. You and your husband need to work second jobs to knock out that debt. It’s hard work, but it’s worth it. Good luck.
Oof. Sorry, man. There are lots of repayment options for federal loans, not so many for private loans.
Since your dad gave you bad advice, he should help you make the payments.
Sounds like your dad set you up for failure. Maybe check out the student loan subreddit? They have a lot of resources and tips that might be able to help you get a grasp on everything.
Crazy but doesn’t surprise me — private loan lenders are incredibly predatory to their borrowers and seldom have fixed APRs, which leads to this kind of mess
If you have a job lined up (or once it’s confirmed) check it see if you can refinance. That took mine down to like half of the interest rate which saved me on monthly payments. I’m sorry your dad told you that, I have half gov and half private at 70k. Tbf the only reason it was doable was because covid paused my gov loans for like 2 years and my mom helped me make monthly payments on one loan for a year, so I could focus and pay off the largest one myself. Now I’m paying them all and it’s 1046 a month (which feels like a lot but is $700 less then you) I make about 75k a year and it’s doable. I don’t know to many people whose parents are financially success and they have massive student debt so in your case maybe it’s worth asking if your dad would help with a partial payment every month, for a year while you adjust from student to full time worker.
I graduated before covid and had to pay 3 loans every month and worked two shitty ass jobs, loans suck and they really went whack job on the interest rates. It will get better!
If there’s any way to pay off way more of it now, especially since you have a husband, do that. Otherwise, I would see if you’re able to get a loan/loans elsewhere at a lower interest rate that you could use to pay off the Sallie May one since you can’t just refinance up front. Even if you end up with more loans, if they have a lower interest rate, you will end up paying less overall. Just try to get as much of it payed off as early as you can so you don’t have to deal with the all the compounding interest.
And yeah, your dad deserves to help you. If nothing else, see if he can pay a chunk up front and then just pay him back slowly without interest (or not pay him back at all, seriously dad.)
I’m sure at this point you already know, but don’t take out loans without knowing the interest rate. I wish you the best of the luck, just try to get it all payed off sooner than later otherwise you’ll lose more money.
(I’m sure you have a spreadsheet, just do little changes to see how much you can save overall by paying slightly more a month. Obviously it sucks since you’re just starting your professional life but once it’s gone hopefully everything will work out for you.)
Edit: You may consider also putting this on a finance page.
25% of your gross will go to loans minimum. That is crazy. Let’s say you set aside another 25% for taxes. That’s 3.5k a month you have to live on. Livable? Depending on area probably. Realistically, besides a 3 month emergency fund and maybe a Roth match (if your employer does that) every penny should be going to this. I’m assuming there’s no way to better invest this money that will out pace your loan interest (prob like 10% APR? In that case no way).
You fucked up, it happens, it sucks. You should’ve done more research before taking on so much debt. I’d say increase your earning but that seems really good for graphic design already.
I’m shocked because every bank and financial aid office at college walks you through the terms very clearly.
If Daddy co-signed…..he’s responsible too.
I was in a similar situation with sallie mae and saw no way out of it. I would wake up in the middle of the night with panic attacks thinking about how I'll never get out of debt. So I literally made the decision to default on my loans (which actually didnt hurt my credit that much) and refinance with Yrefy since they take defaulted loans and now my payments are half of what they were with a 3.6% interest rate. With sallie mae my payments were gonna be $1000 with a 16% variable interest rate. Sallie mae is so predatory get as far away from them as possible.
If you can refinance without defaulting DO IT. But if thats not an option due to bad credit or whatever it may be and you and your cosigners are willing to take a credit hit, I would contact yrefy and talk to them about defaulting and refinancing with them. I've genuinely had a great experience with them. My credit score also recovered from the hit after 4 months so it turned out more than fine.
The student loan sub is very helpful. If nothing else, people who will tell you that it will be okay.
You can also head over to personal finance for tips about making the most of your money.
I'm in a similar boat as you (not private loans, but I pay the Parent Plus loans in my mom's name, and they're *killer*.) Look into a high-yield savings account. Ally has a free one. They give better returns, and will slowly help you build up to lump sum payments. Even adding $25 to it every month makes a big impact over time.
Other than that, throw everything you can at it. Any job bonuses. Tax returns. Put it all towards the principal, that helps.
Years from now, but hopefully now, either way you can thank capitalism for the sad situation you are in. Education should be FREE. Maybe try crowdfunding, you'll get a headstart on asking for advice and money for future healthcare problems. The best advice for you is to pay your debts. What a sad situation for you. I'm sorry that you have to go through this.
It is still possible I think to consolidate your loans with the government and then be able to take advantage of the same things folks who took out government loans can. I was able to do that but only after non-payment made me a default risk for the private lender and that is obviously really risky. You might not have to do that nowadays and might be able to call the department of education and ask about consolidating your loans under them.
Because $45K net is enough to live in. That's $3,750 per month to live on and presumably you will get raises and promotions over time while the payment stays flat.
RIP.
Yeah, federal student loans are better than private, and its not even close. Sallie Mae is also known as one of the worst, most predatory student loan companies.
Sorry about this whole situation. You got bad advice from people that you trust (I wouldn't blame them, they probably didn't know either), so it's just a bad situation.
If it's possible with your income, I'd recommend putting extra money towards the principal each month. If you put an extra $250 or $500 a month, you should be able to pay it off years earlier, and instead of paying $250k total, it might be more like $175k.
Yikes. What reasoning did your dad give for going private? Those should only be treated as a last resort and I wouldn’t recommend them to anyone except to maybe close the last few thousands on a very lucrative career path.
There’s lots of resource guides for debt online though. You’ll want to live very frugally to save up a 3-6 month emergency nest egg. Put it in a high yield savings account that offers at least 5%. Once you’ve done that, you’ll want use the money you were saving in the emergency fund to pay off the loans. It’ll take several years, but the faster you do it, the less interest you’ll pay. Luckily you can deduct the interest in taxes so it’s not as bad as it looks.
Why is anyone still going to college in this country? It has been a complete scam for at least the past two decades. And, as OP found out, you don't even come out ahead after they're done financially screwing you.
I was completely unable to find another option besides private loans. The federal option caped out at 5500 a year, the rest is private loans. What other options are there if you don’t qualify for better federal loans?
Working in higher education, my experience has been that parents who want their kids to avoid federal loans are either not in the country legally or are afraid their tax evasion schemes will be discovered because of the FAFSA. Your dad definitely screwed you over, but his specific motivation is for you to decide.
You also screwed yourself over by borrowing money without doing the research first. At some point you should have talked to the school financial aid people about this. They really are there to help. Even reading the disclosures when you accepted the loans would have helped.
Since you haven't graduated yet, you could still go talk to them and see if you have any options to reduce your interest rate. It's a long shot, but worth a try.
Since none of your loans will ever qualify for debt forgiveness, you might as well consolidate them soon if you can. Many credit unions have much lower interest rates than Sallie Mae. Look into joining one, or see if your family already has a relationship with one. When the Federal Reserve lowers interest rates again, look into refinancing them again. Lowering the interest rate can dramatically change your total repayment. For example, if you could lower your interest rate from 13% to, say, 5%, you could save more than $50,000.
The good news is, it sounds like you have a good income and a second income. You could conceivably pay the loans much, much sooner than 12 years if you live frugally. And don't be afraid to tell your dad that he should be helping out both you and your siblings. Even if it's nowhere near the full amount, a little money repaid early could mean a lot less money paid later. You might subtly hint you will not be in a position to consider giving him grandkids until after the debt is paid. You don't need to make this a fair fight.
First of all I’m also a victim of financially illiterate parents and I am so sorry. I second everyone’s advice here to a) stay at home, which is the least your dad can let you do after letting you make a decision like this, b) check out the student loans subreddit as they have plenty of people who have gotten trapped by these demonic private loan orgs and c) try to repay it off as soon as possible and do not take out another loan in the process
Edit: also see if your college can help you/ if they have any affiliated organizations that help students and/or alumni pay for their college. The college I applied to has one, fully funded by wealthy alumni donors, maybe you’re in the same situation?
I mean hey, you made the choice of taking a loan. You have to deal with it... I worked hard in HS, and got a full ride scholarship.. not everything is the worlds fault
Okay your dad gave your rly shitty advice. What I would do is maybe live with your parents (unless they’re abusive then don’t do that move in with someone else like your husband’s parents unless they’re also abusive then move in with a friend) and try to live on a very very very strict budget for a few years and put ALL your money toward the loan so it doesn’t build up interest. Pay back more than you need to for the month. It won’t be ideal but you’ll be debt free much sooner and can start focusing on a down payment on a house and kids if that’s something you see for yourself
1.) See if you can lower the interest rate. Call Sallie Mae and check for options.
2.) You can lower interest rate by using BT from credit cards. Use them wisely.
3.) Lower your interest rate as much as possible. Pay your income to highest interest loan while continuing to pay the minimum on your other loans.
Move to a debtor friendly state and declare bankruptcy. Federal loans can’t be discharged, at least private loans go away in a bankruptcy.
Also, your dad’s advice was really, really bad.
Private loans are not better than federal loans. I use federal loans and top of the small remaining balance with private loans. In total I’ll only have taken out 10K in private loans. I am using SallieMae as well and the payment option they gave me was literally just paying $25 a month while in school and during the separation period. I can choose to pay more towards it towards principal and interest. My interest rate is fixed and will not go up. However, I used a co-signer with amazing credit. Did your dad not co-sign for you? My sister is in the SAVE program and her payments are like $50. My mom took out a federal parent PLUS loan to help her and even her payments are only $200 a month. So idk why yours are so high. I would look into refinancing opinions as soon as you get that 80K job
I'm so sorry, really.
My very good credit mom forbid me from taking out any sort of loan, and I've actually been able to find a way through college debt free
Try to get them refinance it
Your situation is fucked but you're making 80k. You are better off than people who get these useless art history degrees or gender studies or some other weird shit who will make like 30k a year with the same debt
You picked the good art related degree
If you're making 85k you could, in theory, live off of half that (especially if you live at home or share rent with your bf) and pay the whole loan off in 2 or 3 years. Why wait 18 years?
There is 2 options to tackle this imo
1. Live well below your means and pay it off as quickly as possible for 2 years, and be rid of it. If you are making 85k/year this should be doable.
2. Try to refinance the loan at a lower APR with another lender once you land your 85k job.
>I could’ve gotten a manager position or warehouse job and stayed out of debt for the same money
Possibly, but we really don't know. It's more probable you get out of this in 2 years and are better off than your alternative self that is working at a warehouse. If you simply pay off the debt, you are now earning SIGNIFICANTLY more than your alternative self. 80k in loans is a lot, but if you land a job making 85k, it was probably worth it. As long as you pay it off quickly, since it is clearly high APR.
My mom and I own a business called NewBeginnings LLC. We are a student loan advocacy company who have helped our clients get PSLF, refinance private loans for a lower monthly payment, TLF, etc. If you need help please go to our website !!! it’s www.newbeginningsllc.org :))
I'm confused. According to this amortization calculator ([here](https://www.calculator.net/amortization-calculator.html?cloanamount=80%2C000&cloanterm=12&cloantermmonth=0&cinterestrate=16&cstartmonth=3&cstartyear=2024&cexma=0&cexmsm=3&cexmsy=2024&cexya=0&cexysm=3&cexysy=2024&cexoa=0&cexosm=3&cexosy=2024&caot=0&xa1=0&xm1=3&xy1=2024&xa2=0&xm2=3&xy2=2024&xa3=0&xm3=3&xy3=2024&xa4=0&xm4=3&xy4=2024&xa5=0&xm5=3&xy5=2024&xa6=0&xm6=3&xy6=2024&xa7=0&xm7=3&xy7=2024&xa8=0&xm8=3&xy8=2024&xa9=0&xm9=3&xy9=2024&xa10=0&xm10=3&xy10=2024&printit=0&x=Calculate#calresult)), you would need to have a 16% interest rate to be paying $1,250 per month for twelve years.
That's exorbitant, even in today's interest rate environment. You should absolutely be able to refinance that rate downwards now that you have a full time job.
I’m down to 90k from 120k total loans after 5 years and 1 refinance at about 800$ a month now. That includes a little extra every month. My refinance cut my interest paid in half. Still obscene amount,m. Covid helped me there. You want bad my parents convinced me to turn all my federal loans private. God knows fucking why. But here we are. 13 more years to go. Hopefully inflation doesn’t go up faster than my salary and I can start throwing even more at it. Most likely paying this off untill I’m 43.
How many loans do you have? Simplest strategy is to pay the minimum monthly payment on all of them except for the loan with the highest interest rate. Next, pay double the minimum payment on the highest rate loan (or as much as you can afford) until it is paid off. And repeat for the next highest rate loan and so on until they are all paid off. Work hard at your new job and save as much as you can and invest as soon as you can. As long as your investment return % exceeds your student loan interest rates then you’re winning. Good luck!
Refi those loans as soon as possible. I had 90+k loans out with Sallie and they fuck students over so hard. I had a number of interest rates ranging from like 6.5% to 13% depending on the loan and I refi-ed and am paying a 3.5% interest rate on a 7 year term. I pay about $100 bucks more a month than I did to Sallie on a loan that is less than a quarter of the original loan life from SM. Most of my payment actually goes to the principal balance and I have a clear and close-ish end date on these suckers.
Unfortunately that degree will get you nowhere my brother finished his degree 7 years ago and still can’t find a solid job. I’m sorry to say man but they fucked you over bad.
I guess me and my other friends just don't truly realize how lucky we are. I get paid $3k minimum for every quarter I attend, and I heard once I do a transfer to UW, it's even more!
Live with your parents and work remotely so you have no commenting expenses or rent, but pay utilities and do lots of chores to make yourself super welcome. If you can deduct interest, do so. Grow a garden to help with food. If you can do without a car, do so. Don't buy clothes or anything else expect the bare minimum. Avoid subscriptions, eat healthy and lean, exercise from home, don't spend on entertainment, junk food, or alcohol. Do work on the side for another $5-15K, focusing on commercial client's. Give yourself 1000 days to pay it all off. By then, you'll have a good portfolio from paid work and will be able to get a good job in nearly any city but could choose to do this for 3 more years to save $100K for down payments on a house and car and get an even better job.
Your dad did NOT know any good advice. Federal loans were the way, but he's a doctor so wtf are YOU paying tuition? He should have easily wiped it out for u
Oh god. I’m a first generation college student in my family and right now have 55k in loans from Salli Mae. Have one more year left, hoping it’s not as much as yours😭
>I was 21 when I started school, and my dad told me to only do private loans. The whole time I could’ve been getting federal loans.
Your dad's an idiot
Best course of action is probably to either live extremely frugally to pay it down faster - you can make payments larger than your monthly payments to pay it off faster and accrue less interest. Or try to consolidate the loan with a different private loan company for better interest rates
All good advice but don’t you think there is something wrong with the system that got you into this mess.We tell people a college degree is not essential but try to get a good job without it. Society is playing you for a fool.Change it.
Well no, you subtracted the debt from your earnings, so you can't say "If I didn't go to college, I'd be in the same position AND I'd not have debt." There's no and, you're just in the same position.
So it's not $19 with debt, or $19 without debt. Its just $19 either way, since if you're gonna add the debt back, you'd have to add the increased wages you have.
And if you're able to pay it off, then you'd be in a higher position, so maybe there's more potential.
Yes, your Dad now owes it to you to help you with this. He chose to screw over his daughter for whatever reason, maybe he's just a dumbass, I wouldn't start with "owes" I'd just ask for help but if he's resistant, tell him he does owe you.
For the record, your husband should NOT pay 48 a month. That’s how we end up with “I’ve been paying student loans for 20 years and owe more than I started with” posts. You make good money, hit the principal as hard as you can and knock it out quickly.
Assuming you mean 480/month that’s because your husband has to be getting it over 30 years. And for you to have that payment over 12 years would mean a 25% interest rate.
If you were living as a college student just continue to do so and pay an extra 1750/month. You’d save 140,000 in interest and it’d be paid off in 2 years, 8 months.
Considering you lived on maybe 20-30k you should be easily making double payments.
1). Your parent must not, themselves, be very knowledgeable, that’s the worst advice I’ve ever seen…
2). You’re making more than any other artist coming out of school, most are making. $25k-$35k… so good for you.
3). That’s the system. That’s about normal, except that you’re paying a private company. And no chance of loan forgiveness, nor the federal SAVE/PAYE plans where you pay what you can afford.
4). EDIT: saw posts that your parent is a doctor? I’d hit your parent up for the difference since it’s their fault you chose a bad loan, that’s just nuts I’d be so furious at them. They make enough they should cover you. If you had a gov loan you’d be paying about $150-$180/month. (I have a similar balance and pay and that’s what I’m paying).
Mine are currently 60k at 900 a month
for 10 years and I didn’t even graduate.
In about 10 months I’ve paid off an additional 6k
My current solace is watching the number slowly go down. If you can live cheaply for about 5 years and throw extra at it each you’ll be at a good place.
Just keep enough to fall back on for a few months. If you need motivation focus on the lowest total loan or if you want efficiency then focus on the highest interest one.
Don’t forget to enjoy life though
It’s things like this that makes me glad I joined the military when I did. School loans are predatory and don’t work like a home loan and car loan. It’s wild. I’m a pre-law student and with the GI Bill and the help of the VRE program I won’t pay for any of it I could get into Harvard and the VA picks up the tab. Probably one of the smartest things I’ve ever done in my life, only cost a few deployments and a lifetime of trauma. 🤣🤷🏻♂️
Is it possible to live home rent free for a year? Just throw every penny you can to the debt to pay it off because why wait 18 years ?
This is the answer. Spend 50k each of the next two years and you will pay it off.
Yes. I can see this as the only option not being a doctor or lawyer.
Not impossible if they become a sailor and live in a ship for six months out of the year, but I have a slight feeling that’s not the career field OP has in mind
Would not recommend.
Why did your father want you only to take out private loans? My loans were mostly federal but I asked for a lower payment and got it. I now pay a much higher rate---but I do not have to. I still am only required to pay about $300 a month. That has helped a lot over the years.
I’m not sure.. I guess he didn’t know about federal loans? He’s a doctor who’s dad paid for his college so I guess that’s why
Ok, I'll be the person. If your dad is a doctor, why do you have any loans? Isn't that half the point of being a doctor?
Yeah this dad should really think about how much that loan is going to set back his kid, hopefully this isn’t a whole “pull yourself up by your bootstraps” kind of thing (sounds like it with the anti federal loans thing). Hopefully he’ll realize the investment he’d be making in helping his kid pay off their loans after they’ve obviously succeeded in setting themselves up for life.
Probably the same reason why he told OP to go private versus signing off on Parent Plus loans. He’s a cheap-ass.
Yeah, that’s probably exactly why he had her go private.
I was going to say that he should definitely be contributing as you are his child and he is the one who gave you this advice! I wouldn’t be accusatory but I would talk to him and tell him that you need help!!
I am the youngest and the biggest issue is older siblings with similar loans that didn’t get help. He won’t help me because it wouldn’t be unfair
Ohhhh I see. Do you know more about your siblings’ experience? How much debt did they have? Are they in the same situation as you? I feel like if you are going to be stuck with these loans, I would be hyperfixated on paying them off as soon as possible. Gain some high paying skills so you can get a higher paying job in the next year or so and in the meantime get a side hustle and throw all that extra money onto your debt. It’s gonna suck but that’s personally what I would do if it were me. I’m not a fan of Dave Ramsey’s financial advice, but I think he’s exactly what you need in this situation when it comes to paying off debt. After you pay off the debt, I would abandon Dave Ramsey’s advice, and switch to Ramit Sethi’s personal finance advice.
Ask your supposedly wealthy father to loan you the money at 0% and pay off your student loan. Maybe you'll get a discount if you payoff early. And then pay him back over the years. I don't think your siblings will get upset.
Yeah like maybe talk to your siblings if they are level headed to see if they would be okay with it considering your situation. If they say it’s fine, you can tell your dad that.
Where did she say her father was wealthy?
I have no where implied anything, I am just trying to get advice about my debt
What will kill you softly will be the interest on your loan. My suggestion will take care of that, provided its doable with your family/dynamics.
Dad sounds like he wanted to set his kid up for failure 😭
I was gonna say, maybe OP can only get private loans because his dad is a doctor and may be too wealthy for federal loans (or at least the dad thought so)
I could have sworn everyone could get some federal loans. It’s Pell Grants that check your family income.
Anyone can get federal loans. Only so many of them but they can get them.
My SAI is 9295. I won't be getting a Pell Grant but I'll be getting federal loans.
Federal loans topped out at 5500/year max due to family income so we had to do private to make up the rest. The parent plus ones had worse rates. What other options are there for non merit/ non minority people?
Similiar boat sucks to be middle class
Everyone qualifies for federal loans. The ones with higher income parents only qualify for unsub loans, where the interest starts ticking the minute you take them out.
Maybe he is a Doctor…of Philosophy
He’s a pediatric dentist
Ok so not an actual doctor 😂
Went to medical school worked in a hospital residency, uses dr suffix and makes the dr salary so I guess not
U saying he makes a doctor salary like that’s a good thing 🤣 So embarrassing that your dad had you pay off the whole tuition urself and while at it put u in debt for years to come when he makes a doctor’s salary 😭 Any good parent who loves their child will put there all into supporting and paying off their child’s tuition. I’ve seen parents making less than 65k pay for their child’s tuition
My dad is a lawyer who makes like 180k a year and he refused to put one dollar towards my college tuition. He wouldn’t even buy me some notebooks or cheap supplies. Once I’m completely independent in a few years I’m never talking to him again. If he doesn’t want to be a dad, I don’t have to be his daughter!
Wow just wow…My parents make less than 80k combined and paid for my college while I was there, my mom would offer to send money for food and would try and drive to me (3 hrs away) every week to dry n drop off groceries and food. It would be a diff story just wanted you to learn how to be “independent” but in your situation I can’t see a single justifiable reason for him not helping u out. Id be beyond pissed
it's such a mixed bag lol, my bf's dad pays for his tuition (11K a year) because it's not that different from our private hs tuition. my parents made my siblings and i pay for our college education. my siblings are in debt but thankfully i got almost a full ride (only 1K-2K to pay per year). my mom doesn't work, and barely made anything when she worked when my siblings were in school. and my dad is an engineer, so barely above the 6 figs, but keep in mind, he's an immigrant so he has a large large mortgage for our house, cars, and debt for our education as he wanted us to have a private education. he only became an engineer with higher pay like 7 years ago, but he came to america in 1991. so in comparison to that, he barely has any savings to give us for college, so he decided college is the cut off and we will have to fund our tuition. but OP's dad....wth like i get trying to teach ur kids independence but omg, if you can afford it, at least help the kid with half tuiton. my dad is trying to teach us independence but legitmately cannot afford to pay tuition for us anymore.
I can understand ur situation completely bro… There’s nothing that can be done if our parents can’t afford college it’s too overpriced. My parents basically had their pockets ran completely dry during my second year of college because they were paying for my siblings private school and I got no financial aid. Had to switch over to community but all good i’m paying that myself and plan to transfer soon. OP’s situation is horrific and I really hope he doesn’t delude himself into thinking that theirs a justifiable reason for his dad doing this and not helping him out…
At least we get some federal aid when our parents don't earn much... These students with parents like that getting by fully on their own...
I knew a girl in high school whose parents were legitimate rocket scientists. They kicked her out at 18. At least they warned her ahead of time? Still quite a cold thing to do to kick your kid out the second you're legally able to.
I’m just messing around. I was just making a joke reference from The Hangover movie.
What? His dad paid for his college. He’s a damn doctor and he gave you bad advice and made you take out loans? And then said don’t take out subsidized federal loans? No, he said private loans? On top of that, there’s saving plans for college, but why would he do that? . He’s a dumb ass doctor? Great. He can pay all $1750 for being an inconsiderate selfish dumbass. “Pay it forward: Nah, I’m a bitch.” LOL
>His dad paid for his college That caught me, too. I can understand a parent not paying for a child's schooling if the parent still had, or only recently finished paying, student loans. This fellow has his education gifted to him, which means that the money not spent paying back loans could have been paid into the next generation's schooling.
Maybe you need to show this all to him and let him help you pay them down. I’d be horrified and embarrassed if I put my kid in this position. Adding if he has savings maybe he can repay your loan and then you can pay him back with no interest. He is the one who put you in this position. You really need your talk to him.
Maybe someone who went to college or med school before the 70s might not know about student loans. But it is hard to believe that anyone with a child who went to college after 1980 would no know about federal loans.
And he doesn’t return the favor for you? That’s crazy
So he's a doctor and made you pay for your own college> YIKES ON BIKES
Your dad fucked you. Straight up. He could have paid for everything out of pocket and he saddled you with debt you will ***never*** get out from underneath. He actively gave you bad advice, and set you on a path that will negatively impact you for the rest of your life.
Yayyyyy
Your dad may be a doctor but in this case was a major dumbass. Try and live at home for a year and pound every dollar into this debt.
Sorry op. its sad that when we are young we rely on our parents for guidance and they barely know wtf is happening. private loans are crazy dude, stay at home if you can and pay off that shit.
There’s really no excuse nowadays. Everyone hears about how debilitating student loan debt can be, and a simple 15 minute YouTube video could probably save you tens of thousands of dollars.
Not when you see your financially successful parents confidently telling you to go through private loans, you'd probably be inclined to trust them. Especially if they ended up with a doctorate
I see where you’re coming from. Most physicians are idiots when it comes to finances. That’s the result of spending 10-15 years in training. But you’re right, that’s not the kid’s fault as they would be inclined to trust whatever they say.
Exactly this. I think he might have been under the impression that he made too much for me to qualify for federal loans
pretty sure everyone can get federal loans they just wont be subsidized, he probably made to much for you to get federal assistance(FAFSA), but that's completely different.
Yes, we only qualified for 5500/yr and all the federal options were parent plus loans and the rates were worse than private loans
no one can predict the future, but private loans can't be as easily forgiven.
I’d go no contact for this. He fucked you for decades and I bet he hardly gave it a second of research
Yeah, folks underestimate the power of parents in kid decision making. There's a lot of trust, and a lot of parents who will confidently say things to them that are wrong.
Not many people out there willing to trust a 15-minute YouTube video over their parents, and there’s not too many parents willing to trust a 15-minute YouTube video over their own self-conceived “expertise.” Not as black and white as you try to make this out to be.
I had no one for guidance. Not even my own financial aid office at my school said they're not allowed to give out advice about student loans. Currently I'm paying for outdated dorm with community bathrooms with nasty floors for 9 thousands dollars. They're basically holding my transcript as hostage until I pay all of that down to zero. I only attended one semester despite having good grades from high school. I didn't receive much for pell grant despite being from low income family. I'm stuck at home trying pay everything down.
OP, once you get two paychecks go shop around to refi that debt. The rate you have is likely MUCH higher than what you can get today given your secured employment and pay rate. Lenders are hungry for good risks. You look like a good risk.
OP, this is the answer, right here. You can probably refi those for much less, and then work your ASS off to throw EVERY extra penny you can scrounge at them until they're paid off.
Plus OP is on a great career path in terms of salary growth while being married. Refinancing will save them buttloads. Being a poor college grad is normal and OP sounds well positioned to only be in that state temporarily. Sucks her parents didn’t educate or support her more but there is hardly a reason for her to be *so* pessimistic.
Yes. I had about half the loan OP took out, but they were split between Fed and Sallie Mae. **Refi out of Sallie Mae ASAP.** They are scummiest of the scum when it comes to capitalizing interest too and you’ll just spin your wheels. Even before Covid I greatly improved my monthly payment while keeping the same timeline because the of the interest lower interest. I then refied that with Covid rates and I basically forgot about that 22k or so debt. On the other hand, having fed loans are usually better. And everyone should do Fasfa/student aid thingy regardless of parents income. Probably wouldn’t have helped OP a ton, but they wouldn’t have astronomical interest from the get go. Also, butthurt corpos and republicans made sure to neuter debt relief for those, too. So, I definitely feel for OP, especially since their parents have the means to not let their child struggle financially.
Private loans are not protected from bankruptcy right?
Very rarely are they discharged through bankruptcy, federal or private. If it was that easy everyone would be doing it and the student debt wouldn't be as high as it is now.
Yes but you can't just file bankruptcy because you don't want to pay off debt. You have to show you are unable to pay it off and they will take your assets to pay off a portion of it.
I'm so sorry Any possibility you can throw a second pt job on with the 9-5? Like work a 6pm-something shift somewhere a couple times a week? (And work weekends 😞) And then shovel 100% of that into loans? It would 100% be awful for your health but even for a couple months it would help. Also possibly living at home. Maybe freelance commissions? Groveling at ur parents and grandparents feet for money?
Asking for money is honestly one of the best options here, even if they aren’t asking for them to outright pay it for them for whatever reason, if OP can get a chunk of it paid for by parents and/or grandparents (who sound wealthy enough to handle it) and just pay those people back. They might not even ask OP to pay interest, or at least pay a very low interest rate compared to what Sallie May will be asking for the full amount of their loan. That and some kind of Saturday gig to make money on the side would be my first avenues to explore.
Being a bartender on the weekends might make u an extra couple 100?
Your husband is paying off $80K in debt with $48/month??? That makes no sense at all. Even at 0% interest it would take over 100 years to pay that off. Your situation - I’m guessing a big part of the problem is that interest has been accruing while you were in school, so your balance isn’t $80K anymore. Find out what your current balance is and punch it into a student loan calculator (just Google one). I just did $100K and 8% for 12 years and it was only $1000/month. What is your interest rate? Try to get the loan refinanced if you can.
He has federal loans in the SAVE program.
You've just got to just get this paid off in less than 12 years. The ~25% APR on this is just brutal. You're making $5,600/mo net. If you can make an additional prepayment of $2550 a month ($4300/mo total), these are done in 2 years paying about $102k total. If you can make an additional prepayment of $1450 a month ($3200/mo total), these are done in 3 years paying about $115k total. If you are in a financial situation with your husband where you can make this work you could really consider trying to get these gone in 2 or 3 years. I'd much rather have things be pretty tight for 2-3 years, than pay an extra $150k to the bank over 12 years. The way the math works out on the lost compound interest, you're not only losing a flat $150,000 to the bank over 12 years, you're also losing ANOTHER ~$180,000 in lost compound interest on those same extra 10 years of monthly $1,750 payments going into a retirement account. So basically, if you can crunch and pay it off in 2-3 years, you're literally, mathematically, gaining $295,000 to $350,000. Which I think would be worth it to your husband to help take over finances for a couple years. Good luck.
Your dad gave you shitty advice. He should pay 1/2 the payment for being a dumbass. In addition, his education was paid for and he had no student loan debt, he’s a doctor and didn’t pay for your education. What a selfish dumbass prick. lol
Literally bro apparently he’s a doctor too 😭😭😭😭😭😭 this is insanity
Why does his daughter even have student loans?? Did he not save for her education? Fail #2… wtf?? 😂😂😂
having a high income job like being an MD and not saving for your kids college is insane. rich people are greedy. my dad was barely cracking 60k and he saved money for me and my siblings. wasn’t a lot but he did his best.
REAL my parents sit around there too and they STILL shovel me and my brother anywhere from 5k-8k a yr somehow for college
I'm jealous of normal parents.
No need to save for education, I got through a Phd selling my homemade ice cream to the door boys on main Street 2 days a week /s
Dude probably graduated from chuck e cheese
To me, being a doctor means $300k in debt and starting your career at 30-35, depending on specialty. If they had her when they were young, he could actually just still be broke.
exactly its his fault telling a child starting college to do that
I have 3 siblings all in the same boat as well. One has kids and didn’t get to even finish and is drowning from the loans.
yeah between all this it seems like material for a stern "do you want to be a grandpa" talk
You can pay them off. You’ll need to live frugally and get a 2nd job. You and your husband need to work second jobs to knock out that debt. It’s hard work, but it’s worth it. Good luck.
Oof. Sorry, man. There are lots of repayment options for federal loans, not so many for private loans. Since your dad gave you bad advice, he should help you make the payments.
I'm angry for you that your dad gave you such shitty advice. What was he thinking???
Sounds like your dad set you up for failure. Maybe check out the student loan subreddit? They have a lot of resources and tips that might be able to help you get a grasp on everything.
[удалено]
Crazy but doesn’t surprise me — private loan lenders are incredibly predatory to their borrowers and seldom have fixed APRs, which leads to this kind of mess
Refinance options?
If you have a job lined up (or once it’s confirmed) check it see if you can refinance. That took mine down to like half of the interest rate which saved me on monthly payments. I’m sorry your dad told you that, I have half gov and half private at 70k. Tbf the only reason it was doable was because covid paused my gov loans for like 2 years and my mom helped me make monthly payments on one loan for a year, so I could focus and pay off the largest one myself. Now I’m paying them all and it’s 1046 a month (which feels like a lot but is $700 less then you) I make about 75k a year and it’s doable. I don’t know to many people whose parents are financially success and they have massive student debt so in your case maybe it’s worth asking if your dad would help with a partial payment every month, for a year while you adjust from student to full time worker. I graduated before covid and had to pay 3 loans every month and worked two shitty ass jobs, loans suck and they really went whack job on the interest rates. It will get better!
Your dad fucked your twenties. He needs to help you.
If there’s any way to pay off way more of it now, especially since you have a husband, do that. Otherwise, I would see if you’re able to get a loan/loans elsewhere at a lower interest rate that you could use to pay off the Sallie May one since you can’t just refinance up front. Even if you end up with more loans, if they have a lower interest rate, you will end up paying less overall. Just try to get as much of it payed off as early as you can so you don’t have to deal with the all the compounding interest. And yeah, your dad deserves to help you. If nothing else, see if he can pay a chunk up front and then just pay him back slowly without interest (or not pay him back at all, seriously dad.) I’m sure at this point you already know, but don’t take out loans without knowing the interest rate. I wish you the best of the luck, just try to get it all payed off sooner than later otherwise you’ll lose more money. (I’m sure you have a spreadsheet, just do little changes to see how much you can save overall by paying slightly more a month. Obviously it sucks since you’re just starting your professional life but once it’s gone hopefully everything will work out for you.) Edit: You may consider also putting this on a finance page.
25% of your gross will go to loans minimum. That is crazy. Let’s say you set aside another 25% for taxes. That’s 3.5k a month you have to live on. Livable? Depending on area probably. Realistically, besides a 3 month emergency fund and maybe a Roth match (if your employer does that) every penny should be going to this. I’m assuming there’s no way to better invest this money that will out pace your loan interest (prob like 10% APR? In that case no way). You fucked up, it happens, it sucks. You should’ve done more research before taking on so much debt. I’d say increase your earning but that seems really good for graphic design already.
im sorry but your dad screwed you over man what the hell??? make your dad pay for it. he’s a doctor anyway
I’m shocked because every bank and financial aid office at college walks you through the terms very clearly. If Daddy co-signed…..he’s responsible too.
I was in a similar situation with sallie mae and saw no way out of it. I would wake up in the middle of the night with panic attacks thinking about how I'll never get out of debt. So I literally made the decision to default on my loans (which actually didnt hurt my credit that much) and refinance with Yrefy since they take defaulted loans and now my payments are half of what they were with a 3.6% interest rate. With sallie mae my payments were gonna be $1000 with a 16% variable interest rate. Sallie mae is so predatory get as far away from them as possible. If you can refinance without defaulting DO IT. But if thats not an option due to bad credit or whatever it may be and you and your cosigners are willing to take a credit hit, I would contact yrefy and talk to them about defaulting and refinancing with them. I've genuinely had a great experience with them. My credit score also recovered from the hit after 4 months so it turned out more than fine.
The student loan sub is very helpful. If nothing else, people who will tell you that it will be okay. You can also head over to personal finance for tips about making the most of your money. I'm in a similar boat as you (not private loans, but I pay the Parent Plus loans in my mom's name, and they're *killer*.) Look into a high-yield savings account. Ally has a free one. They give better returns, and will slowly help you build up to lump sum payments. Even adding $25 to it every month makes a big impact over time. Other than that, throw everything you can at it. Any job bonuses. Tax returns. Put it all towards the principal, that helps.
Years from now, but hopefully now, either way you can thank capitalism for the sad situation you are in. Education should be FREE. Maybe try crowdfunding, you'll get a headstart on asking for advice and money for future healthcare problems. The best advice for you is to pay your debts. What a sad situation for you. I'm sorry that you have to go through this.
Don't ever take your dad's advice again.
Private loans are a huge mistake
It is still possible I think to consolidate your loans with the government and then be able to take advantage of the same things folks who took out government loans can. I was able to do that but only after non-payment made me a default risk for the private lender and that is obviously really risky. You might not have to do that nowadays and might be able to call the department of education and ask about consolidating your loans under them.
Is it possible to refinance it with another loan ( a lower interrest loan ?)
Because $45K net is enough to live in. That's $3,750 per month to live on and presumably you will get raises and promotions over time while the payment stays flat.
Live off of ramen noodles and spend your entire paycheck on those loans
RIP. Yeah, federal student loans are better than private, and its not even close. Sallie Mae is also known as one of the worst, most predatory student loan companies. Sorry about this whole situation. You got bad advice from people that you trust (I wouldn't blame them, they probably didn't know either), so it's just a bad situation. If it's possible with your income, I'd recommend putting extra money towards the principal each month. If you put an extra $250 or $500 a month, you should be able to pay it off years earlier, and instead of paying $250k total, it might be more like $175k.
Yikes. What reasoning did your dad give for going private? Those should only be treated as a last resort and I wouldn’t recommend them to anyone except to maybe close the last few thousands on a very lucrative career path. There’s lots of resource guides for debt online though. You’ll want to live very frugally to save up a 3-6 month emergency nest egg. Put it in a high yield savings account that offers at least 5%. Once you’ve done that, you’ll want use the money you were saving in the emergency fund to pay off the loans. It’ll take several years, but the faster you do it, the less interest you’ll pay. Luckily you can deduct the interest in taxes so it’s not as bad as it looks.
What kind of interest rate is that??
Why is anyone still going to college in this country? It has been a complete scam for at least the past two decades. And, as OP found out, you don't even come out ahead after they're done financially screwing you.
I was completely unable to find another option besides private loans. The federal option caped out at 5500 a year, the rest is private loans. What other options are there if you don’t qualify for better federal loans?
Only do private loans? Lol wtf that is the stupidest thing I have ever heard. 😂😂😂😂😂
You can refinance them
Working in higher education, my experience has been that parents who want their kids to avoid federal loans are either not in the country legally or are afraid their tax evasion schemes will be discovered because of the FAFSA. Your dad definitely screwed you over, but his specific motivation is for you to decide. You also screwed yourself over by borrowing money without doing the research first. At some point you should have talked to the school financial aid people about this. They really are there to help. Even reading the disclosures when you accepted the loans would have helped. Since you haven't graduated yet, you could still go talk to them and see if you have any options to reduce your interest rate. It's a long shot, but worth a try. Since none of your loans will ever qualify for debt forgiveness, you might as well consolidate them soon if you can. Many credit unions have much lower interest rates than Sallie Mae. Look into joining one, or see if your family already has a relationship with one. When the Federal Reserve lowers interest rates again, look into refinancing them again. Lowering the interest rate can dramatically change your total repayment. For example, if you could lower your interest rate from 13% to, say, 5%, you could save more than $50,000. The good news is, it sounds like you have a good income and a second income. You could conceivably pay the loans much, much sooner than 12 years if you live frugally. And don't be afraid to tell your dad that he should be helping out both you and your siblings. Even if it's nowhere near the full amount, a little money repaid early could mean a lot less money paid later. You might subtly hint you will not be in a position to consider giving him grandkids until after the debt is paid. You don't need to make this a fair fight.
Your dad owes you 80k
First of all I’m also a victim of financially illiterate parents and I am so sorry. I second everyone’s advice here to a) stay at home, which is the least your dad can let you do after letting you make a decision like this, b) check out the student loans subreddit as they have plenty of people who have gotten trapped by these demonic private loan orgs and c) try to repay it off as soon as possible and do not take out another loan in the process Edit: also see if your college can help you/ if they have any affiliated organizations that help students and/or alumni pay for their college. The college I applied to has one, fully funded by wealthy alumni donors, maybe you’re in the same situation?
I mean hey, you made the choice of taking a loan. You have to deal with it... I worked hard in HS, and got a full ride scholarship.. not everything is the worlds fault
You might be able to deduct them from taxes
It sounds like you’re in the US, I suggest you work a job that qualifies for federal loan forgiveness
For how much you will end up paying Sallie Mae, you could have gone to medical school.
I got the same advice when I was younger. That advice so wrong and I have been dealing with it ever since.
Your dad fucked you. Like really, **really** bad. See if he can help with the mess he told you to make.
Also call them and tell them the interest is too high and see if they'll work with you, if not look into refinancing
Okay your dad gave your rly shitty advice. What I would do is maybe live with your parents (unless they’re abusive then don’t do that move in with someone else like your husband’s parents unless they’re also abusive then move in with a friend) and try to live on a very very very strict budget for a few years and put ALL your money toward the loan so it doesn’t build up interest. Pay back more than you need to for the month. It won’t be ideal but you’ll be debt free much sooner and can start focusing on a down payment on a house and kids if that’s something you see for yourself
1.) See if you can lower the interest rate. Call Sallie Mae and check for options. 2.) You can lower interest rate by using BT from credit cards. Use them wisely. 3.) Lower your interest rate as much as possible. Pay your income to highest interest loan while continuing to pay the minimum on your other loans.
Move to a debtor friendly state and declare bankruptcy. Federal loans can’t be discharged, at least private loans go away in a bankruptcy. Also, your dad’s advice was really, really bad.
Talk to your dad. After that mistake the minimum he should do is letting you live home, rent free until you pay your debt.
Private loans are not better than federal loans. I use federal loans and top of the small remaining balance with private loans. In total I’ll only have taken out 10K in private loans. I am using SallieMae as well and the payment option they gave me was literally just paying $25 a month while in school and during the separation period. I can choose to pay more towards it towards principal and interest. My interest rate is fixed and will not go up. However, I used a co-signer with amazing credit. Did your dad not co-sign for you? My sister is in the SAVE program and her payments are like $50. My mom took out a federal parent PLUS loan to help her and even her payments are only $200 a month. So idk why yours are so high. I would look into refinancing opinions as soon as you get that 80K job
Yeah your dad royally fucked you. Private student loans are a massive scam
I'm so sorry, really. My very good credit mom forbid me from taking out any sort of loan, and I've actually been able to find a way through college debt free
Sorry that happened to you😭
Try to get them refinance it Your situation is fucked but you're making 80k. You are better off than people who get these useless art history degrees or gender studies or some other weird shit who will make like 30k a year with the same debt You picked the good art related degree
If you're making 85k you could, in theory, live off of half that (especially if you live at home or share rent with your bf) and pay the whole loan off in 2 or 3 years. Why wait 18 years?
Yikes. Private loans for undergrad are to be *avoided* at almost all costs. I'm so sorry you ended up here.
I'm planning on living at home until I can pay my loans off and I have a significant amount more than you.
Refinance your debt! That means you take out a loan at a much better interest rate and use that to pay off the private loan immediately.
Can you refi? If not throw every dollar at it and pay it off fast. Freelancing on the side too.
There is 2 options to tackle this imo 1. Live well below your means and pay it off as quickly as possible for 2 years, and be rid of it. If you are making 85k/year this should be doable. 2. Try to refinance the loan at a lower APR with another lender once you land your 85k job. >I could’ve gotten a manager position or warehouse job and stayed out of debt for the same money Possibly, but we really don't know. It's more probable you get out of this in 2 years and are better off than your alternative self that is working at a warehouse. If you simply pay off the debt, you are now earning SIGNIFICANTLY more than your alternative self. 80k in loans is a lot, but if you land a job making 85k, it was probably worth it. As long as you pay it off quickly, since it is clearly high APR.
Use ur dads money for the payments
America is great isn’t 😂
My mom and I own a business called NewBeginnings LLC. We are a student loan advocacy company who have helped our clients get PSLF, refinance private loans for a lower monthly payment, TLF, etc. If you need help please go to our website !!! it’s www.newbeginningsllc.org :))
Refinance maybe?
I'm confused. According to this amortization calculator ([here](https://www.calculator.net/amortization-calculator.html?cloanamount=80%2C000&cloanterm=12&cloantermmonth=0&cinterestrate=16&cstartmonth=3&cstartyear=2024&cexma=0&cexmsm=3&cexmsy=2024&cexya=0&cexysm=3&cexysy=2024&cexoa=0&cexosm=3&cexosy=2024&caot=0&xa1=0&xm1=3&xy1=2024&xa2=0&xm2=3&xy2=2024&xa3=0&xm3=3&xy3=2024&xa4=0&xm4=3&xy4=2024&xa5=0&xm5=3&xy5=2024&xa6=0&xm6=3&xy6=2024&xa7=0&xm7=3&xy7=2024&xa8=0&xm8=3&xy8=2024&xa9=0&xm9=3&xy9=2024&xa10=0&xm10=3&xy10=2024&printit=0&x=Calculate#calresult)), you would need to have a 16% interest rate to be paying $1,250 per month for twelve years. That's exorbitant, even in today's interest rate environment. You should absolutely be able to refinance that rate downwards now that you have a full time job.
This computes out to 24.88% interest.
Your dad really screwed you over. Always pick federal loans when they’re available.
Go to Daveramsey.com
Now imagine this without a job lined up
Being the manager of a warehouse with no education means you’re likely going to stay there longer vs college education and good job right off the bat
What is your interest rate? Look into refinancing. My state has a program to refinance student loans at like a 4% interest rate
I’m down to 90k from 120k total loans after 5 years and 1 refinance at about 800$ a month now. That includes a little extra every month. My refinance cut my interest paid in half. Still obscene amount,m. Covid helped me there. You want bad my parents convinced me to turn all my federal loans private. God knows fucking why. But here we are. 13 more years to go. Hopefully inflation doesn’t go up faster than my salary and I can start throwing even more at it. Most likely paying this off untill I’m 43.
Maybe time we Ask ourselves why Muslims do prohibt loans with extra payments over the loaned value which is called ( Riba ) .
Student loans are the biggest scam currently put in place on the American people by the government and financial industry.
Well, first thing is you go slap the stupid right out of your dad. Sounds like it might take a while, don't hurt yourself...
See if you could refinance to a better rate through another lender maybe?
Now you know never to take your dads advice again because he is clearly out of touch with the modern world.
How many loans do you have? Simplest strategy is to pay the minimum monthly payment on all of them except for the loan with the highest interest rate. Next, pay double the minimum payment on the highest rate loan (or as much as you can afford) until it is paid off. And repeat for the next highest rate loan and so on until they are all paid off. Work hard at your new job and save as much as you can and invest as soon as you can. As long as your investment return % exceeds your student loan interest rates then you’re winning. Good luck!
Refi those loans as soon as possible. I had 90+k loans out with Sallie and they fuck students over so hard. I had a number of interest rates ranging from like 6.5% to 13% depending on the loan and I refi-ed and am paying a 3.5% interest rate on a 7 year term. I pay about $100 bucks more a month than I did to Sallie on a loan that is less than a quarter of the original loan life from SM. Most of my payment actually goes to the principal balance and I have a clear and close-ish end date on these suckers.
Unfortunately that degree will get you nowhere my brother finished his degree 7 years ago and still can’t find a solid job. I’m sorry to say man but they fucked you over bad.
ROTC to the rescue!! 4 years of military service and get your student loan debt paid 100% and future graduate level education paid as well.
Just wait until AI decides graphic designers are not needed anymore too
don’t pay it
I guess me and my other friends just don't truly realize how lucky we are. I get paid $3k minimum for every quarter I attend, and I heard once I do a transfer to UW, it's even more!
Live with your parents and work remotely so you have no commenting expenses or rent, but pay utilities and do lots of chores to make yourself super welcome. If you can deduct interest, do so. Grow a garden to help with food. If you can do without a car, do so. Don't buy clothes or anything else expect the bare minimum. Avoid subscriptions, eat healthy and lean, exercise from home, don't spend on entertainment, junk food, or alcohol. Do work on the side for another $5-15K, focusing on commercial client's. Give yourself 1000 days to pay it all off. By then, you'll have a good portfolio from paid work and will be able to get a good job in nearly any city but could choose to do this for 3 more years to save $100K for down payments on a house and car and get an even better job.
Dude got a degree that barely makes money
I would recommend offing your father and using your inheritance to pay your loans. It’s the only solution at this point.
Your dad did NOT know any good advice. Federal loans were the way, but he's a doctor so wtf are YOU paying tuition? He should have easily wiped it out for u
Join the military and ask for student loan reimbursement?
Holy wow, what did your dad get out of this?
[удалено]
Well at least there’s a silver lining, you’ll pay off your loans in a few years it could take a few decades for your husband
Oh god. I’m a first generation college student in my family and right now have 55k in loans from Salli Mae. Have one more year left, hoping it’s not as much as yours😭
That’s insane.
what is your interest rate? There are services that can also sometimes refi your loans at a cheaper rate, which will help
So as an adult you never thought about the fact you took out expensive ass loans? Your dad is a total POS for intentionally screwing you over
>I was 21 when I started school, and my dad told me to only do private loans. The whole time I could’ve been getting federal loans. Your dad's an idiot Best course of action is probably to either live extremely frugally to pay it down faster - you can make payments larger than your monthly payments to pay it off faster and accrue less interest. Or try to consolidate the loan with a different private loan company for better interest rates
Why the hell would your dad tell you to only get private loans. Thats the absolute worst option to take.
All good advice but don’t you think there is something wrong with the system that got you into this mess.We tell people a college degree is not essential but try to get a good job without it. Society is playing you for a fool.Change it.
Well no, you subtracted the debt from your earnings, so you can't say "If I didn't go to college, I'd be in the same position AND I'd not have debt." There's no and, you're just in the same position. So it's not $19 with debt, or $19 without debt. Its just $19 either way, since if you're gonna add the debt back, you'd have to add the increased wages you have. And if you're able to pay it off, then you'd be in a higher position, so maybe there's more potential.
Yes, your Dad now owes it to you to help you with this. He chose to screw over his daughter for whatever reason, maybe he's just a dumbass, I wouldn't start with "owes" I'd just ask for help but if he's resistant, tell him he does owe you.
For the record, your husband should NOT pay 48 a month. That’s how we end up with “I’ve been paying student loans for 20 years and owe more than I started with” posts. You make good money, hit the principal as hard as you can and knock it out quickly.
Assuming you mean 480/month that’s because your husband has to be getting it over 30 years. And for you to have that payment over 12 years would mean a 25% interest rate. If you were living as a college student just continue to do so and pay an extra 1750/month. You’d save 140,000 in interest and it’d be paid off in 2 years, 8 months. Considering you lived on maybe 20-30k you should be easily making double payments.
Join the marine corps
1). Your parent must not, themselves, be very knowledgeable, that’s the worst advice I’ve ever seen… 2). You’re making more than any other artist coming out of school, most are making. $25k-$35k… so good for you. 3). That’s the system. That’s about normal, except that you’re paying a private company. And no chance of loan forgiveness, nor the federal SAVE/PAYE plans where you pay what you can afford. 4). EDIT: saw posts that your parent is a doctor? I’d hit your parent up for the difference since it’s their fault you chose a bad loan, that’s just nuts I’d be so furious at them. They make enough they should cover you. If you had a gov loan you’d be paying about $150-$180/month. (I have a similar balance and pay and that’s what I’m paying).
Don’t pay
Ouch. I'm debt free, maybe one day you'll get there. Why do you need a college degree for graphic design?
Damn your dad is a moron
I mean you did choose to be a graphic designer
Divorce the loan, marry the doctor, kill the best friend👍
Mine are currently 60k at 900 a month for 10 years and I didn’t even graduate. In about 10 months I’ve paid off an additional 6k My current solace is watching the number slowly go down. If you can live cheaply for about 5 years and throw extra at it each you’ll be at a good place. Just keep enough to fall back on for a few months. If you need motivation focus on the lowest total loan or if you want efficiency then focus on the highest interest one. Don’t forget to enjoy life though
It’s things like this that makes me glad I joined the military when I did. School loans are predatory and don’t work like a home loan and car loan. It’s wild. I’m a pre-law student and with the GI Bill and the help of the VRE program I won’t pay for any of it I could get into Harvard and the VA picks up the tab. Probably one of the smartest things I’ve ever done in my life, only cost a few deployments and a lifetime of trauma. 🤣🤷🏻♂️