Damn Student Loans!

I have probably about $10,000 worth of debt from student loans, my car loan, and credit card debt that I have amassed being a student. It's to the point where I have to decide between going to school this year or taking a year off to pay everything off before I earn just as much in interest. Anybody been through this and found a way out? The lottery isn't exactly screaming my name...
KarmaFred KarmaFred
18-21, F
4 Responses May 9, 2007

I was in trouble with payday loan and don't know what to do but my brother in law told me about a payday loan consolidation company called Be Free Financial, I gave them a call and talk to Will he assisted me and explained how the program works, now i'm saving 100's per month on my payments. Call 407-949-0305

I think this depends on what kind of student you are. Are you a "wandering" student? Have you changed majors often and are unsure of what you really want from life? Or are you studying something useful, without quitting, getting good grades, and have a real plan for after graduation?<br />
<br />
The thing is, 10,000 might feel oppressive, but its not that bad. If you are a focused student, then STOP putting things on a credit card, and finish your education. You will be more in debt at the end, but if you have your ducks in a row it will be worth it. <br />
<br />
If on the other hand, the first description fits you, and you really aren't sure you'll have a job when you're done (or you have no idea what that job will be), then stop putting yourself further into debt. Take a year (or two) to work and live and pay down your debt, and figure out what you want. Educational debt is only good debt when you are certain that degree will mean something in the end (it is NOT a guarantee, I have a b.s. in political science that employers aren't really interested in). <br />
<br />
Good luck!

Student loans are offered as a great opportunity to millions to set yourself up for long time success. On the other hand they do have a way of increasing stress and the amount needed to make to pay back what is owed. I do understand this problem, having been there myself. Best advice is to contiue with your education, unless you are in a situation of default on these loans. After finishing your studies you can consolidate these loans which makes the payment less daunting. Good luck.

I am sorry that I can't offer much advise other than pay off the credit cards first. They are "bad debt" while student loans are "good debt". I hope someone more knowledgeable on this subject comes along to help. Best of luck!