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Re: I [messed] up - Now what? ($200k in student loan debt, e

You forgot - 1a. Reduce expenses. For instance searching for "studio" and <$500 on Chicago Craigslist returned 193 listings just now. Remember how many months sooner the debt can be paid with $500 extra/month? Freedom about 15 years earlier than your current pace. Just sayin'. Budget is l...
by whoopsy
Fri May 17, 2013 8:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I [messed] up - Now what? ($200k in student loan debt, e

So, in conclusion, my best options are: 1. Make more money. 2. Bankruptcy. 3. Remain hopeful. Everything else has been addressed either in the topic or in replies: 7pm 5/14, 5/16 at 7:45am and 8:15am. And on 5/17 at 1:46am. Thank you all for your suggestions. I read them all, and will continue to re...
by whoopsy
Fri May 17, 2013 6:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I [messed] up - Now what? ($200k in student loan debt, e

OP what were you considering getting another degree in? Unlike others I actually think returning to school for something like a nursing degree could be valuable. There's another thread that suggested graduates could command close to 100k with overtime, bonuses etc. However I don't necessarily think...
by whoopsy
Fri May 17, 2013 1:46 am
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I [messed] up - Now what? ($200k in student loan debt, e

So half the loans are eligible for Public Service Loan Forgiveness and Incentive Based Repayment, no? I'd pursue that and try to increase your income to get rid of the rest. +1 this Only thing is, OP needs to get a job at a non-profit to qualify for the PSLF. Can still do Income Based Repayment and...
by whoopsy
Thu May 16, 2013 5:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I [messed] up - Now what? ($200k in student loan debt, e

Why is Sallie Mae unable to adjust the 7% variable to a lower fixed rate? It's done for mortgages all the time through use of a swap. There is a cost for the swap, but that is usually nominal <$1,000. Have you tried to obtain a refinancing of the variable rate loan with another provider, say Discov...
by whoopsy
Thu May 16, 2013 8:15 am
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I [messed] up - Now what? ($200k in student loan debt, e

Some more information might be helpful here if you are looking for specific advice beyond making more money. For example: Student loan 1: $xx,xxx, private, Sallie Mae, 7% variable Student loan 2: $xx,xxx, subsidized Stafford, 5% fixed, currently in deferment Student loan 3: $x,xxx, Perkins, 6% fixe...
by whoopsy
Thu May 16, 2013 8:02 am
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I [messed] up - Now what? ($200k in student loan debt, e

whoopsy, or the OP, has two total posts on this forum. Both of them in this topic. And he has not come back to this topic since two days ago? I'm reading. I think my 2 best options are either: 1. Bankruptcy (even though I only have student loan debt), or 2. Finding a higher paying job, or better ye...
by whoopsy
Thu May 16, 2013 7:45 am
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

Re: I screwed up - Now what? ($200k in student loan debt, e

Do you have a job? How much do you make? What are your expenses? I made around 50k before going on disability with a seizure disorder. Disability pays $1400 a month and I hope I'll be off of that within a year. I called Sallie Mae and my other lenders. $1000 a month is as low as they will go. I can...
by whoopsy
Tue May 14, 2013 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

I [messed] up - Now what? ($200k in student loan debt, etc.)

I admit that I've made some bad decisions. I am 37 years old. Have only an English degree. And am in $200k of student loan debt. Half of that is non-federal at about 7% interest variable. How this happened is that I was a 18 year old homeless teenager when I got into a private university. Although I...
by whoopsy
Tue May 14, 2013 5:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: I [messed] up - Now what? ($200k in student loan debt, etc.)
Replies: 117
Views: 9573

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