ProfessorX wrote: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?
Since college, I've been making between 30k and 50k and paying about $1000 a month toward the private non-federal loans. The federal loans have been in a lot of deferments and forebearances. My financial scenario has been what I described in my last post, 7pm 5/14. I stayed at the 50k job for years trying to build an emergency fund before moving on. Then the disability happened. Hopefully that will subside by the end of the year. And that's another story.
I think my 2 best options are either: 1. Bankruptcy (even though I only have student loan debt),
Bankruptcy with US student loans does not protect you, AFAIK. You need a good lawyer here- -see the comments about 'onerous' loans. You'll have to persuade the courts this is onerous. A lot to rest on the mercy of one judge.
I would consider the bankrupcty route but only with good legal advice. If it is not going to significantly reduce your debt, then it is not a good option.
Another option is simply to accept in life you are going to be servicing this debt-- like an additional tax.
or 2. Finding a higher paying job, or better yet a career track, which will probably require a graduate degree. (#1 might prevent #2. And maybe #2 would prevent #1?) I considered teaching and the pay doesn't look like it will help the private loan problem where there's no loan forgiveness.
I am all for finding a better job, but don't take on more debt to do it. Qualifications don't teach you to do a job, they just get you a chance with an organization to learn how to do that job. At your age an MBA or whatever is not necessarily going to lead to a better job. Some kinds of certification (eg on CISCO or Microsoft software) might directly lead to higher paying work. Or start something in your spare time like a tutoring business, or fixing peoples PC problems.
If there are US Federal categories where you get loan forgiveness it is something to look into. Peace Corps is too stressful for someone of your age.
To be honest if you could get a secure government job (recognizing there are none such now) even at a relatively low income that might be your best alternative. The loan interest would be a tax on you for the rest of your life, but you would have civil service benefits, pension, healthcare etc. You would never create any wealth in your life, personally, but you would always have an income, a modest roof, enough to eat.
Despite what posters here suggest, the life of an international English teacher is low wages and difficult. Do not go to Dubai (in Dubai there is no bankruptcy law, they throw people in prison for undischarged debts). The international Cambridge TESL qualification is challenging, but recognized (you get a report book that you take with you from school to school). There may be others.
Expat life is anything but a breeze. We tend to see the high end, the people who have significant capital and/ or a home country income (eg pension-- police retire at 50) and move to Spain, Thailand, Goa or whatever. But there are always a set of desperately poor, often quasi-homeless foreigners living in these places, often 1 step ahead of the police. Think Humphrey Bogart in Treasure of Sierra Madre
, begging from American visitors.I want to express my sympathy to you. You basically got screwed by the system at a time when you were young and very vulnerable. In a way, as if someone had sold you off to a brothel or indentured servitude. Many of the posters here will be or are unsympathetic, but that is your situation and I do believe we cannot hold people overly accountable for ill informed choices they made when they were 18*.
With more information presented (and a slightly less rueful or defensive tone) you might get more practical help than I can give (that's almost certainly the case re my thoughts).
Lay it out flat 'I am in a jam . Do you have any constructive suggestions'.
But this is how the system works, and you've got to work with it.
* the number of people who told me they were 'saved' at 18 from a life of crime and or poverty. Either by a mentor figure that steered them into some area where they found a calling, or by military service. Almost always there is a strong parental figure (parole officer, army sergeant, family friend, local shopkeeper who gave them an afterwork job) who substituted for what was not given by the real parents or the system.