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OMG my student loans are out of control...

So i just pulled my free credit report from Equifax...and i want to cry!!! I had no choice but to take out loans for school, but seriously!! I could buy a small house for what I owe!! Okay not really but close..i want to cry!!! I dont even want to graduate knowing ill have all of this to pay back!! Im going to graduate worse off than i started it! any one else owe an arm and a leg?! Could i consolidate some of them?! What should i do?!


Asked by Anonymous at 3:27 PM on Jan. 2, 2010 in Money & Work

This question is closed.
Answers (12)
  • There is a program called the Income Based Repayment Plan that you can file for through your student assistance foundation, that lets you hold off on repayment after graduation until you are making enough to make the payments. Check into it.

    Answer by Iskkra at 11:15 PM on Jan. 2, 2010

  • I definately owe an arm and a leg! LOL And I'm too sick now to work outside of the home. You can look into consolidation, but a lot of places aren't doing that any more. My suggestion would be to find a part time job where all of the proceeds go to JUST student loans. Nothing else. And work on paying it off before you even have to start. It will make your premiums smaller later.

    Answer by Anonymous at 3:36 PM on Jan. 2, 2010

  • You probably can consolidate them. Also keep in mind student loans are usually at a much lower interest rate than any other kind of loan. Plus, you can pay them off very slowly. It sucks, but by going to school you are increasing your earning potential for the rest of your life. In the long run it will pay off.


    Answer by maxswolfsuit at 3:38 PM on Jan. 2, 2010

  • i owe more than an arm and a leg! and the really sad thing is when i got to the end of my major, it wasnt what i wanted. like, it physically made me sick (medical field). so i have to change, and its going to be more :( u can consolidate, and if u arent already paying on them, start now. if you have it defered until u graduate any payments will go towards principal, and in turn, you will lower the amount of interest you have to pay. plus, it will boost your credit score for being more responsible and making payment even though you dont have to.

    Answer by mrsjosey1018200 at 3:53 PM on Jan. 2, 2010

  • I'm sure you can consolidate. A good education is worth the money.

    Answer by Anonymous at 3:53 PM on Jan. 2, 2010

  • We're paying back sallie mae big time for two of our kids and we have another one upcoming in a couple of years. and they hound horribly if you miss a payment but they are very very nice on the phone they just call until a payment shows in their computers.

    I'd go onto sallie mae if any of your loans are federal and/or connected with them at all. It'd even be worth it to see - if they're not - maybe they can guide you in consolidating.

    We finally stopped taking out loans, our older two kids have loans that are separate from ours too. A big thing that's helped us with our second one in college is that it's a community college. We could not have survived at any four year college for two kids at once.

    If you're in a four year college now can you switch for a community college for a year or two to bring down your future loans cost? And also you might want to just scrap up interest payments now to jumpstart andnot waiton that.

    Answer by lfl at 3:56 PM on Jan. 2, 2010

  • No we don't owe that much, but we were headed in that direction. Our neighbors graduated from college and then couldn't find a better paying job so they were stuck making these massive payments, but making the same amount they were in college. So my husband and I decided that it was time to cash flow school and to pay off the student loans we did have (about $15,000 from only part of our Freshmen year) while we were still in school.

    I realize that that information might not be helpful at this point but you do have other options. You can stop getting student loans and try for scholarships. You can cash flow what you have left in your program. You can, like someone else suggested, get a part time job to help pay for that.

    We didn't think we had enough wiggle room in our budget to pay for college, and pay off student loans. But then we found Dave Ramsey. Check him out, or the Dave Ramsey group on CM. GOOD LUCK!

    Answer by Anonymous at 6:21 PM on Jan. 2, 2010

  • What does cash flow school mean? I'm going to go next year and can't qualify for a grant due to my husband's income. It's too high for help but not enough to cover school and daycare.

    Answer by Anonymous at 7:47 PM on Jan. 2, 2010

  • Cash flow means you pay for something as you go. So in this case school. Look over your budget and see what you can come up with. We can only afford to take 2 to 3 classes a semester, but we can do it year round. Of course we're also paying instate tuition so it's a little cheaper.

    A lot of local colleges offer full degrees online so you might not have to pay for day care. Also I'm fairly certain that you can get help with daycare on campus. So ask around.

    Answer by Anonymous at 9:29 PM on Jan. 2, 2010

  • It may sound bad, but I quit because of loans. I do not want to be in more debt after graduation, tha tis not my goal. No regrets :-)

    Answer by Anonymous at 10:44 PM on Jan. 2, 2010