student loan repayment

[nj593]

Hi Guys,
Well here is my question. I have over 48k in loans now which is driving me nuts and holding up my sleep :ack:
I want to go to grad school but it is becoming a very distant dream at this point because I can not afford it even after I graduate at any grad degree level with pay scales. Besides the commissioned corps and Peace Corp what other options do I have? I applied last night for commissioned corp but I think they seek out more grad and doctor levels in degrees than bachelors degrees. Peace Corp is kind of out of the question being that they need people out of the country and I can not leave my current job and family.
For those of you that are not in the military do you have any ideas or ideas of how you were going to pay off your loans?
My current loans are running in the $400's a month which is a huge chunk of my pay. I do not want to keep deferring them because it is affecting my credit score having all this as debt. Some of them show 160 days late also which were supposed to be deferred but were never processed.
Any ideas are appreciated.
Thanks
NJ

[alleycat]

You should really get on your loan originator to correct your 160 days late. If it was suppose to be deferred then it was suppose to be deferred. Also write to the credit bureaus and demand that they be corrected. Just tell them hey they were deferred not late. What might help also there is a new loan payment program

IBRinfo :: Help is here!

Go on the website and see if you qualify for any of the programs. It is income based repayment so that might help take a chunk out of your payments. Also you might want to think about finding some sort of employment that helps you with your student loan payments. There are jobs like that. Teaching is one such place. Also if you look at the loan repayment on the IBR website you will see that you hold certain types of jobs for 10 years your loan balance can be forgiven. But word to the wise, always check your credit and make sure you get your extentions/deferments in writing. If there is a problem with the way it shows up on your credit report always send a demand letter and get it fixed.

[cookderosa]

Hi Guys,
Well here is my question. I have over 48k in loans now which is driving me nuts and holding up my sleep :ack:
I want to go to grad school but it is becoming a very distant dream at this point because I can not afford it even after I graduate at any grad degree level with pay scales.
Any ideas are appreciated.
Thanks
NJ

This isn't the exactly the advice you want, but I'm going to say it anyway. It comes from a place of compassion in my heart. You need to pay down some of this debt before going to grad school. Please do not borrow any more money! As you know, student loans are the only kind of debt that you can not discharge- even in bankruptcy. Get on a budget - Dave Ramsey has an excellent one- and work on becoming debt free. Don't start grad school until you can pay cash.
Your education (loans) have become a burden not a blessing- and that was never what they should have become. LOT's of encouragement to you, I've been there. You can get out.

[CLEP101]

From reading your post, you probably don't want to join the military. But, in case you ever do decide to join, look at all the branches and see which one can keep you close to home. Or even the Reserves. Active duty will get you the Student Loan Repayment Program for up to $65K. I think the Reserves or National Guard is $20K. Its been a while since I was a recruiter, maybe the figures have changed. In any case, I wish you good luck in finding a way to work through this.

[bricabrac]

Hi NJ,

Not sure if you've been on this site:

Student Loans - FICO® Forums

maybe read through some of the posts and can get an idea on some of the current programs available for restructuring school loans.

I would concentrate on getting your lender to remove the lates notations from the credit bureaus while looking into possibly restructing into a lower monthly payment.

I second the comment on allowing your employer to foot the masters bill. That is exactly what I am going to do. The majority of pharmaceutical and insurance (Metlife, BCBS) companies have tuition reimbursement programs. Different reqs for the when and whats? With certain companies (usally the small ones) you only need to be past your probationary period (3-6mos) others you need to be on board for one year.

The only post requirement is once you have acquired the degree, you must remain with the company a certain number of years (usually two). In pharma you are usually laid off or the company is bought out within three-five years so no worries there. You could walk away free and clear with your masters.

Loosing sleep is not going to help, it only makes matters worse. You need to be well rested, especially in the current climate.

Hope you get this worked out to your benefit. Many blessings and good luck!

bb

[taylor]

Aw man, I knew pharmaceutical sales sounded too good to be true. I have a lot of sales experience and that is one of those well paid jobs with perks that require a degree that I was eyeballing. Layoffs and high turnover, no wonder there's so many openings banghead .

[bricabrac]

Aw man, I knew pharmaceutical sales sounded too good to be true. I have a lot of sales experience and that is one of those well paid jobs with perks that require a degree that I was eyeballing. Layoffs and high turnover, no wonder there's so many openings banghead .

Not at all...go for it! I've worked in the pharma industry just over 20 yrs and honestly, I wouldn't go anywhere else. First the pay is top notch. The perks are wonderful. And once you have a specialty area under your belt you are worth even bigger bucks. Sales is a high turnover position, especially for the low performers but if you are good at it and become one of the company "Stars", its all good. Your bonus (commission) checks will make you smile! Its not easy work by any stretch of the imagination but its a company car, gas allowance, mobile office set up, very nice annual and kick-off meetings. While busiting your hump to meet your quotas you will learn great skills that you can take anywhere. The health industry is going nowhere, we will always need a pill or patch or ...

[taylor]

Not at all...go for it! I've worked in the pharma industry just over 20 yrs and honestly, I wouldn't go anywhere else. First the pay is top notch. The perks are wonderful. And once you have a specialty area under your belt you are worth even bigger bucks. Sales is a high turnover position, especially for the low performers but if you are good at it and become one of the company "Stars", its all good. Your bonus (commission) checks will make you smile! Its not easy work by any stretch of the imagination but its a company car, gas allowance, mobile office set up, very nice annual and kick-off meetings. While busiting your hump to meet your quotas you will learn great skills that you can take anywhere. The health industry is going nowhere, we will always need a pill or patch or ...

Woa, you have a lot of experience under your belt. I've sold a lot of simple products in the past but selling drugs sounds a lot more complex considering I'm not much of a science guy. I do know one guy in the field who seems to do really well...clears 6 figures, company car, and seems to have a lot of time to work on his golf game. Glad you're happy in the industry and thanks for the info.

[rickyjo]

I 2nd the motion to demand a correction from the credit bureaus that should be your top priority. You can probably get that fixed especially if the loan company acknowledges their mistake.

I don't think that degrees higher than a 4 year generally net enough extra money to justify going to school with that much debt. It depends on your motivation, but if money plays much of a part at all I think you will have more of it by paying your debt than getting another degree by a long shot.

Weren't you investigating IT certs? If you want to continue your education do that first. You can buy a book and pay for a test it will cost very little for the time being. That way you can keep getting formally educated and dispense with the debt.

[taylor]

I think this is all good advice. Up until a few years ago I pretty much convinced myself that debt. was a necessary evil. However, after a failed business venture I realize you always have to control your money and not the other way around. After cutting my lifestyle way back and paying off all my debts. I realized I could sleep 8 hours straight as opposed to racking my brain every night trying to find solutions for money problems. That's a very dark place to be but with determination and hard work you can get out of it.