{ "media_type": "text", "post_content": "I have over $160k in student loans (different career -mba-). Married someone who had close to the same amt of loans (medical field). Should we just wing it with the 25yr forgiveness program? Or hope it eventually gets dissolved (doubt it) by some president? Or should I just start paying? I see no possible benefit to paying considering an accruing 7,8% interest. These loans are insane. Any advice besides faking my own death?", "post_id": "5fcd799ac09fde001a114932", "reply_count": 44, "vote_count": 3, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising", "feed_type": "crowd" }
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I have over $160k in student loans (different career -mba-). Married someone who had close to the same amt of loans (medical field). Should we just wing it with the 25yr forgiveness program? Or hope it eventually gets dissolved (doubt it) by some president? Or should I just start paying? I see no possible benefit to paying considering an accruing 7,8% interest. These loans are insane. Any advice besides faking my own death?

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Consolidate, and get those interest rates down. We were in the same boat - had $350k in student loans. Husband worked in non-profit but made just a little bit over the forgiveness max. So we hustled for 6.5 years and paid it all off. There were a lot of days that it felt impossible. But we did it — and along the way, saved enough for our first home (a very small apartment) that we parlayed into a larger apartment and then into a house, and had our first 2 kids. It’s hard but totally possible!

likeupliftingsmart

Very admirable. Very. Wish you guys the best. That’s awesome.

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You should start paying. I’m all for loan forgiveness in certain cases, but you elected to get the MBA which you should have weighed out well before applying. In addition, 90k is an incredible(!) salary. You have the means, so be responsible. Just because you made a mistakes doesn’t mean you get to pass off responsibility. I make 30k less than you and live an incredibly comfortable life. Figure out how to live within your means, look into Dave Ramsay, and take responsibility for your actions.

Your case about taxpayer dollars being spent exorbitantly overseas has no bearing over your scholastic choices. It doesn’t negate YOUR debt— your responsibility— what YOU owe based on your own choices. It’s frustrating that you made the comparison and it honestly sounds a bit selfish, like you think you’re owed a free pass because student loans aren’t fair. The MBA loans are totally fair— you opted in! You make 90k and don’t want to change your lifestyle?

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Dude defaulting on unproductive debt is like basic life tactics.

I'm not sure why morals keep coming into this...

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Do the responsible thing and make your payments, especially if you're working. I had $80k in loans, still paying it off 20 years later, but always paid as long as I was working. Clearly, you made some poor decisions getting an MBA, but that doesn't mean you should pass off your responsibility on taxpayers.

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Do you plan to buy a home in the future? If yes, then absolutely do not neglect your student loan debt. It’ll throw a huge wrench in that process. And banking on 100% forgiveness after how close this presidential election was doesn’t seem like sound logic. For something like that to ever happen it would require as much, if not more, political capital than pushing the ACA through took. I honestly wouldn’t count on that balance of power happening again anytime in the next decade or two.

likeuplifting

You’re living above your means. Start making some cuts, now.

Look up Gordon Ramsay videos.
Start budgeting.

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Yeah this reads as if your tapping a silver spoon while you’re responding to everyone. I know loans suck but expecting taxpayer money to make up for your poor choice is something you’ll reconsider once you buy a home and become a taxpayer yourself.

Ultimately use this as a learning experience. Your talk of travel and such reads like someone living frivolously given your debt. I’d suggest reevaluating your spend in general. As someone your age who’s in the final stretch of paying my loans off your POV on this situation is slightly enraging.

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Move off the grid to a third world country. South Africa has some nice agencies.

funnylike

Just read through the comments. Wait, why are you saving for a house when you have that much student loan debt? No bank is going to give you a mortgage when you owe 320k. Seems like you should use that cash to pay down your loans...

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Yep - it’s a bit of a TBD. I was on the phone with the loan servicer this morning and they said that it only (mostly?) affects you when the loan is in default. So, who knows...

As someone who hustled their butt off and lived below their means fo a long time just to pay back their student loans,you are really pissing me off. I also had a 6 figure debt, but I repaid it. It’s not as if you didn’t know how much you were spending and that you had to pay it back. Cut your expenses and figure it out.

likefunny

Refinance your home at 3% or so, take money out to pay down your student loan.
Or, you know, find a rich uncle. preferably one who just won the lottery.

funny

Interesting approach. Thanks. Although we are actually trying to save for our first home, which adds another layer to the equation.

Also, lost my job during the pandemic. Landed a new one with a decent salary of 90k but need to pay off credit cards that went over 30% utilization rate for the first time ever due to my unemployment.

If it helps, I live in a state that doesnt have state income tax.

Firstly, what’s your age? Then, is your partners career as a Doctor or another extremely well paid job in the medical field?

Im 35

Partner is just starting their career, but hopefully they can get a decent salary. But it isn’t one of those +$250k jobs... maybe, but not certain.

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Private or federal?

Federal

Is it private or federal student loan?

Fed

How would you wing it with a 25 year forgiveness program? What is this program???

Pay on-time for 20yrs (undergrad loan) or for 25yrs (grad loan) and whatever is left is forgiven. You pay taxes on what was forgiven, though.

Also, this is a loan you cannot default on. So technically, I’m paying it back. The question is more towards whether it makes sense to:

A) Live like a hobbo for 7-10yrs and pay it off

Or

B) Pay the minimum for 25yrs. This might end up being a lot more than the original loan, but with the immediate benefit of lower monthly payments and a much more flexible cash flow on hand to live life like a normal person.

What is this 25 yr plan? Just asking because I’m in an 80k loan and making payments of $1000 a month. Which is a lot based on my current salary. I believe that’s the minimum I can pay per month. Where can I find information about this 25yr ...?

I just explained in another comment above. Call your loan servicer. A thousand dollars a month is insane for a mid-level creative (and even a senior).

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As a freelance senior copywriter I’ll be able to pay off $40k in debt this year. Tighten your belt and get it done, my dad tried to ignore his debt in the hopes it would go away and he ended up going bankrupt. Now I am the one who has to co-sign my siblings loans.

Thanks for that note.

Aside from putting money aside, I feel like when a debt is that big like mine, there has to be a much more strategical way of shooting it down... like, investing in something and then four years later putting all of those capital gains into the debt

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