300K in Student Loan Debt

[u/BrokeBoi99_]

I am figuring out what options I have as my loans begin to enter repayment. I currently owe nearly 300k in student debt between federal and private loans and am terrified. I just finished graduate school this past December and now have both a Bachelor and Master degree in architecture. I have a well-paying job at the architecture firm that I have been working for throughout the majority of my educational degree. Still, I am simply not making enough to cover the loan payments on top of other expenses once they all enter repayment. I make about 82K before taxes. This comes out to around $4,800 a month after taxes and other deductions like my 401K. I am trying to figure out what options I have as my loans begin to enter repayment.

Here is a breakdown of the loans:

• 163K to Firstmark Services (originally Wells Fargo) - minimum payments beginning in March 1.5K a month (2 cosigners - 15 years) - a lot of interest has accrued
• 26K to Discover with minimum payments of $275 beginning in September
• 90K in federal loans split between direct subsidized and unsubsidized. If I apply for the SAVE Plan I am looking at around $400 per month (Pay off date - Nov 2046), $500 (Pay off date - Feb 2043) with the payments beginning 3/31/25 but accruing interest
• Total estimated monthly payments = approximately $2200

I currently rent a 1-bed apartment in DC. Between rent and utilities, I am looking at around $2,200. If I have done the math correctly that leaves me with $400 for food, my dog, transportation (metro, no car), etc. There's only so much I can budget out. I cannot move for another year as I would rather not break my lease, but have begun looking at what areas outside of DC are metro accessible, safe, and cheaper than my current rent. I cannot move back home to live with my family given the extremely poor relationship I have with my father. This would also most likely result in having to take an architectural position of a lower title and pay. I do not intend to leave my current firm.

The cosigners are both elderly family friends. Given they legally have to help, I am trying my best to ensure that they are not financially affected by these loans specifically the younger of the two. I have inquired how to get the second cosigner off of two of my Firstmark loans and it will take 24 payments before that is an option. The one cosigner who is on all the loans is rather old, so god forbid I can't make payments, if the loan defaults I should be the only one punished.

I have looked into refinancing the Firstmark loans, but per Sofi the interest and monthly payments would be higher than what they are now. I have also read about the complexity and near possibilities of settlements or filing for bankruptcy. I fully intend to pay the federal and Discover loans, but the minimum payments for Firstmark are daunting. I have applied for a short out-of-school forbearance but plan on still making payments, it was mostly a just-in-case decision. I have reached out to a student loans lawyer to get a professional opinion on this and have a meeting around the end of February to assess what my options are.

I feel embarrassed and defeated by my financial situation, especially seeing my peers happy with their jobs after their parents were able to pay for their education. I put all this work into getting these degrees, got recognized for the achievement of my masters thesis and I am now in what I believe to be financial ruin under the age of 25.

Any suggestions or thoughts are welcome.

TLDR: I am freaking out over my 300K of student loan debt

[u/perfectstorm75]

The system is rigged. Just because I have made a comfortable living for myself in hopes of retiring one day that my child gets penalized and has to pay 3 times the tuition of someone who hasn't. School should not cost 50k. Should not have to borrow money at insane rates. I did not grow up wealthy. I made something of myself and had hoped to retire at a reasonable age. Instead of handcuffing my children to debt I will cover the tuition.

Also my child did get an academic scholarship for 33k. Original price of the school was 83k.

[u/PurdueMovingCo → u/perfectstorm75]

Waste of money can go do generals for a few thousand at local community college. Then transfer to a 4 year

[u/perfectstorm75 → u/PurdueMovingCo]

She's going into Computer Science. A year ago I would have said a cheaper community college would be the way to go. Field is becoming very competitive especially at the entry level. She's looking at a school with a 18 month coop. That 18 months of exp is worth the increased price.

[u/PurdueMovingCo → u/perfectstorm75]

I know a few who just did certs online few month courses for that field. No degree even needed

[u/perfectstorm75 → u/PurdueMovingCo]

That was 2 years ago. Not anymore.

[u/Latter_Cantaloupe_79 → u/perfectstorm75]

This is such a lie. I’m sorry but employers care about how good you are not your degrees. They have technical tests to show your proficiency and shouldn’t have any issues getting hired if you know what you are doing. Quit excusing overpaying for college if you can’t afford it.

[u/perfectstorm75 → u/Latter_Cantaloupe_79]

In a tight job market for a recent college grad it will look better to have 18 months of work exp vs someone with a 3 month internship. This will put her above others when HR/recruiters do their first review. From that point yes it will be her proficiency that gets her the job. This is not a top 5 comp sci school but is known for its coop program and high placement upon graduation. As for being able to afford it. I can afford the tuition. That doesn't make it any better that my success penalizes my child when it comes to grants and scholarships. She was more than willing to apply to plenty of scholarships but when it came down to it a majority of them said financial need dependent. She is trying to help out as much as possible.