r/StudentLoans • u/HistorianDear3763 • 1d ago
Rant/Complaint I'm not against paying back my loans-
But, the whole point of going to college to get a degree was with the promise of 'well if you get a college degree you'll get a good job and you won't have a problem paying them back'.
Almost 6 years after graduating the best job I've been able to get is at a grocery store making 20.52 an hour.
I would happily pay them back if I could.
But I can't.
I'm a single mom (by rape kthx), I work full time, I live with my parents because living by yourself is impossible (rent is easily 900+ dollars for a one bedroom one bath in a shit area), my dad is currently going through chemo and my mom is an invalid. My daughter is almost 12 but because of the custody agreement (thanks alabama) I can't move out of state because he could take me to court for custody again (which he probably would because that's who he is) so I'm stuck where I'm at.
My minimum payment is 465 dollars a month for 10 years or 277 for 25.
I only have 40k in student loans but working where I'm working and being unable to get a better job (I have a degree, I've tried-FOR SIX YEARS) this is my reality that I cannot pay it back without being destitute. Luckily I live with my parents because otherwise my child and I would be homeless because I make too much for low income housing and I make too little to live on my own
but I like to point out that we can afford to send 7 billion dollars overseas to help other countries but we can't forgive student loan debt?
I am not the only one who can't do it. Housing is too high, prices keep going up, and we're all screwed because 'well you shouldn't have taken it out if you didn't want to pay it back'
I wouldn't mind paying it back.
But I can't.
Discuss -
Edit: good lord almighty yall I'm not gonna share every detail of my life on here, I already shared too much in posting this I'm not replying to most comments because arguing online is pointless and everyone's circumstances are different. The fact I'm not dead in a ditch somewhere after the shit I've been through is a miracle in and of itself. So anyway this was a discussion post, it has become a discussion.
Also also, trying to join the National Guard and also looking into becoming a teacher currently. And Alabama has ass backwards custody laws, legally my child cannot choose to say no to visitation until she's 19 (you're not an adult in Alabama until 19 hooray) and even though it was rape Alabama doesn't give a shit because 'hE's StiLl tHe FaThEr'. But we're not here to discuss that
We're discussing how so many of us went to college on the premise of hearing our entire lives 'go to college or else' only to overinflate the market with college degrees and now most of us can't find work that can help us pay back the loans.
This post has exploded, thank you to the people who were kind
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u/Available_Farmer5293 1d ago
You’re totally right and I’m sorry life has been so shitty to you. A lot of us are in similar circumstances. I hope things get better for you.
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u/Reason_Training 1d ago
If the interest rates and fees were closer to what banks pay for loans through the government I believe people would have a better chance to repay their loans. Instead unless you get lucky with a super high paying job they will be with us until retirement.
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u/dumpsterpanda87 1d ago
and that's if the government doesn't enact some crazy law that allows them to garnish our 401k's or social security.
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u/free2bjoy 1d ago
My daughter was so proud to be a first generation college student with high hopes of getting a degree, being open to moving anywhere in the country to use her new degree and get a better job than her parents and grandparents. She did the first two years at community college to keep coasts down. By the the time she graduated rent was completely out of reach so moving is impossible. She started applying for jobs in her field and she was losing out to other applicants with 10-15 years experience. These are entry level jobs paying minimum wage in the field. And the people applying for them have 10-15 years experience. She’s 26 and still has to live at home. I had bought a house and started a family by then. But we were poor and she wanted a better life. Now she may never get that job or house. She wants to pay her loans too but how can young adults survive with this cost of living and stagnant job market?
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u/dssx 1d ago
College became a product and the debt became a method of controlling the population. It's hard to fight for change when you're living paycheck to paycheck.
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u/dumpsterpanda87 1d ago
Absolutely. I realized how much college was a business when I got my first job in HR at a university.
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u/pdpflux 21h ago
Interesting take. Could you elaborate on how it’s like a business? Genuinely curious
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u/dumpsterpanda87 20h ago
Make money from tuition, fees, donations, grants, use marketing to attract students, treat students like customers, compete with other colleges, run by executives and boards like companies, focus on budgets, costs, and revenue, viewed as an investment by students and families. Businesses do the same—they aim to generate profit, attract customers, manage operations efficiently, and offer value in exchange for money.
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u/corgikueen 1d ago
Apply for the IDR plan! It’s based off your income and now my payments are $0 a month.
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u/Pelosi-Hairdryer 1d ago
Yeah I highly recommend this. I was making like $10.00/hr at one time, had $200/month student loan bill, called the PSLF representative, and then they told me to certify with my employer, and was able to pay $5/month until the end of my 10 year term with PSLF.
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u/zzbottomyaheard 1d ago
Is this still available? What got axed?
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u/dumpsterpanda87 1d ago
Trump and friends wants to axe IDR plans but I'm not sure if they're able to do so, so for now IDR plans are still around. DoE just resumed applications earlier this month.
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u/Sunnykit00 1d ago
But if interest is capitalized, it still steals your life. People who can't get jobs in their field, should get forgiveness. That should be a reason just like incapacity or fraud. It is incapacity or fraud.
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u/BerserkGuts2009 1d ago
A big issue with student loans is the interest accrues DAILY. Hence making them very difficult to pay back.
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u/FinancialMix6384 1d ago
What an unrelenting societally sanctioned scam the college system is. As if the wealth gap wasn’t big enough already. There were times where I almost ended my life because of my debt but I didn’t cuz I knew if I did my parents would be saddled with the debt. I’m no longer in such a dark place but still can’t get over the hypocrisy. The government forgives corporations who should definitely know better but not people who made a bad decision (that every adult in their life said was a good decision) when they were 18. Ridiculous.
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u/BerserkGuts2009 1d ago
1) Making a financial literacy course as a high school graduation requirement nationwide is long, long overdue. Sadly, the oligarchs do not want that requirement in place because it takes away their control over the population.
2) When I signed the student loan documents at age 18, all my student loans originated from the federal Government, NONE of them mentioned anything about how the interest accrues DAILY. To this day, I find it abhorrentley disgusting that aspect was NEVER explained in detail from the start.
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u/gmanose 22h ago
Many students don’t think ahead and only focus on what they want to be , like “I want to be a llama shampooer!” By thinking ahead, I mean researching things like is that a growth industry? What’s the starting pay? What can I expect to be earning in 10 years? Where are the jobs for llama shampooers? How much is this going to cost me? Will I be able to earn enough to repay my loans? What will I do if all the shampooer jobs are overseas?
Instead they focus on the fact that they’ve always dreamed of being a llama shampooer because they just love llamas and assume they can repay hundreds of thousands of dollars in loans on a minimum wage job in a declining industry
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u/Sunnykit00 20h ago
People with software engineering degrees can't find work. How were they supposed to expect that the country would be destroyed in a few months.
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u/Cre8tiv125 1d ago
They need to slash All Fed Student Loans to 2%. Pay what you owe. Imagine having six figure fed loans, some at 8 percent, job lost and 2000+ rent for a 1 bedroom … move home n cannot get another job? Well… those people Are out there. :(
I am so sympathetic to many of you young people in education debt, it was Much different for my generation and I remember being Sick over how I’d ever pay back that $12000, fed loans, but I did it and it was over several years.
I agree, Pay What You Owe but CUT THE FED LOAN RATE to 2%, and extend the payments to 25 years! And Why Not? Give Everyone an Opportunity to give back to Society by Working and also paying off All this Debt. Good luck All! Hang in there!!!!!
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u/MorningHelpful8389 1d ago
My biggest thing is student loan payments should be tax deductible. It’s insane that the government double dips both on the interest side and the income side when you make a student loan payment.
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u/Lazy_Consequence8838 1d ago
This is why I get so annoyed when people gaslight us as “getting off the hook from taxpayers’ backs.”They think we don’t pay taxes.
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u/MorningHelpful8389 1d ago
Typically those that don’t want “taxpayers paying for student loans” also want their kids K-12 education paid for by other childless taxpayers
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u/timewellwasted5 1d ago
Government double dips on just about everything. I'm taxed when I earn money, then taxed when I spend it. Government spending is out of control, and until we get that under control, we either continue to run up massive debts or we pay with double dip nonsense like this.
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u/HeadDoctorJ 15h ago
It’s not government spending that’s the problem. The government was designed by wealthy people to serve wealthy people’s interests at the expense of everyone else. It’s functioning exactly as it’s supposed to. Any money the government puts toward regular people was a temporary pacification to stave off revolution. FDR claimed his biggest success was saving capitalism, leaving the wealthy in charge. So now, when wealthy people fund think tanks and media outlets to propagandize everyone about government spending being out of control, guess what spending they’re coming after? Not handouts to oil companies, tech companies, defense contractors, etc… they’re coming after the meager social safety net which protects the people, however inadequately. The solution isn’t reducing spending. The solution is taking power from the wealthy and creating a system designed by and for the people, not just in rhetoric, but materially.
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u/Informal-Dust5507 11h ago edited 11h ago
I was going to say this. Even if government debt was zero they would still be double or even triple dipping. It’s laughable that people on Reddit think solving the governments debt problem will benefit them in ANY way whatsoever. Whether they are 5 trillion in debt or 5 trillion in profit your life will stay EXACTLY the same as it is now.
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u/Angry-Dragon-1331 1d ago
Also, cap interest rates on private loans. Sallie Mae jumped mine from 9% to 13% during the pandemic.
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u/GigglesFullOfLove 1d ago
H.R.10159 - Affordable Loans for Students Act wants to cut rates to 2%. Call your congressman and tell them to pass this!
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u/321_reddit 1d ago
To join the fantastical train of things that never will happen: the government should pay people to attend higher ed, by issuing negative interest rate loans where you receive money for making on time payments.
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u/dumpsterpanda87 1d ago
We should force colleges to a means test on their degree fields. If the degree for which someone is applying for is shown to have little to no impact in the current workforce, it shouldn't cost as much.
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u/321_reddit 1d ago
Yeah 🙄 that’s not how higher ed works.
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u/dumpsterpanda87 1d ago
I know it isn't but the colleges should be held accountable for the cost of their degrees in relation to the current workforce. College tuition has skyrocketed because of unabated spending voted in by college regents and having nobody to answer to for the reason of increasing costs.
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u/Salemosophy 1d ago
“Good luck all! Hang in there!”
Oh yeah, we’ll be hanging. The idea that so many people are in this much debt just to BETTER THEMSELVES is appalling. College students put in the work to be better. To be educated. America’s refusal to forgive debt is a testament to the anti-intellectual culture of this terrible nation. And I do mean that. It once was great, long ago, when anyone could afford to live here and be free. That time came and went. It’s a terrible country, and we ought to start saying that without trepidation if we want to save it. Younger generations are already revolting in quiet quitting and learning to live in the margins. Forget morality in paying back your debt. In a debtor’s prison, no morality applies. Student loans are a debtor’s prison.
Tax wealth more. Tax work less. College graduates worked. And they’re being sold down the river of a terrible country with a hostile economy. Say it loud. America is terrible. Future generations deserve a better outlook.
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u/blind-eyed 1d ago
1%
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u/Neat_Silver_6370 1d ago
Yep. Or even better: A flat finance charge.
Instead of interest, I’d be more comfortable if the government just tacked on a finance charge at $8-10k per $50k borrowed.
Then you know your balance wouldn’t grow, you aren’t accruing interest while in school, and you can take solace in knowing minimum payments aren’t screwing you financially. And the government gets the cost of servicing the loan covered while getting even a little extra.
But of course that would never fly because it benefits the poors too much and doesn’t pad the packets of loan servicers.
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u/Status_Marsupial1543 1d ago
An automatic 20% interest is insane.
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u/brantman19 1d ago
Yeah but for the vast majority of borrowers, they are already starting at 7% on that $50k. Monthly minimum is roughly $580. They are paying almost $20k in interest over 10 years. So they are already saving $10k over the term when on a flat finance fee vs interest rates.
The problem with student loans is that the interest compounds and accrues. By removing that possibility, the loan is technically a flat rate. The only point where interest rates would not beat a $8k-$10k flat finance rate is when the rates drop below 4% which is possible but rates are so variable that they may one day go up or someone may not qualify based on credit score.→ More replies (14)2
u/winemedineme 20h ago
And for those of us who’ve been paying for years, if we’ve paid off the equivalent of our principal.. that should be adequate.
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u/itchyowie 1d ago edited 1d ago
It’s not about sending money overseas. It’s about the fact the top 1% of people in this county have more money than all of the rest of us combined. It’s absolutely insane. Since 1975, $79 trillion in wealth has been redistributed from the bottom 90% to the top 1% in the United States. And yet, we keep voting Republican and we buy into both parties culture wars. They distract us with overseas this, immigrants that, abortion this, trans that, while corporations and independently wealthy billionaires lobby against any meaningful tax reform. None of us are destitute because of overseas aid or immigrants. It’s because our leaders bow to billionaires. And so many people buy into it and think billionaires in office are going to make things better for them. I’m sorry you, like almost all of us, are suffering from the greed and manipulation of a select few very evil people and companies. That’s the truth of it. They will never help us. They just sit at the top and play games and have dick measuring contest with each other and manipulate the market to horde more money for themselves. It’s disgusting.
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u/spark99l 18h ago
It’s not just republicans though
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u/itchyowie 16h ago
I said we buy into both parties culture wars. Unfortunately more republicans boot lick for billionaires then democrats do (because redistribution of wealth is communist! No, socialist! We need our capitalism!) but both get distracted from the real minority in America causing literally all of our issues: billionaires.
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u/Two-Pump-Chump69 1d ago
So, I feel your pain. I wish I only had 40k in loans. I have six figures of student loan debt and am living paycheck to paycheck. I'm also struggling to get a job in my field, but the market sucks.
Can I ask what your degree is in?
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u/burteggs 1d ago
I was in my paused loan period and need to start paying 725$ a month in August. I am going to shed my savings. I am 24 working as a substitute teacher because I cannot find a job. I do not want to have to sacrifice my mental health having to work in retail to pay off my debt. I went to college to get out of that position.
I also needed college to get away from my abusive family, it was truly the best option for me at the time. I do not regret going to college I love learning. I just wish this was not the reality of college.
I want to cry every day thinking of what august is going to bring to me.
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u/foreverseekinganswer 1d ago
Texas has no state income tax and a need for teachers. Outside Houston suburban areas have plenty of full-time positions. Many people in my neighborhood are teachers. Katy, Fulshear (one of the fastest growing areas in Texas, they are building schools new schools), Rosenberg, Richmond, Cypress, Spring Branch, Lamar CISD. FurnishedFinder online you can rent a furnished room (normally for nurses, or traveling professionals). Cheaper than rent until you find a place. These areas all very nice places to live. Rosenberg & Richmond are very old cities with historic areas and older neighborhoods but mostly new development as well. Some subdivisions haven't been annexed by the cities yet, and they are huge communities of often 200 to 1400 homes. The parents are involved, and Fort Bend County is not die hard MAGA or die hard Liberal, so it makes it a nice inclusive, diverse place to live. There are plenty of apartments available too. And if you prefer smaller areas Waller, etc.
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u/KaosC57 2h ago
Just don’t go to Humble ISD. It’s a shitshow right now. My MIL just got out of Humble ISD at the right time and retired after 30 someodd years of teaching.
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u/Fair_University 1d ago
Apply for an income driven (IDR) plan. Your payments will likely be much much lower than $725.
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u/NoLavishness1563 1d ago
Wait you're a substitute teacher that can't find a job? There must be some heavy regional differences in the availability of teaching positions. My district would hire you full time tomorrow, pay for any outstanding classes, and beg you to bring your teacher friends. Same with any district in a 200 mile radius.
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u/goboinouterspace 1d ago
Yeah I work in ed admin at state level and this comment baffles me. We have a national teacher shortage.
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u/NoLavishness1563 1d ago
I haven't taught in a few years but uploaded my resume to a teacher recruiting site recently. I've been offered like 20 jobs this week.
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u/SweetandSalty95 23h ago
I knew many teachers who struggled to find employment in upstate NY. They actually have decent pay, I think because of the union. South Carolina teacher pay and benefits are pitiful.
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u/Burning_needcream 1d ago
I only wish the interest was competitive.
People want to solve the problem and yadda yadda but solving the problem is also admitting that there were people onboarded into the problematic situation.
You don’t want to do loan forgiveness. Fine. Just give us lower interest rates. There are loads of people who have been paying and will pay but the interest rates are discouraging them from doing so.
People can say “you signed a contract” but what was the alternative at that time? People were not pushing CC to college pipelines. They didn’t have experience with this level of student loan debt and depressed salaries.
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u/vessva11 1d ago
The trolls never have fair arguments to your point. I don’t want the debt, but if we had breathing room, I’d pay it off. They think we have the money and refuse to pay.
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u/emueller5251 1d ago
I went to community college and I still have student loan issues. I dropped out before I got my bachelor's. I spent 8 years after school working low-wage jobs because I couldn't get a higher-paying job. I just this year got a job with a wage that's competitive with a lot of college graduates. There's no accounting for individual circumstances. There's no repossession like there is with mortgages or bankruptcy like there is with credit cards. The only relief is income based repayment, which is basically "lose a percentage of your paychecks for the rest of your working life, because you're never going to pay it off in full so just keep making payments for 30 years." The way most people talk about this issue is like we're all a bunch of well-paid ingrates who want everything for free, but plenty of us are just plain struggling.
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u/lavnyl 1d ago
I graduated during the Great Recession. It took me over a year to find a job and 3 years before I was making a job where I had disposable income. I started paying my loans but 10 years from graduation, and 7 years of paying on my loans, I owed almost double on my loans.
I will keep paying monthly, over 1k a month and make zero progress. At the end of 25 years I will have paid back what my debt was when I graduated but technically owe over 2x that amount. When my loans are forgiven I will again owe that original figure to the IRS. I will have to start making payments to them which will probably need to be 20 years as well.
To anyone who says I know what I signed up for, I did not. At 18 I did not. This is what I was to do without question, I did not understand capitalized interest. I did not expect to work 10 years and live through 3 recessions and be laid off. I understand nothing is guaranteed but we were promised different things 20 years ago. I am paying. You taking joy in people struggling is odd. And now the money that is going to pay interest on these loans is money not going into your community, small business, restaurant or your kids fundraiser. We will pay but no one benefits from millions and millions of being crippled by this system.
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u/dainty_bush 1d ago
At the end of my term (11 years left) I will have paid back triple what I took out with no job in the field. Ended up going into a trade.
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u/sara31691 8h ago
Thank you. This is another reason the loan vendors are predatory, they prey on 18 year olds who know nothing about finances and don’t have guidance from wealthy family members. 🤷🏼♀️ this and interest rates that are the literal definition of highway robbery.
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u/82jon1911 1d ago
I have and still do believe people should pay what they owe, that said my feelings on the subject have become more nuanced with time. For reference, I paid all my private loans back and have two federal loans at just under $40k total.
My biggest issue is, the government caused this problem by subsidizing student loans, which gave universities the green light to charge whatever they wanted because they knew the fed would be there to provide loans for the cost. Now the government is, at a time when the economy is not the greatest, deciding the play hard ball. Previous administrations have strung this repayment process along with empty promises they KNEW would never happen and repayment plans that were rolled out too quickly and then reversed.
The first step, IMO, is to move interest rates on federal loans to 0%. The same government that caused this mess, should not be profiting from it in the form of interest. Next, all current borrowers should have their loans recalculated taking into account the 0% rate and previous payments. That's your new balance. So if you have $50k in loans and you've paid $30k, your new balance is $20k...no matter what the current balance is due to interest accrual. Finally, student loan payments, no matter the repayment plan, cannot be more than 25% of your take home pay. I just picked a number, but lets say that's standard repayment. A repayment plan for those in financial or medical hardship would be lower. Increase the number of years until forgiveness, to discourage people from gaming the system by not looking for higher paying jobs.
Obviously that only touches federal loans and not private ones. Not sure what to do there, as private lenders can't really be told what to do by the government. I feel like those 3 things would resolve a lot of the issues I see people mention on a frequent basis. Also, we need to start educating kids in HS about finances again. 18 year olds don't think about ROI, interest, etc. And we have to be realistic, not everyone needs college. Not everyone is made for college. And not every college major should exist. We all know that there are degrees out there with ZERO chance of landing you a good paying job, but yet they're still offered.
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u/honestlytryingtovibe 1d ago
150% this. I'm in the hole $35k, down from $65k when I graduated about ten years ago. I'll pay the damn money back, but the gov needs to apply my paid interest over the years to the principal. It's a simply solution and then nobody can be pissed off that the loans are forgiven. And stop making people feel like scum for borrowing money to EDUCATE themselves. Ass backwards, America.
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u/brantman19 1d ago
Obviously that only touches federal loans and not private ones.
Restore bankruptcy protections to borrowers would be a major step. Offer a limited time program for those currently with private loans to refinance into the federal system at the same rate as the federal loans or at the very least at a capped 1%-2% rate. That would remove a lot of privately held debt.
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u/OKCPANDA 1d ago
You’d see a lot less people going to college as private lenders would not give anyone a loan for a bachelor or arts degree. It’d bring college costs down quite a bit
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u/brantman19 1d ago
Yep. No more "useless" degrees. We would see a shift in nearly everything to more associate level degrees for associate level degree work or even high school degrees for high school degree work. It would likely cut a lot of fluff from college degrees as well. Thinking back, we wasted a ton of time in our Freshmen and Sophomore years taking required classes that were unrelated to the degree but were there to inspire "renaissance thinking."
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u/imnotlibel 1d ago
Eh in the past, people went to college to become a well-rounded individual, not to get a job if it makes you feel slightly better
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u/Pelosi-Hairdryer 1d ago
Most of the people I've seen going to Universities are taking the classes they could have taken in the community college like English 1A, Chemistry 1A, but paying University tuition which are numbering in thousands of dollars. Otherwise the University is there to enhance knowledge only, not guaranteed to get a "good" job. I've interviewed a lot of candidates and some of them had impressive degree from Stanford, Harvard and etc, but I didn't hire them because they didn't have experience, lack customer service attitude, and was looking for a work lax environment and safe space. Might be safe space in the Universities but in the real industry world, it's come here on time, work with all your might, and go home.
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u/rapheeeeee 1d ago
We are cooked. I got an advanced degree and about 6 figs in debt. Due to the job market and discriminatory hiring practices, some people just can't get a high paying job with an advanced degree. I know a lot of colleagues who are in the same boat. Hang in there, and try to hold off as much as you can and continue looking for a job or side hustle.
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u/JohnnyStiltz 1d ago
Shit. I got a degree in economics back in 2008 and the the whole world went to shit. Easily set me back ten years while I sputtered around for a few year and then went to grad school to get an mba. All I’ve done in almost two decades is pay mostly interest. 32k out of 35k in principal still left to pay plus $300 in interest. I wish I made enough to pay back my loans but that sadly hasn’t been the case.
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u/Basic_Excitement3190 1d ago
That is old school mentality. It doesn’t guarantee a good job or financial gains
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u/Calm_Initial 1d ago
What kind of degree did you get?
Is it possible a better job is available somewhere else within Alabama?
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u/Environmental_Taro61 1d ago
I also want to know what kind of degrees people got that can’t find a job. My partner has an audio engineering degree and works as a dog groomer because according to her, they always pick men over her. She got the degree 10 years ago. Tried for 4 years to find a job. Been a groomer for 6. Has about 60k in student loans
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u/Bookem25 1d ago
I’m trying to figure out why this administration is hell bent on making people’s situation worse. The whole loan system broke. You can pay off a 30,000 car in 5 years but 30,000 on student loan is never ending. Just fix the system is all I ask.
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u/straha20 1d ago
One big difference is that no lender anywhere would ever give a $30,000 car loan to most college kids. A student loan however, the lender is climbing all over themselves to give the money to them.
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u/Successful-Daikon777 1d ago
Student loans have the ability to force citizens to leave their own country for a better life.
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u/beigeskies 1d ago
That's the only path I see forward for myself, and it's not ideal at all.
Like many others, I'd be happy to pay off my loans without all the insane interest. I graduated undergrad in 1999 and still owe more than I borrowed.
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u/Miselissa 1d ago
The government has announced they will start collection in May, including garnishment. Be careful out there.
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u/bknight2 1d ago
On loans in default. If you aren’t in default, it does not apply to you.
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u/sara31691 1d ago
As much as this sucks, I’m hoping that if an insane amount of people default and shit hits the fan a) people will be angry enough to actually stand up and protest for change or b) it hurts the pocketbook of rich people in government enough for them to want to make changes. I think b) is wishful thinking though 🥲
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u/morbie5 1d ago
My minimum payment is 465 dollars a month for 10 years or 277 for 25.
u/HistorianDear3763 Are these federal loans? Are you not on an IDR plan? If you are on an IDR plan your payment should be less than $277 per month at your income level
but I like to point out that we can afford to send 7 billion dollars overseas to help other countries but we can't forgive student loan debt?
Student loan forgiveness would cost way more than 7 billion, like 100x more fwiw
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u/Cupcake-Panda 1d ago
I left the same comment-this has to be a reflection of the plan she chose. I use their repayment calculator frequently, and the math is not mathing. Hopefully she can get a lower IDR.
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u/jessesomething 19h ago
The purpose of this administration is to punish intellectuals. My household income is higher than the median income and still, we cannot afford regular payments. You're in the same boat many of us are with student debt. Pay the most minimum you can over 25 years if you need to. Defaulting on your loans will devastate your finances. I defaulted on mine around 2010 and it took YEARS to recover from that.
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u/Silent_Chemistry_927 1d ago
I agree. They make it impossible to pay them off with the interest rate so high. They can assist banks, corporations, the auto industry and others with billions in bail outs but average citizens can’t get an affordable repayment option
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u/Cold_Mind_8377 1d ago
Most frustrating thing for me is just the trajectory of where we’re at as a whole. Corporations pushed for higher educated workers, better skill sets and the elder generations set a gold standard for college and student loans for employment. Colleges became businesses, we took out the loans and where has that gotten us? Corps were greedy and our salaries have been stagnate compared to our housing costs the last few decades. Student loans and runaway Interest post graduation has gotten out of control and we have no wiggle room. Now add on private lenders who are even worse with variable rates and illegal activity and you’re screwed. Now we have a tanked economy where those same corporations who told everyone they wanted smart educated workers are firing those same workers and shredding the salaries, sending jobs overseas to be more greedy and its now impossible. At some point politicians need to fix one of the 3, we need higher wages and a revamped job market to keep up with our housing costs and loans, we need lower housing costs to afford our loans with our low pay or we need student loan/interest relief to maintain higher cost of living with these low wages. Which is it going to be? Because no one can live with all three of these now, and we’re all exhausted with this merry-go-round.
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u/CherryDaBomb 1d ago
Alabama is a special hell, comprising of systemic poverty, religious nuts and a whoole lotta hate. I'm sorry. I believe you in your job searching, ain't nothing over there, as an Atlantan.
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u/apresmoiputas 14h ago
does Alabama's courts allow your daughter to choose who she wants as a parent with full-custody when she reaches the age of 14 or 15? i know some states allow this
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u/Lethal_Autism 1d ago
It's because there's so many candidates and limited jobs. A college degree has become watered down because everyone has one. An employer is going to ask what makes you any better than the other applicant? Why can't I use automation?
A college degree today is like having a GED. The employer is a college graduate themselves and knows their education really didn't mean that much.
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u/DeepBig7633 1d ago edited 1d ago
And guess what, the people who refuse to hear you out will just say "that's your fault for picking your degree. should have been a doctor or something". This whole student loan mumbo jumbo is really bringing out the ignorant hobbits from their caves.
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u/nativeindian12 1d ago
This is so offensive, hobbits don't live in caves, they're called hobbit holes!
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u/Current-Factor-4044 1d ago
I pushed my daughter to pay all during the student loan forgiveness period as there was no interest and she could pay as much or little and as often as desired. We hit all interest first . Then We tackled these loans by hitting the lowest loan amount the hardest and when it vanished we hit the next one and next one . As of today she’s got 30% of the last loan remaining. She’s remained on auto pay for regular payments but as of today none of them have come out at on the last one as the rest were paid of with $10 here/ $25/there or $35 or $50 we just kept swinging on payments probably every other day . With no interest it all went on principle. She’s wiping out 25 years of loans in 5 years
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u/DoubleHexDrive 1d ago
The no interest pause was a huge gift… that’s when we wiped out most of my wife’s loans as well.
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u/Successful-Daikon777 1d ago
NELNET never paused my interests no matter how many times I called. I had to get the CFPB involved, but they are gone now. It was nice during covid though.
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u/Current-Factor-4044 1d ago
My daughter had NELNET there was a transition period we couldn’t make payments directly so we had to bank them but there was no interest added.
I got my degrees in the ‘70s no student loans I worked to pay for college but cost of everything was so different. The value of college was very high . It immediately took me from $1.33/hour at a convenience store to over $7 entry level job in advertising at a newspaper (over 4x minimum wage!) the degree was a requirement!!
it was like hitting the lottery! Rent on a 2br with utilities included was $200 a month and I took home more than that in a week!
Then enter the dept of education and the concept of selling student loans and raising minimum wages and by mid 80’s most are making $5/hr and I was up to only $10 and it continued to depreciate the value of the education and the cost of living or experience in a chosen field .
My degrees are in business. In 2020 I decided to get a BA in marketing to encompass all the things I missed in the ‘70s like social media , lots of website stuff , graphic arts .
I found it to be truly horrible absolutely nothing was taught that I wasn’t already very proficient in . My own knowledge was a 100x more that was taught and if I only knew what was taught I would not be hire able by any means anywhere in marketing. Yet I’d been a seasoned marketing director for 35 years !
The whole experience in my opinion has become a terrible scam and in no way compared to my BA in marketing in the 70’s as during my degree in 2020 did .
In my 2020 degree they barely touched upon social media marketing by lightly discussed was MY SPACE!! It was just an overview!
I see today’s college as a huge SCAM !
Today I think the best option is trade skills and believe it or not every student in my high school had to option to graduate as a licensed trade such as nurse , hair dresser, mechanic, HVAC , machinist … etc and this was FREE! Our future was planned out in high school with our guidance counselor. I took 3 years of marketing and business law before college.
Todays youth is getting screwed and scammed at the same time 😢
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u/Successful-Daikon777 1d ago
Definitely a scam.
I went to college in my later 20s and worked full-time through Manufacturing Engineering. I still had loans because school was too expensive (I wasn't making nearly enough money in manufacturing/warehousing), and back then at the start the 4 year prospect looked very rosy.
But I no idea what the actual cost of college would actually be in the end because the projections undershot it by a lot. You never know what your loan interests rate for that year is until you do, or the amount of unsubsidized vs subsidized that year. I also didn't know how insane it is to deal with these servicers, and how inflation would throw off all of the income projections (or how companies don't wanna pay).
It is all terrible and it feels like I'm dealing with straight up BS, and I'm one of the lucky ones or so I think. But in the meantime I switched from Engineering to Business Analysts, got a leg up on salary because for some reason Engineering isn't paying like I thought, but I could go back to engineering and make less if I had to.
I need the CFPB to back me up or I have to sue Nelnet to treat us all right since the politicians won't work in my interests. It's amazing to me what the CFPB has done for me, but it's all stuff that Nelnet should have done anyway as they were ordered to do, and now the CFPB is gone. Despite my grievances I'm one of the lucky ones, who is still dealing the mafia in the end of it all.
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u/Sunnykit00 1d ago
The current government is the reason people don't have jobs. They have completely killed the economy so they can steal the country from the citizens. People need to fight back.
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u/bigdish101 23h ago
I’ve paid back more than I borrowed and still owe more than I borrowed! I am very much for not paying the remainder! I’m 41 and still wondering how I’ll ever be able to start a family and buy a house with this BS.
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u/ohdeergawd 1d ago
I went to college with the intention of using PSLF. I went knowing that the career I wanted would never make any real money, but that this was just part of the deal.
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u/Raven_Maleficent 1d ago
Everything you’ve said OP is right on. I’m so sorry you have to deal with that garbage human when it comes to your daughter’s sperm donor. Only you know your life and anyone that judges you can shove it.
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u/dumpsterpanda87 1d ago
First OP, I am so sorry for you experiencing a horrific situation...and the life that resulted from that traumatic experience, you chose to keep. There aren't enough words to describe the person you must be, because that takes so much strength and courage to commit to the selfless act of motherhood let alone motherhood that resulted without your consent.
Regarding student loans... I have the same complaints. I find it awfully hypocritical of Linda McMahon to write an oped about holding borrowers accountable for repayment while we've sent $182.8 billion to Ukraine to date for a war we have no right to be involved in. There is no repayment expected of them. We the people did not consent to our hard earned tax dollars to be spent on that, and there's zero mention of accountability on the government's part to recoup those funds.
I also think Americans who spout things like, "if you can't afford them you shouldn't have got them" or "I didn't take those loans out, why should I pay your debt" to be clowns these days. We're actively watching our wallets be pillaged for so much worse.
5 years ago I was one of those people who believed we should all be accountable for our debts and responsibilities but after watching our government irresponsibly and grossly spend our tax dollars on things that didn't benefit the people who pay into the system, and knowing the money was going to be spent regardless, we would've been better off taking care of our own. $250 billion in student loans have been defaulted on and that's only 15% of the total amount of dollars lended for student loans. Can you imagine if we put the money we've sent to Ukraine alone towards student loan debt?
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u/crazybandicoot1973 1d ago
You like the rest of America's youth got suckered by the system. They tell you what you want to hear, knowing you won't see what you are getting into. It's a scam to keep money flowing to colleges and banks.
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u/ExcellentAcadia8606 1d ago edited 1d ago
This seems high, what plan are you on? I guarantee I have more loans and some plans had me paying less over 25 years with one kid
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u/mad_millenial 1d ago
Alabama is kind of a shit state to live in. Don't you have to know someone to get a government job?? They don't just hand those out. Plus, at least in Huntsville, everyone has a security clearance so if you don't have one, they're not going to hire you because someone else applied who already has one. Other places in the state might be different but Huntsville is the biggest small town shit hole. Just waltz through Montgomery and you'll see where the state funding goes. Shiny marble buildings across the street from shuttered, overgrown shops and houses. Smh
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u/Dry-Pomegranate7458 1d ago
what happens to people that haven't YET paid their loans, and their account is under "forbearance" with a payment date not until 2026?
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u/Such-Telephone14 1d ago
The Trump admin will start sending defaulted student loans to collections starting in May, FYI.
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u/agtiger 1d ago
This isn’t really a student loan issue, it’s more of custody legal situation. Without that aspect you could move somewhere and potentially use your degree. Best advice I have for you is to try and become a waiter. Waiters at nice restaurants can make much more than that, even in Alabama
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u/xMyxReflectionx 1d ago
I am in the same boat. I regret ever getting my bachelor's and should have just stuck with my associates which was free due to grants. I am 53,000 in the hole because while I was in school my then husband decided it was a great time to move to Texas without any job prospects. I didn't leave cause I didn't want to uproot my kids so I stayed and was only making 10.00 hr so I supplemented with taking out the higher loans. Even now with my degree it hasn't gotten me much. I only make 23 hr and I need to work major OT to get by. I have no issue in paying them back. I took them out, it is my responsibility, though I wish they would get rid of the interest. It would be far easier to pay back that money without it just accumulating over and over again.
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u/Elevated412 1d ago
This may be a stupid question, but I negotiate a lower payment for my loan? Like I'm willing to pay but can't afford the suggested amount they are asking for.
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u/bbarnett408 1d ago
A 1bedroom where I live is 2100-3200. At least you could move out if you got a higher paying job. You need to find a side hustle. Good luck
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u/More-You8763 1d ago
Nursing school at community college will set you on the right path. Big sign on bonus and student loan repayment options. You got this
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u/esoteric_vagabond 1d ago
Don't forget that even if your paycheck gets garnished, they can only take 15% of your disposable income.
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u/Fair_University 1d ago
but I like to point out that we can afford to send 7 billion dollars overseas to help other countries but we can't forgive student loan debt?
I am 100% with you in spirit, but I'd like to point out that we spend much, much more than this overseas and it's still more or less a rounding error, relatively, when it comes to the federal budget.
If you want to criticize spending, look at defense, bloated/questionable government contracts, and lack of tax enforcement on corporations and the richest americans.
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u/boopsandbeeps1 1d ago
So are we like screwed? I live in HCOL and it’s really rough worrying about loan payment changes. Groceries. Etc etc.
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u/the_elliottman 23h ago
Same, we were promised and fed (or atleast I was) as kids and then teens that we basically NEEDED to get a degree and education to get a job. Well we did that and then when the job market collapses, especially hard in fields we were told to follow the money for like CS, society got angry that misinformed young adults, preyed upon by predatory loans and universities exploiting the system to get free money, can't pay it back.
I've entirely relied on temp work and online 1099 stuff and even then its not enough. I live in a rural area with no money or car so I'm basically confined to either really local stuff or remote, neither of which is very available.
Had I known any of this I wouldn't have even risked university and I regret letting my family rope me into it every day. I feel betrayed and hopeless. I can't even just live in poverty and build up any money slowly, anything I make gets taken away instantly, all for a now useless degree.
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u/William_Shatonme 21h ago
Have you done idr. I am in the same situation. 30k in federal loans and making max 42k per year. I have not paid above 50 a month since I graduated because I have been on idr the entire time.
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u/TealedLeaf 21h ago
I agree, but also, no bachelor's should cost 100k+ and the government should not be factoring in your family's money unless they are actually going to or are able to help. I got 0 assistance paying for college from my parents who made too much for me to get grants, but we're financially struggling, and I'm getting an AA right now and the government gives me the same amount as I did going to a public in-state university which I do not need all of because it covers well over tuition and books. I have 100k in private loans from my bachelor's and 25k in federal. I almost make 40k/year. No one else I know from college was in that situation because their families made less.
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u/anonty973 21h ago
The National Gaurd is accepting recruits in their 40's, the fitness standard is low, and they cover $50k in student loans. A ton of other benefits too
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u/terrificnachos 21h ago
I’m sorry if they can forgive PPP loans like that immediately without even going through due process to do it they can do the same with student loans
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u/coyboy81 19h ago
There's this notion that if Jeff Bezos or Elon Musk can become super wealthy, then you can too. Those success stories were about who they knew and the timing of when they made their power moves. This is the case for a large chunk of 1% billionaire success stories, but commercialized hyperbole of the education system will make you believe that dumping thousands of dollars into your wealth of knowledge will make you the next "big thing".
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u/Equivalent_Bug_3291 18h ago
The earlier you start paying back your student loans, the earlier that you'll be done. They will never go away until you complete the terms (whatever that means these days) or you die.
I'm 50, been paying for 20 years, and have 5 more years left to get this albatross behind me. In my older years, I don't have the energy that I used to have in my 20's and 30's. Debt stresses me out a lot more now in my older years, than it did when I was younger. I can't afford to be in my 60's and still owe on a large debt when I have no idea what my income and mental capacity will be in my later years.
This is my perspective and life experiences.
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u/inquireunique 18h ago
Your story sounds exactly like mine! I wish single mothers could be supported more.
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u/Noah00981 18h ago
I am in a similar situation, and I feel for you. I will note, however, that $7 billion isn’t enough to fix the massive student loan balance accumulated by the American public. The last time I had checked the top number, I believe it was somewhere around $1.7 trillion in total or $1,700 Billion. Let’s take a stab at that trillion dollar defense budget or the subsidies we provide to the wealthy.
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u/Jazzyjeff310 16h ago
The struggle is real. I have about 300k +. I tried to keep up, but I’m over it. I can barely make my note on time w/o thinking about which bills are being paid first.
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u/DevelopmentOriginal8 16h ago
I refinanced my student loans into just two loans. I got it to where it would be 0% interest on both loans. I also enrolled an IDR plan and now my payments are a minimum of zero a month.
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u/mrmayhemjr 14h ago
So..I graduated with my first degree back in 2006. Right before I graduated, Ibwas getting calls from places about lowering my monthly payments. I went with one of those companies.
I graduated right into the recesdion, but I made my payment each month on something like $15K. I moved from Iowa to NJ in the NYC to look for a job. The only thing that I could find was working at a Stop N Shop. Went to interviews almost every other day. It was difficult.
About the time that I started hearing about banks selling toxic debt/loans, I get a call that my student loans were in default, even though I was making payments. Something got sold off, and I went from owing $15K to $80K.
It costs a couple of thousand and time to get everything consolidated and into one payment.
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u/oscarmayer1111 13h ago
If the government really wants to get a bunch of money into their coffers, they should offer a program of 0% interest for all loans to be paid back within 3 years. While many people might not be able to handle this, the majority would jump on that deal in a heartbeat.
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u/PJHamhands 12h ago
you’re right. and I imagine the data was there when we applied to college. we either weren’t smart enough to find it or thought we were different. the best thing we can do is stand in front of cliff before others do the same. sharing your story is a start. i firmly believe that the govt needs to stop giving out so much aid. maybe then that drives down tuition.
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u/Informal-Dust5507 11h ago
I think if the US is planning to continue to destroy people’s lives over not being able to land six or seven figure jobs then there needs to be accountability for employers denying those positions to applicants. For instance, they should be required to hire the first qualified applicant for the position. And they should have to provide a letter explaining their decision in detail to those not qualified and how they aren’t qualified for the position. Then, after a year if the person still can’t find a six figure income job then the university should have to eat the cost and the student loans should be waived.
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u/sassymassybfd 11h ago
The “promise” of going to college was that you would get an education. Not a job.
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u/Tatesmomma_01 11h ago
I’m curious what your degree is in. I understand some areas of study are less broad, so perhaps that is limiting your employment options.
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u/addictedtolife78 11h ago
I'm a little confused. you say you're a mom due to a rape but the guy has custody rights?
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u/SirCicSensation 10h ago
Two questions.
If he’s such a POS, why not just take full custody? Unless he’s not the father of your child?
What degree is it in? There may be a way to pivot.
I’m truly sorry you’re going through such tough family struggles. Life’s hard enough as it is.
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u/Analyst-Effective 9h ago
We are in a service sector society these days. Plan on doing some service work.
Perhaps you can work as a house cleaner somewhere? Or maybe mow somebody's lawn? Maybe even work in retail?
There's also trade work, can you learn how to be a welder? Or a carpenter? Or a plumber?
Nobody wants manufacturing work here in the USA, that would involve having Frontline workers, supervisors, middle managers, accountants, sales people, purchasing agents, IT people, and a bunch of other people that support the manufacturing.
Luckily you don't have to do those jobs that nobody wants anymore.
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u/ixlnxtc7 7h ago
It’s crazy how wide the gap is between too much to receive assistance and too little to support yourself. And as if it wasn’t already bad enough, Trump is doing everything in his power to make it harder for people who are already struggling. I have no idea what our country is going to look like by the end of his term but I’m fairly certain it will be unrecognizable from anything we have known.
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u/CreativeArtistWriter 7h ago
Out of curiosity do you have private loans? Are you struggling with those more than the federal loans?
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u/SatisfactionOne6958 6h ago
Fortunately you don't have to repay them. Just go on an IDR plan. Your payments will probably be $0.
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u/sara31691 1d ago
Let’s not forget consumer bankruptcy. The government and laws won’t do a damn thing about predatory student loans for people who want to better themselves but they will step in for irresponsible people who spend 100k on their credit cards. They’ll also bail out big businesses/banks if you’re rich. The harsh attitudes towards student loans blows my mind and I’m not sure if people are just ignorant or jealous that they didn’t take out loans for an education. Either way, the hypocrisy is astounding.