Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So anyone who has private loans that they can't pay, they have to chose between paying their student loan vs. shelter, food on the table, clothing for their kid, or otherwise wages are garnished. It's insane! And they won't make a deal to lower the payments, and I've already maxed out my (2 year) graduated repayment plan and forbearance periods. I'm totally screwed. I would have been better off getting a minimum wage job and living off the stupid government.

No, life is about choices. You go to a more affordable school, you find an employer who will help with tuition assistance, etc. When you took the loans, you know you will have to pay them back. That is what a loan is about.

This exactly. I do not understand the people who are angry they have loans to repay? A person has a right to despise the money they owe of course but how can you be angry or surprised when it is time to pay back what you knowingly borrowed. Also, why should they make a deal to lower the payments? If you were the one lending out the money wouldn't you want all of it paid back? I do not understand these people!

Anonymous wrote:

Anonymous wrote:So anyone who has private loans that they can't pay, they have to chose between paying their student loan vs. shelter, food on the table, clothing for their kid, or otherwise wages are garnished. It's insane! And they won't make a deal to lower the payments, and I've already maxed out my (2 year) graduated repayment plan and forbearance periods. I'm totally screwed. I would have been better off getting a minimum wage job and living off the stupid government.

No, life is about choices. You go to a more affordable school, you find an employer who will help with tuition assistance, etc. When you took the loans, you know you will have to pay them back. That is what a loan is about.

Anonymous wrote:OP here - salary is 70K. Low level nursing admin job.

Anonymous wrote:So anyone who has private loans that they can't pay, they have to chose between paying their student loan vs. shelter, food on the table, clothing for their kid, or otherwise wages are garnished. It's insane! And they won't make a deal to lower the payments, and I've already maxed out my (2 year) graduated repayment plan and forbearance periods. I'm totally screwed. I would have been better off getting a minimum wage job and living off the stupid government.

Anonymous wrote:OP here - salary is 70K. Low level nursing admin job.

Anonymous wrote:So anyone who has private loans that they can't pay, they have to chose between paying their student loan vs. shelter, food on the table, clothing for their kid, or otherwise wages are garnished. It's insane! And they won't make a deal to lower the payments, and I've already maxed out my (2 year) graduated repayment plan and forbearance periods. I'm totally screwed. I would have been better off getting a minimum wage job and living off the stupid government.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Educational loans are such a horrible racket. We will be paying off my husband's loans (he was an immigrant whose family lost everything to a nasty revolution elsewhere) until our oldest is ready to go to college. I'm glad he has his degrees, but I think it is criminal that there is a huge effort to help people who spent more than they should have on houses, but not a single care about those who are saddled forever for school loans. I'm pretty sure the public service programs that the PP mentions are only very recent, and don't apply to any of us who have been out of school for awhile.

The problem is not the loans. You signed on the dotted line and chose to keep going for more degrees.

The real crime is the over inflated cost of tuition. The universities do not need to charge what they charge. Just look at the size of their endowments. How much do the spend on fitness centers? On making the huge common areas look beautiful? On administrative costs.

The cost of college tuition is the issue here, not the loans. One can assume that if you are smart enough to earn multiple degrees that you are smart enough to do the math to see how much you are borrowing vs the earning potential of your career vs the price between some overpriced ivy or a reputable, less expensive school.

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I work in higher ed and I agree with you on the fancy health centers and other "amenities.". But endowments are not just some money you can use however you want -most of the overall endowment is smaller funds that are restricted by the donor. Plus, you only spend about 5% each year so that principal stays intact. There's a reason why even the mighty Harvard went on hiring freezes on 2008-09 - because their budget relies heavily on their endowment, and she the market collapsed, so did their endowment income and therefore, their budget.

The real problem for public schools is the ever shrinking.portion contributed by the states. And all schools, public and.private, have ever growing administrative staffs, and the highest among them are often grossly overpaid.

That said, there is also something to the notion that we need to counsel students and prospective students more wisely before they tale on these crippling debt loads.

Anonymous wrote:

Anonymous wrote: Educational loans are such a horrible racket. We will be paying off my husband's loans (he was an immigrant whose family lost everything to a nasty revolution elsewhere) until our oldest is ready to go to college. I'm glad he has his degrees, but I think it is criminal that there is a huge effort to help people who spent more than they should have on houses, but not a single care about those who are saddled forever for school loans. I'm pretty sure the public service programs that the PP mentions are only very recent, and don't apply to any of us who have been out of school for awhile.

The problem is not the loans. You signed on the dotted line and chose to keep going for more degrees.

The real crime is the over inflated cost of tuition. The universities do not need to charge what they charge. Just look at the size of their endowments. How much do the spend on fitness centers? On making the huge common areas look beautiful? On administrative costs.

The cost of college tuition is the issue here, not the loans. One can assume that if you are smart enough to earn multiple degrees that you are smart enough to do the math to see how much you are borrowing vs the earning potential of your career vs the price between some overpriced ivy or a reputable, less expensive school.

Anonymous wrote:What is the interest rate on the loan? Can you negotiate that rather than trying to negotiate forgiveness of some of the loan amount?

According to my calculations, $125,000 amortized over 25 years at 5 percent interest, results in payments of $730.74 a month. Not great, but much better than the $1,800 a month you are paying.

If the original lender won't negotiate on the interest rate, do you have someplace else you can borrow the money at a lower interest rate to pay off the original lender? If you are a nurse, is their a credit union associated with your employer? Your income should be secure so it seems like someone should be willing to lend you the money at a reasonable interest rate.