I got motivated and that push I needed by Freelee's advice and video "How to become a SLAVE to the system." Would appreciate any advice that you may give me.
After graduating college, I will be around $20,000 in debt. Any advice as to how to pay it off quickly and as painlessly as possible?
I plan on graduating at the end of this semester (wish me luck and positive vibrations so that I don't have to take an extra semester at this university; I really want to just get out of here and graduate with my peers) on May 2012. In fact, screw it, I AM GOING TO GRADUATE. GOING TO MAKE THIS HAPPEN. Afterwards, applying to a dietetic internship, doing the dietetic internship for 6months-1year, passing the national exam, and becoming a nutritionist.
Here's my thoughts if this fails hardcore:
I'm a massage therapist and dream about going feral in the tropics, using that skill to get by on.
Ever been to Guatemala? There's a little town there where the richest people are the massage therapists. Not kidding! They make a fortune, and live in a beautiful little village. Place is called San Marco de Atitlan.
I love the sounds of your current arrangement! Koodos to you for helping someone in need :). Many of us could use a little more of that willingness to work!
Also, you do not have to feel pressured to make a decision immediately. Most student loans are more than generous with their deferments in today's economy. If you want to spend some time in Beliz or volunteering somewhere, you can just call them and explain that you do not have paying work at this time, and they will typically give you a year's deferment. I have a client who is building up her own business whose loans have been deferred for the past 3 years. She owes $80K. Can you imagine?!?
So many people are missing payments and defaulting on student loans and mortgages, so the banks are very "generous" in terms of giving deferments. Otherwise, they'd have twice as many defaults and they wouldn't get any of their money back. I'm working on getting all of my loans deferred or at least monthly payments reduced, so I have at least a few months to think. Actually, the student loan bubble will probably pop sometime in the next year so by then I won't have much to worry about. (Actually, I wonder if any financial gurus are predicting when the student loan bubble will pop, because there were a few who fairly accurately predicted when the housing bubble would pop.)
I do have two loans that are private loans so perhaps bankruptcy would be a good route for me, at least for those loans. I don't exactly have money to speak of. I make enough to get by, but not enough to make $500/month in student loan payments.
The paperwork's a hassle.
Not sure who your lender is... most have graduated repayment plans or income-contingent plans that give you a payment that is more in line with your current income.
Even if the student loan bubble pops, it doesn't mean individuals are off the hook (take the foreclosure crisis as an example... not everyone got out of their bad loans or was able to prevent being foreclosed on.)
Along these lines, a good thing to look into is the freeman on the land concept.