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 have the same question! I'd love to hear everyone's suggestions...
I have about 40,000 in student loan debt, and my husband has about half that much. I know, I was STUPID when I was younger, but I didn't know any better (I grew up very naive and sheltered) and everyone encouraged me to pursue a degree in nursing solely for the money and health insurance (and at the time I was too sick and drugged to think for myself)...and to take out loans for ALL my tuition. Brilliant, right?? Wow.... :-S
If it wasn't for all this debt, we'd be living as simply as possible in some warm state/country and being deliriously happy and alive, maybe working at an organic farm or raising our own food, eating all yummy raw stuff! Until this debt is gone, though, we're pretty much stuck in our current jobs. And you have NO idea how hard it is to work in the "sickness industry" when you know all the stuff about health and nutrition that we do!! I just about go crazy every day...
I've thought about the peace corp, but from what La Banane says it looks like they don't pay all your loans back. There used to be more places that would do that for nurses, but not any more unfortuently. Plus the jobs that do it are usually SUPER stressful, and I hate working as a nurse as it is, in my boring easy nursing home job. I don't know if I could handle anything worse.
Sorry for venting; I hope that some of you lovely people have good advice for us! <3
Do you mind if I ask how much you earn as a nurse? I thought they make a lot of money. What kind of unhealthy things are you required to do which you know are wrong on the job?
There is one option that you haven't considered. Bankruptcy. I'll explain what I did.
I finished 2 years of university and accumulated over 30k worth of debt. After I dropped out, I had to start paying back the debt. With the job I had, there would be no way I could pay it back and live a normal life.
I was stuck because I didn't know what to do. Bankruptcy became a viable option, my school debt was unsecured through a bank here in Canada, it cost me $1200 to wipe out $30k of debt. Best choice I made. It was gone within a year of my decision and now I'm living and doing exactly what I want. Debt free.
The media brings out bankruptcy as something that is really terrible and will ruin your life. I would say it was the complete opposite, it removed a burden from my life and has allowed me to enjoy my life and not be a slave to paying back a loan of imaginary money.
This is just another option you can look at. If you have any questions, you can ask me but I'm sure laws are different here in Canada and you're in the USA.
All the best! Derek
Hmmm...yes, I didn't really think about this! I've always been under the impression that bankruptcy would ruin your life LOL ;-)
I wonder if it would work for me, though...because I do make pretty good money at my current job. I mean, I'll still be paying back my student loans for like 30 years at this rate, but I can easily make my monthly payments, plus other bills and food. But obviously this isn't making me happy! Life is about more than having money, although it does help LOL. Maybe I would have to get fired or quit or something?
May I ask what you do now, lifestyle/money-wise? My husband and I want to own our own businesses--he does photography and I carve jewelry. One of the reasons that we hadn't considered bankruptcy is because I guess its pretty much impossible to ever get a loan for anything again. Not that I want to get a loan ever again, but I don't know...just in case? We want to build an "earthship" house (basically self-sustainable) for our eventual permanant home, and I am not sure if we'd end up needing to take out part of the expenses in a loan or not.
But that is an idea! Thank you, I will look into it!
A friend of mine did bankruptcy but kept her car loan out of it so that she could build her credit right away and they have done fine, it's been about 10 years now. In the U.S. btw, but just check it out with an expert to see what your options are, the laws are always changing.
I would get in contact with a bankruptcy lawyer where you're at. It depends on the kind of loan as well.
Certain loans will not be nullified in a bankruptcy. If your loan is unsecured (there are no physical objects backing the loan like a house or something, like a credit card) then you should be able to have it removed via bankruptcy. If the loan is through say the government then I don't think it can be removed. Laws are different everywhere so it's something you'll have to get checked out.
At the time when I was claiming bankruptcy, I was working as an electrician. I was an apprentice so I wasn't making great money but it was alright.. compared to minimum wage. Now I'm a full time fundraiser. I am fundraising money for my trip to Asia (www.unrealliving.com/bike-tour-project)
It may be impossible for a while to get a loan. In Canada, anything on your credit report is removed with in 7 years. You could always look at moving to a new country to build your earthship.
I've still been able to get a credit card from capitol one so it's not impossible to get credit. The card will actually help build my credit.
You also have to look at your assets. Do you rent or own a house now? Do you own cars? You may have to forfeit those things to the bank.
I was really lucky because I had ZERO assets at the time. I drove a car that I bought but it wasn't under my name luckily. I was also living at home.
I've managed to keep it a secret from my parents as well! Even though I went through the whole process while living with them lol
I agree with that :)
I actually heard that the only debt you can't claim bankruptcy on is student loans. Is this incorrect?
Derek, that sounds awesome what you did. I agree with Steven, I think you have done a mighty well job at being the exploiter ;)
@Freelee: Well, that's a bummer! lol
The type of debt I had was a credit line that was an unsecured debt. It wasn't issued by the government of Canada. It was issued by a private bank and was considered pretty much just credit card debt.