How do you pay back an $87,500 student loan with a $22,000 per year job?

[wabash]

military (active/reserve/guard) student loan repayment plus enlistment bonus

that would knock a nice chunk off the debt

 

[ChristianPatriot]

Her payments are $1100 per month. She is just one of several college grads with payments at that level or higher that I know through work.

i don't see them ever paying it off.....

Ladies and Gentleman, one of many major things wrong with America...and abroad too I suppose...

Meanwhile I signed on to an apprenticeship and started out with ZERO experience making almost $30K a year. Five years later I could make over $70K a year if I wanted all the overtime. All of this without a dime of student loan debt. But I'll be honest...it really is...wait for it...hard work! GASP!!

 

[1775usmarine]

Ladies and Gentleman, one of many major things wrong with America...and abroad too I suppose...

Meanwhile I signed on to an apprenticeship and started out with ZERO experience making almost $30K a year. Five years later I could make over $70K a year if I wanted all the overtime. All of this without a dime of student loan debt. But I'll be honest...it really is...wait for it...hard work! GASP!!

I did 4 yrs in the Corps and used my Gi Bill when I got out. I got my degree in Diesel Tech and a week before graduation got hired with the railroad. Benn there almost 4 yrs and making close to 70k. I got paid training and they put me up in Georgia for 8 weeks of schooling. To me the pay and benefits can't be beat.

 

[jd4320t]

Dave Ramsey would not like this.

 

[BehindBlueI's]

Some of them do. Especially if they have to go work out of town (construction type apprentices).

Those are sausage fests though. The ratio is terrible.

 

[hoosierdoc]

Dave Ramsey would not like this.

and he would blame her parents.

 

[Mike Elzinga]

Graduated high school in 01, got a job at a railroad, worked hard, never called off and never spit in the face of the opportunity I was given, 14 years later, still there and never made less than $50k. Sacrificed weekends and holidays and worked some goofy shifts, but I never had a dime of student debt. occasionally good old fashioned hard work still pays off. As for the OPs friend, all I can say is I'm sorry, I'm sure someone lead her to think she would make big bucks down the road and here it isn't paying off. There was a common theme among kids I graduated with that thought just finishing college would automatically make you the average wage earned by people in that profession at that time, here we see that isn't the case.

 

[ruger1800]

Buy lottery tickets.

 

[hoosierdoc]

drive for Uber every chance you get. Have no idea what is going on with reality shows.

oh, and we pay our babysitter more than that. look for and take other/more jobs.

 

[vitamink]

Can I babysit your kids?

 

[hoosierdoc]

Can I babysit your kids?

https://www.indianagunowners.com/fo...ould-you-hire-non-family-male-babysitter.html

 

[churchmouse]

1st...do not go to college and get a degree that leads to a 22K a year job.
2nd....refer to #1 and things will work out.

My niece was doing much the same in here course of studies and BIL pulled his help. She has since changed course.

 

[dprimm]

I thought the student loan reform made it so that barnone, you could never be required to pay more than 10% of your gross income per month.

This. There are limits on what can be required to pay. Payments just go forever.

What is the degree in? There are loan forgiveness programs out there.

 

[GodFearinGunTotin]

Those are sausage fests though. The ratio is terrible.

Heh! I've got a couple of journeymen electrician friends that paint a rather....Friday night Cinemax-ish version of their traveling days. Maybe they just worked at it harder.

 

[longbow]

She has a business degree in corporate communications. There are a glut of people with that degree and even more out of work that did it in the past. She has no experience and gets killed when she goes against experienced job applicants.

She, and her parents, didn't make a smart cost/value calculation before signing for all those loans. Sorry, but it's like borrowing $50k for a car that's worth $20k - you just won't get a payback on that investment.

Would be interesting to hear what she studied, as not all degrees are worth the same in the real world. Have to decide how much you want to invest in a degree where the jobs only pay $20-30k a year.

 

[femurphy77]

They should have thought about that before they signed on the dotted line. I'm assuming after all that since they were in college that the simple concepts of addition and subtraction should have already been mastered! No sympathy for them at all, it's called responsibility, look it up in the dictionary if you don't know what it means.

When my youngest graduated Ball State I asked her what her plans were, she said that if she couldn't find a job she was going to stay in school in get her Masters and then a PHD. I mentioned the financial aspects of her decision and she said she didn't care she'd never have to repay the loans as long as a democrat was in the white house. She's smarter than I gave her credit for.

 

[GodFearinGunTotin]

She has a business degree in corporate communications. There are a glut of people with that degree and even more out of work that did it in the past. She has no experience and gets killed when she goes against experienced job applicants.

Is she willing to learn about corporate life...maybe from the plant floor perspective? If so, our plant may have an opening or two for a production or maintenance supervisor. It would probably start out as a contract-basis but I'm pretty sure she'd be making more than $22K and she'd probably get as much overtime as she wanted.

 

[GodFearinGunTotin]

They should have thought about that before they signed on the dotted line. I'm assuming after all that since they were in college that the simple concepts of addition and subtraction should have already been mastered! No sympathy for them at all, it's called responsibility, look it up in the dictionary if you don't know what it means.

When my youngest graduated Ball State I asked her what her plans were, she said that if she couldn't find a job she was going to stay in school in get her Masters and then a PHD. I mentioned the financial aspects of her decision and she said she didn't care she'd never have to repay the loans as long as a democrat was in the white house. She's smarter than I gave her credit for.

Yeah...if only the colleges and universities had actual skin in the game for the student loan bubble they've helped create and profited from.

 

[hoosierdoc]

The student loan crisis is largely government manufactured. It is to get them an extraordinary debt They can't pay off. Then the government has a loan repayment programs that they sign up for. It is indentured servant program for the 21st-century.

historically 20-year-olds are not dependent on the government yet. Now it's incredible student loan debt they are dependent on the government for the repayment program, and will do whatever Democrats make available for them.

 

[Que]

She can have her loan reduced to 10% of her gross income.

When end people hear this kind of story, they try to make it sound as if going to college is a bad decision, especially if one doesn't graduate with a STEM degree. Even if one were to go to a trade school, if he doesn't have drive and passion, he will most likely find a low paying job. If you are an accounting major, that doesn't mean you should only look for accounting jobs. With a degree, you should be able to negotiate any field and excel. The problem is some people want others to hand their dream to them because they have a couple of letters behind their name. It doesn't work like that.