Student loans...

**llowdell** · 08-02-2007, 01:23 PM

Repaying student loans are a huge obstacle to most people in my age group. How have others been able to handle this? The biggest issue I am having at the moment is with my parents, ie, their disbelief at the fact that I am a responsible adult now and can get a job, etc. I understand the logic because if I am unable to pay the monthly bills will be going to them, and they are already saddled with the parent loans. But it isn't as though I haven't been looking for a job during my grace period just like everyone else. I know there's probably know way to solve this other than to just get a job but has anyone else dealt with this? Any pointers would be much appreciated.

**annymoll** · 08-02-2007, 01:36 PM

My advice is to just get a job, deal with it, and pay it.We did it for years and years because we had a huge financial debt putting my husband through school.If your parents have already taken on debt to assist you with school it would be unthinkable to expect them to take on further debt, or to be worried about your responsibility. There are lots of jobs, some may not be what you want , but any job is better than none. Then you can make a payment schedule based on your income.McDonalds is always hiring.

**FreesiaE** · 08-02-2007, 01:41 PM

I am in my twenties and my parents very clearly told me that after undergrad I was on my own. I completely got that. I took a job I didn't necessarily want or that was even in my field, but my personal self-fulfillment came secondary to keeping a roof over my head. Now a few years out, I have a job I enjoy, but if it came down to it, I've told my husband, that I would not hesitate nor feel ashamed to take a job in retail, food service, janitorial services, etc. Whatever I could do to help out (as long as it was legal and ethical) I'd do it. I don't define myself by my job, but by the rest of my life. My job just helps me achieve my other goals. I'm going to go back for my MA soon, and money may be tight. I plan to work FT and go to school basically FT. I'm going to have to cut some corners, but that is ok for the bigger picture.

**Darlene** · 08-02-2007, 01:43 PM

My Dd just graduated this past May and like you mentioned she "just got a job". Not a job in her field but one that would help pay the rent, etc. She has her teaching certificate but until she can find a full time job teaching she will be working where she is and substitute teaching. She'll get there just like you will, in the meantime you will probably have to take whatever will help support you. Most of us just did what we had to until we found what we were really after.You are off to a great start by learning how to be more frugal and stretching what money you do make. Hang in there it will all work out.
Speaking from the parent side, it's not easy letting go and keeping my mouth shut (adding my 2 cents to many things) but I'm learning.

I'm sure your parents are very proud of you and just a bit nervous about it all. Keep your wants (spending) low, work hard and save what you can and you'll be supporting yourself in no time. Cheering you on.

**SerenaNY** · 08-02-2007, 02:58 PM

Also cheering you on

.

I'm sure your parents are just frustrated about their own loan payments and can't see a way to taking on more debt. You can remind them the value of the education you got. You can also schedule, like, twenty job interviews in one week and show them how determined you are. And if you haven't already, I would consolidate your loans so you're only making one payment per month; it will show your parents that you're thinking about it. I just went with the Educational Loan Company, who has the best deals right now (2.5% reduction bonus)....while we're talking about frugal. There's also plans to change the interest rate laws on student loans -- one of my old professors really urged me to consolidate sooner rather than later in case the new bill passes.

Anyway, I'm sure it'll work out. The world rewards responsibility. You're talking to someone who moved home for a brief stint after school and payed off her student loans by waiting tables. So, your situation is at least comparable if not better.

**Jaded** · 08-02-2007, 03:26 PM

You could do what I did and get hit by a truck, get a settlement, and pay them off...oh wait...that involves surgery and bankruptcy...shoot!

**Luv2BeFrugal** · 08-02-2007, 03:52 PM

Ya just have to take whatever job comes you way and eventually move into your desired field. We're working hard to get my Dh through college (he graduates in May). He'll have about $27K of student loans - and YUP...he'll have to take whatever job comes along cause we'll need the income to pay those off. Eventually, he'll find that job that's just what he was looking for.

All in good time...you can do it!

**lottaLove** · 08-02-2007, 06:33 PM

The sooner you find a job, any job, and start making at least small payments to those loans, the sooner they will go away. Really, there is no other way to make those loans go away. There is nothing wrong with taking a job that is not in your "field" to pay the rent while you look for something else.

I just graduated in April, and so I am repaying those pesky loans right now. My mom once told me that if I am responsible enough to sign a loan document, pay for school and graduate without her help, I am certainly responsible enough to find a job, pay my rent and pay off those loans the same way

**Marie78** · 08-02-2007, 07:43 PM

It's been five long years, but I am coming to the end of my student loans. Thankfully my parents didn't have to take out any parent loans for me to go to college. I worked doing what I could to pay my loans and keep a roof over my head. Many times my jobs have not been in the field that I went to college for. I used to be angry that I wasn't using my degree and still had to pay for it. I don't feel that way anymore, now I am just grateful to be working and paying the bills on time each month.

**Telephus44** · 08-03-2007, 09:03 PM

Obviously the best answer would be to get a job - and I agree with others about getting a job that is lower paying and not in your field in the meantime until you can find the right job for you - it will show your parents that you are a responsible adult capable of paying your own bills. If you're worried about it having an impact on your job search, you could get something part-time and you don't have to mention it on a resume.

As far as consolidating your loans - think hard about this and do the research. It may be right for you, but it may not. Laws change, true, interest rates are variable (so they can go up or down), and lately there have been a lot of lenders just begging to help you consolidate your loans - some are legit, but some just want a piece of the pie and aren't doing you any favors.

I'm still paying on mine, and I graduated in 2000. I started with $17,625 and am now down to $4300 or so. I plan to have them paid off in 2008, two years early.

**Kana** · 08-03-2007, 11:27 PM

I think you have been given good advice here. Many of us have been in your shoes and have made it through. I didn't have a job when I graduated college either, and I decided to take the first thing that came along. I stayed there for almost a year until that company went out of business. I started grad school, dropped out (my heart wasn't in it), then took another crappy job just to get by and had to move back in with my parents. Just when I thought things couldn't get any worse, I got called for an interview with a great company. Now I've been there for 2 years, been promoted twice, and make more than twice as much $ as I did starting out. I stayed at my parents (paying rent) for a year and then I bought a house. Decided to give the grad school thing a try, going part-time while working full-time, and luckily for me my employer offers educational assistance, so it's on them. My life has drastically improved over 4 short years.

Moral of the story...things are not going to be this hard forever. Sometimes you have to suck it up and take jobs you may think are beneath you. You can still look for other jobs while working. I can see how it would be tempting to lean on your parents, but you need to take the initiative to make some things happen. Everything will fall into place, but it might take some time!! I know that might be an idea that's difficult getting used to. Good luck.