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Hey Folks,

I graduated from a public university a couple years ago with $100K+ in student debt (lived on the "free money"). Is it possible to ever pay this much off? Right now it seems like its a chain that will always be there.
 

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Is it possible to ever pay this much off? Right now it seems like its a chain that will always be there.
As you say, the chain will be there. The gov't has disallowed bankruptcy on student loan. Years ago, kids would graduate, then blow off the loans and file bk, they were "judgment proof" so the bk was allowed - it became so prevalent that the gov't outlawed it.

A few years ago, an age 65 dude retired - he had blown off his student loan for years - the gov't nailed him and withheld his SS pension. (An SS pension is usually about $20,000/yr, so a $100,000 student loan would take about 5 years , unless you let the interest build up.

You said Lib Arts - has the degree been marketable, ie, did you get a decent paying job, one that can grow to $80k or $100k in a few years? The general college counselor advice is to borrow based on the value of the degree - eg, it would be feasible to borrow $200k to become an MD, maybe $100k to be an engineer - but not so good to borrow $100k to get a degree that nets you a $50k job.

Sometimes, a few years from now, you can borrow against the equity in a house, that is a good source of 30 years, 4% capital. I pyramided house loans with our rental houses, raised quite a bit of capital for other investments, it turned out to be a powerful method. Supply more details, maybe I can see if the numbers works.
 

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Hmm...I have a kid who is married and paid off $80K student loan debt in 3 years instead of the 10 they were scheduled to pay it off by. They use Dave Ramsay's methods. My other kid is struggling to pay off a $14K student loan debt. Different attitude nets different results. One worked lots of OT, as well as her DH, to pay off the $80K. The other worked p/t and only recently (this year) went full time to pay her $14K off.

Short answer. Yes, it can be done. But it all depends on your attitude.
 

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Yes, it is possible. I replied on the other thread you started.
 

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The boards are a little difficult to figure out at first. I use "new posts" a lot but as soon as you reply to a post that thread disappears. You have to remember which forum you were on and go look for your thread there.

Welcome to the board.
 
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