patrick.net

I couldn't keep my house and make more than interest only payments at the same time
Starting with a bachelor's degree in 1993, then a Master's degree in 1996 and another Master's in 2010, I am now almost $100,000 in student loan debt. Not to mention the then $25,000 student loan I cosigned for an ex-boyfriend in 2004 to just to get him out of my house...which is now greater than $40,000.
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I am desperately hoping a miracle happens so I can figure out how to get out of this mess of debt
I graduated from a prestigious private photo arts school, which was really over priced for the degree acquired. I graduated with a mountain of debt totaling $200,000+ from Sallie Mae and couldn't find a job for 3 months and when I did it barely paid me anything and I couldn't afford to start paying on my loans right away. I deferred my loans for as long as I possibly could because I couldn't afford to pay them. What I didn't realize though was that during that time the interest on my private loans was at 14% and my federal were at 5%. I wasn't able to start paying on the loans until about 3 years ago and when I reviewed how much I owed I was shocked to learn that my debt had almost doubled and I now owe a staggering $396,000.
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My husband and I will have to work until we are in our early seventies to pay off these debts
My husband and I have over $75,000 in parent plus loans and $20,000 in credit card debts and $15,000 in a home equity loan. Most of these debts are related to putting our three daughters through college. One has her Master’s degree, one is still working on her Masters and our youngest is in her senior year. The three of them also have at least $25, 000 or more in student loans they will have to pay off. Why did we borrow so much? We had to because we couldn't save enough to pay for their college costs even with two incomes, because the colleges they attended cost from $30,000 to $45,000 per year. And because of our combined income our daughters were not able to get very much financial aid. They all were good students and did get some non-income based scholarships and worked all through college. My husband and I will have to work until we are in our early seventies to pay off these debts if we are ever able to. Also we had hoped to sell our house to pay off some of the debts but its now worth less than what we paid for it 13 years ago. And of course our retirement incomes took a huge hit in 2008. That's are story and the sad thing is some people I know have even more college loan related debt.
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Although I live in rent-supported senior housing I was refused the expected rent reductions
I am a senior citizen, now age 69, with no possibility of fully retiring and my $55,000 of student debt, which I was not able to discharge in either of two bankruptcies, is a major obstacle. If I were to earn more money than I now do it would go to paying on this debt rather than into retirement investment so I live simply and keep the debt at bay with deferments and now with an IBR payment of $0/month. What will happen when I can no longer work is a great mystery since my Social Security is not enough to live on and will not be until my former husband dies and I begin to receive his (and he is quite healthy). The loans are from a PhD program which I was not quite able to complete because of time limits that were put in place which I could not meet while studying pay as you go and from a Master's program for which tuition was supported by the Department of Vocational Rehabilitation but for which I had to cover all living expenses.
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I still will not be able to save any money for my future nor will I be able to contribute to the economy
I'm 36 years old. I have over $100,000 dollars in student loan debt (public and private loans, most are consolidated). My parents co-signed on many of my loans, but they could not afford to help me pay for any of my education. I do not own a home (I rent). I do not own a new car (mine is used, and it's 9 years old). I cannot afford a family ... so I have a cat. Over the years I've been on unemployment and on food stamps and on state health insurance. First I received a BA in Anthropology and Women's Studies and then I received a Master of Science in Anthropology and a Graduate Certificate in Women's Studies.
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https://onewisconsinnow.org/institute/act/my-student-loan-debt-story/