Student Loans

[kmb501]

I was living in Alabama when most of this happened.

Hi,

I took out student loans to finance about seven years' worth of college and related living expenses. Well, when I graduated with my master's, I owed about $80,000. After about two years, though, I owe nearly $150,000. I'm concerned. These are federal unsubsidized loans; the highest interest rate is only around eight percent. Why do I owe so much? I checked my balance and found some late fees that were added for me not paying on time.

I agree that I could have been more frugal. I didn't have to borrow so much money; I wasn't intentionally wasteful, but I also wasn't careful, but I can't do anything about it now but try to pay it. Unfortunately, that might be difficult, too. I'm gainfully employed right now, but this wasn't the case for a while. A year or so ago, I was diagnosed with Autism Spectrum Disorder; that may be why I had so much trouble finding jobs and communicating my problems. I wasn't lazy or someone who didn't care, but I needed to survive. Staying in college was the only thing I knew, and a lot of us were doing it.

I don't have it to do over again, but if I did, I would have just moved back in with my parent and not opted to live on campus or in an apartment where I had to pay rent every month. I also would have paid careful attention to my spending. Graduating early wasn't worth all of this, and what good did it do? I had to go to school for at least six years before I got a full-time job anyway. These student loans are bothering me. I wish there were a way to get the interest rate to zero so that I could pay them without worrying about all of the accumulation and late fees and penalties.

 

[mandy23]

I was living in Alabama when most of this happened.

Hi,

I took out student loans to finance about seven years' worth of college and related living expenses. Well, when I graduated with my master's, I owed about $80,000. After about two years, though, I owe nearly $150,000. I'm concerned. These are federal unsubsidized loans; the highest interest rate is only around eight percent. Why do I owe so much? I checked my balance and found some late fees that were added for me not paying on time.

I agree that I could have been more frugal. I didn't have to borrow so much money; I wasn't intentionally wasteful, but I also wasn't careful, but I can't do anything about it now but try to pay it. Unfortunately, that might be difficult, too. I'm gainfully employed right now, but this wasn't the case for a while. A year or so ago, I was diagnosed with Autism Spectrum Disorder; that may be why I had so much trouble finding jobs and communicating my problems. I wasn't lazy or someone who didn't care, but I needed to survive. Staying in college was the only thing I knew, and a lot of us were doing it.

I don't have it to do over again, but if I did, I would have just moved back in with my parent and not opted to live on campus or in an apartment where I had to pay rent every month. I also would have paid careful attention to my spending. Graduating early wasn't worth all of this, and what good did it do? I had to go to school for at least six years before I got a full-time job anyway. These student loans are bothering me. I wish there were a way to get the interest rate to zero so that I could pay them without worrying about all of the accumulation and late fees and penalties.

ok so if they are privately held--the first thing i would do is consolidate your loans so u are paying one bill a month. Then use the income recontigency plan that is offered---whatever u do stay in contact with the lender who if u consolidate is usually the US dept of education. Whatever u do do not let the loans default--that will cause u more grief than u need. They have help if you are in hardship but u have to tell them that and not ignore them.

 

[Shadowbunny]

Kmb501, did you have a question?

 

[Sheriff100]

Kmb501, did you have a question?

501 asked why so much was owed. While I don't really know for sure, it sounds like interest was deferred while they were in school. On $80,000 over a 7 year period, the original principal plus the capitalized interest, could easily total $150,000.

 

[mandy23]

501 asked why so much was owed. While I don't really know for sure, it sounds like interest was deferred while they were in school. On $80,000 over a 7 year period, the original principal plus the capitalized interest, could easily total $150,000.

definitely true--thats why i suggested consolidation with income recontigent cause it would help make the interest more consistent.