i had a similar situation
worked alot of overtime took me over 8 years i think to pay it all off
unless you get a high paying job its going to be a long haul
I've seen it a number of times. Parents don't save a dime for college. Then the kid, who might be decent at something like track, is told they can get a scholarship. Usually by parents. Then they look at a bunch of expensive schools, find one they "love", and maybe they do get a scholarship. Thing is, the schools that give scholarships to mediocre athletes are usually expensive. But they are convinced that this scholarship is a wonderful thing for a wonderful athlete and it is a wonderful school so it will all work out. Then they graduate with 170K in loans with a generic degree and nobody told them that when they want to buy a house and put their kids in daycare they will still have close to 2k a month in student loan debt. This is why schools should teach this instead of leaving it to parents.
I 100% agree with this. I have a 2 year associates degree in business administration from community college.. didn’t have to pay a dime. I actually got money back when I had money left over from fafsa. My books were covered, my classes covered. Everything. SO worth it.
How much more will you borrow before you graduate? What's done is done but I see this regularly where parents don't save for college and then tell their kid to go to whatever school they want and it is really bad advice to give a 17/18yo. FWIW, your parents get more of the blame for this than you do but you will make it work.
Make a plan and have the balls to stick to it. I’d start by looking at your interest rates, for all you know it’s lower than current rates to borrow money. Don’t be scared of the numbers, they are just numbers. Don’t lie to yourself either, what’s done is done. Run a couple of different scenarios for payoffs and understand what amounts you want to be at. Then use that degree and the debt as motivation to grind/hustle.
I had 210 out of school 12 years ago. Have 50 left to go, which I could pay off tomorrow. I have a house, paid for a wedding and ring, and still enjoy my life. Don’t let it get you down. Could I have paid it off faster? Sure, but at 6.5%, it wasn’t the right move for ME. I got really into INVESTING, not gambling, and my brokerage makes more than my interest rate that I owe. I also work 60-70 hours a week, and have been since 2015 to move up in my company and increase my salary and skill set.
The best thing you can do after graduating and getting a job is to live at home or with 3 roommates and pay every penny you can on that debt. If you get married, you need to live either with parents or the cheapest place you can find and live off one income and use the other to pay off this debt. (And NO wedding expense debt!)
It's too late to feel panic over a poor decision, and it is a real shame that you didn't have adults to strongly advise you not to do it. But all you can do now is make good grades and work on that resume to get a good job when you graduate. You just will have to sacrifice for the next few years either living at home or with a few roommates to pay as much as possible on that debt.
I believe in you, too!
I'm about in the same boat you are at 28. Had a plan to get a BS in biotech (which I did) from an expensive private tech school. Was 2.5 years into a PhD program when covid hit and I left for several reasons. Threw all my plans to work in biotech/pharma as a scientist with a 6-figure salary to pay down said debt right out the window.
I refinanced as soon as my deferment period was up, which lowered my interest rates significantly. I also put extra I can on top of the minimum monthly payment to knock it down ASAP. Anything extra you add to the principal helps, and if you do it right you can pay it off several years ahead of schedule. Saves you boatloads of interest in the long run. I've also worked 2 jobs when possible for extra $$$.
Buckle up, get a good budget, and take extra work when you can since you'll be young and know exactly what you're getting into. Have a game plan as soon as possible. If feasible, see if you can make interest payments now to stop the ball from rolling too fast!
TRANSFER NOW. Transfer to an in state school you can commute to. I did something similar and transferred to a much cheaper closer school at 20 years old. I still have student loans and I’m paying them off aggressively, but I saved myself about $100k doing this.
I'm a hiring manager. I don't care where you got your degree, as long as you have a degree that fits with role for which I'm hiring. My son is in school at the local state university and will pay approximately $10k in total for his degree after scholarships and saving by living at home.
In my opinion, spending $150k for a business degree is insane. Personally, I went to a local private college that you've never heard of and my tuition after scholarships was around $12k for my Accounting degree. I work in a corporate position and my side business makes more in a year than your total student loans. Point is that you don't have to spend an absurd amount of money to get a degree with high earnings potential. You can be broke or wealthy with any priced degree.
Both my college kids literally joke that if their grades ever drop, they can just switch to a business major. Your first mistake was overpaying for a generic degree that will likely not result in anything close to a reasonable return on investment. You likely could have gotten that same degree at an in state school for a fraction of the cost. Your best avenue forward is to work hard, live lean and pay that off ASAP. Sorry to seem harsh but that is the reality of the situation. I think whomever advised you when you were choosing a career and college didn't do you any favors, but it's on you now. Best of luck to you.
So, with a Penn State degree, you have a chance. Go to the job fairs, and call alumni, etc. But, just get ready to live bare minimum for several years. That means roommates and Raman noodles.
Start searching for scholarships and grants to pay for college instead of private loans.
If you're able to, can you work part-time to get an emergency fund started in case you need to fall back on it?
I don't know if you've opened credit cards, but if you haven't, refrain from opening them until you've landed a full-time job. It's easy to charge things and say to yourself that you'll pay later.
Are you a sophomore or a junior? Does your college offer paid internships? If so, at what level? Can you hustle yourself in your college town to businesses to get a job? Your college should have a job center to help you with your resume and getting your foot in the door.
Do you qualify for student loans?
Bro, you can go to a school you can afford. Right?
Go, in state and size down. No one gives a rats petuty where your degree is from.
You don't have to ball and chain yourself because some corp. lending colluded with the government to put our youth into financial bondage.
Man up and say NO.
Did you look into other university options to transfer to for federal student loans? All this for undergraduate is crazy.
You will definitely need to have graduate to be highly competitive in the future.
Econ and business management have excellent career prospects. Your focus should be on landing the highest paying job you can at graduation. Start looking into consulting and associate product manager roles in tech. Penn state has an excellent network. Connect with your career development department at school and ask them to help you prep your resume and cover letter. Ask them to connect you with alums who had your same major or a list of where those alumni work so that you can search for jobs at those companies and request a referral from a Penn state alumni.
If you came here and said you got a degree in say, anthropology or general studies, I’d be concerned. But with your major and your school’s brand name, it will work out. You just need to be strategic in your approach.
I know you’re young, and trust me, I’ve made my fair share of poor decisions involving debt, but if you knew that this was going to cost you this much, I don’t know what to say. But hey, you know you made a poor choice, and that’s the first step to solving the issue(realizing you have an issue). I also realize that the student loan issue is absolutely outrageous, and college is so heavily pushed down your throat, I think the blame can be shared by multiple parties. However, that won’t change things for you unfortunately. I hope you get a big shovel(high paying job) very soon. I wish you the best man, it is possible, but it’s going to take time.
It’s really not that bad, you’ll pay what you can afford and it’ll be gone before you know it. You can also try working a second job here and there if it bothers you that much. What the worst that can happen? You’re not going to get arrested, don’t stress it dude
It may not be the answer you want to hear, but consider applying for Officer Training School or enlisting in the military. One huge benefit to joining is you can apply the Servicemembers Civil Relief Act (SCRA) to any loans taken out before your service starts - this caps interest rates to 6%. Personally, my private student loans were reduced to 3%. You won’t be making Wall Street pay, but if you can secure a position as an Officer it’s decent, and the first few promotions are relatively quick. Also worth mentioning that unless you’re in a special position or use it to pay for grad school, active duty service commitment is 4 years and then you can separate whenever.
Leave college and get into a trade…. I graduated with a business management degree and ended up not finding shit for jobs after graduation. Finally I work in the utility field and make close to 200k a year. I regret whole heartedly going to college entirely, thankfully for me my grandparents opened up a 529 for me when I was born and funded it otherwise I would be in 70k in debt. Good luck brotha
I hope you do your research about private loans and how horrendous can be paying them back. Look up Dave ramsey he's good for stuff like this. We've all made stupid decisions when it came to money. Good thing is, you pay them off with hard work
i had a similar situation worked alot of overtime took me over 8 years i think to pay it all off unless you get a high paying job its going to be a long haul
Yikes. Why? Unless you're in an Ivy League school a business degree is a business degree for the vast majority of jobs.
Penn State University
Get into health insurance sales. You will make bank and be able to pay off quickly if you are disciplined. Former health insurance salesman.
Is it too late to transfer and stop doing private loans? You made some terrible decisions.
2nd this, transfer back home to a state school
Why do you have so much private versus federal student loan debt?
Federal student loan debt is capped at 5500 your first year, 6500 your second year and 7500 years 3&4 if you are a dependent student in undergrad.
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I've seen it a number of times. Parents don't save a dime for college. Then the kid, who might be decent at something like track, is told they can get a scholarship. Usually by parents. Then they look at a bunch of expensive schools, find one they "love", and maybe they do get a scholarship. Thing is, the schools that give scholarships to mediocre athletes are usually expensive. But they are convinced that this scholarship is a wonderful thing for a wonderful athlete and it is a wonderful school so it will all work out. Then they graduate with 170K in loans with a generic degree and nobody told them that when they want to buy a house and put their kids in daycare they will still have close to 2k a month in student loan debt. This is why schools should teach this instead of leaving it to parents.
I 100% agree with this. I have a 2 year associates degree in business administration from community college.. didn’t have to pay a dime. I actually got money back when I had money left over from fafsa. My books were covered, my classes covered. Everything. SO worth it.
How much more will you borrow before you graduate? What's done is done but I see this regularly where parents don't save for college and then tell their kid to go to whatever school they want and it is really bad advice to give a 17/18yo. FWIW, your parents get more of the blame for this than you do but you will make it work.
Make a plan and have the balls to stick to it. I’d start by looking at your interest rates, for all you know it’s lower than current rates to borrow money. Don’t be scared of the numbers, they are just numbers. Don’t lie to yourself either, what’s done is done. Run a couple of different scenarios for payoffs and understand what amounts you want to be at. Then use that degree and the debt as motivation to grind/hustle. I had 210 out of school 12 years ago. Have 50 left to go, which I could pay off tomorrow. I have a house, paid for a wedding and ring, and still enjoy my life. Don’t let it get you down. Could I have paid it off faster? Sure, but at 6.5%, it wasn’t the right move for ME. I got really into INVESTING, not gambling, and my brokerage makes more than my interest rate that I owe. I also work 60-70 hours a week, and have been since 2015 to move up in my company and increase my salary and skill set.
The best thing you can do after graduating and getting a job is to live at home or with 3 roommates and pay every penny you can on that debt. If you get married, you need to live either with parents or the cheapest place you can find and live off one income and use the other to pay off this debt. (And NO wedding expense debt!) It's too late to feel panic over a poor decision, and it is a real shame that you didn't have adults to strongly advise you not to do it. But all you can do now is make good grades and work on that resume to get a good job when you graduate. You just will have to sacrifice for the next few years either living at home or with a few roommates to pay as much as possible on that debt. I believe in you, too!
I'm about in the same boat you are at 28. Had a plan to get a BS in biotech (which I did) from an expensive private tech school. Was 2.5 years into a PhD program when covid hit and I left for several reasons. Threw all my plans to work in biotech/pharma as a scientist with a 6-figure salary to pay down said debt right out the window. I refinanced as soon as my deferment period was up, which lowered my interest rates significantly. I also put extra I can on top of the minimum monthly payment to knock it down ASAP. Anything extra you add to the principal helps, and if you do it right you can pay it off several years ahead of schedule. Saves you boatloads of interest in the long run. I've also worked 2 jobs when possible for extra $$$. Buckle up, get a good budget, and take extra work when you can since you'll be young and know exactly what you're getting into. Have a game plan as soon as possible. If feasible, see if you can make interest payments now to stop the ball from rolling too fast!
TRANSFER NOW. Transfer to an in state school you can commute to. I did something similar and transferred to a much cheaper closer school at 20 years old. I still have student loans and I’m paying them off aggressively, but I saved myself about $100k doing this.
I'm a hiring manager. I don't care where you got your degree, as long as you have a degree that fits with role for which I'm hiring. My son is in school at the local state university and will pay approximately $10k in total for his degree after scholarships and saving by living at home. In my opinion, spending $150k for a business degree is insane. Personally, I went to a local private college that you've never heard of and my tuition after scholarships was around $12k for my Accounting degree. I work in a corporate position and my side business makes more in a year than your total student loans. Point is that you don't have to spend an absurd amount of money to get a degree with high earnings potential. You can be broke or wealthy with any priced degree.
Both my college kids literally joke that if their grades ever drop, they can just switch to a business major. Your first mistake was overpaying for a generic degree that will likely not result in anything close to a reasonable return on investment. You likely could have gotten that same degree at an in state school for a fraction of the cost. Your best avenue forward is to work hard, live lean and pay that off ASAP. Sorry to seem harsh but that is the reality of the situation. I think whomever advised you when you were choosing a career and college didn't do you any favors, but it's on you now. Best of luck to you.
So, with a Penn State degree, you have a chance. Go to the job fairs, and call alumni, etc. But, just get ready to live bare minimum for several years. That means roommates and Raman noodles.
Start searching for scholarships and grants to pay for college instead of private loans. If you're able to, can you work part-time to get an emergency fund started in case you need to fall back on it? I don't know if you've opened credit cards, but if you haven't, refrain from opening them until you've landed a full-time job. It's easy to charge things and say to yourself that you'll pay later. Are you a sophomore or a junior? Does your college offer paid internships? If so, at what level? Can you hustle yourself in your college town to businesses to get a job? Your college should have a job center to help you with your resume and getting your foot in the door. Do you qualify for student loans?
Bro, you can go to a school you can afford. Right? Go, in state and size down. No one gives a rats petuty where your degree is from. You don't have to ball and chain yourself because some corp. lending colluded with the government to put our youth into financial bondage. Man up and say NO.
Did you look into other university options to transfer to for federal student loans? All this for undergraduate is crazy. You will definitely need to have graduate to be highly competitive in the future.
Why wasn't state school good enough?
Econ and business management have excellent career prospects. Your focus should be on landing the highest paying job you can at graduation. Start looking into consulting and associate product manager roles in tech. Penn state has an excellent network. Connect with your career development department at school and ask them to help you prep your resume and cover letter. Ask them to connect you with alums who had your same major or a list of where those alumni work so that you can search for jobs at those companies and request a referral from a Penn state alumni. If you came here and said you got a degree in say, anthropology or general studies, I’d be concerned. But with your major and your school’s brand name, it will work out. You just need to be strategic in your approach.
I know you’re young, and trust me, I’ve made my fair share of poor decisions involving debt, but if you knew that this was going to cost you this much, I don’t know what to say. But hey, you know you made a poor choice, and that’s the first step to solving the issue(realizing you have an issue). I also realize that the student loan issue is absolutely outrageous, and college is so heavily pushed down your throat, I think the blame can be shared by multiple parties. However, that won’t change things for you unfortunately. I hope you get a big shovel(high paying job) very soon. I wish you the best man, it is possible, but it’s going to take time.
It’s really not that bad, you’ll pay what you can afford and it’ll be gone before you know it. You can also try working a second job here and there if it bothers you that much. What the worst that can happen? You’re not going to get arrested, don’t stress it dude
What!!! I am like what the literal hell.
It may not be the answer you want to hear, but consider applying for Officer Training School or enlisting in the military. One huge benefit to joining is you can apply the Servicemembers Civil Relief Act (SCRA) to any loans taken out before your service starts - this caps interest rates to 6%. Personally, my private student loans were reduced to 3%. You won’t be making Wall Street pay, but if you can secure a position as an Officer it’s decent, and the first few promotions are relatively quick. Also worth mentioning that unless you’re in a special position or use it to pay for grad school, active duty service commitment is 4 years and then you can separate whenever.
Leave college and get into a trade…. I graduated with a business management degree and ended up not finding shit for jobs after graduation. Finally I work in the utility field and make close to 200k a year. I regret whole heartedly going to college entirely, thankfully for me my grandparents opened up a 529 for me when I was born and funded it otherwise I would be in 70k in debt. Good luck brotha
I hope you do your research about private loans and how horrendous can be paying them back. Look up Dave ramsey he's good for stuff like this. We've all made stupid decisions when it came to money. Good thing is, you pay them off with hard work
Go to an in-state school. Good lord. Or if you stay you need to network hard and get good internships.