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I Owe $100,000 in Student Loans and Make $30,000 a Year. – Lex

“Dear Steve,

I completed an undergraduate education with $100,000 of student loan debt (half government/half private) I’ve increased my income to $30,000/yr. and still can’t afford to live modestly and pay my debt. I am 4months behind on repayments. My minimum payment due next month is ~$7,000 most of which is interest. It is IMPOSSIBLE for me to pay this in ONE YEAR, yet alone one month. There is no way I can ever pay this, yet alone get ahead and dream of having a home or a family. Not to mention, I have ~$1000 in major credit card debt which I have managed to reduce and control… but the student loan overhead is IMPOSSIBLE to recover from… Can you PLEASE HELP ME!!

Lex”

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The Answer

Dear Lex,

Help is really only available for the government backed student loans. The private students have no real options.

On the government backed loans look at information about the Income Based Repayment (IBR) plan. That is your best shot at getting those debts under some sort of control.

It is of little comfort now but any investment has to be weighed by its rate of return. A $100,000 education can’t survive on $30,000 of occupational income. The equation needs adjustment. Either a cheaper school would have been more in order for the field of that income level or a new job should be sought with a higher income in the same field.

This is exactly why many people graduate and have to embark on a career different than their schooling just to pay the bills. Their dream ends at graduation.

Big Hug!

I Owe $100,000 in Student Loans and Make $30,000 a Year.   Lex
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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