I am a college graduate with $30,878 in Stafford Loans and $50,932 in private loans. Now I went to a for profit college and I also do admit that I didn’t take as much time as I should have in researching schools.
I went to school for a degree in recording arts. Looking back I take full responsibility for my actions and I don’t regret my time at school. I am applying for jobs that are outside my field and also trying to continue with freelance work in my off time.
Will I ever be able to climb out of this hole? I feel like for each step forward I take 2 steps back. My biggest source of stress is my private loan which is serviced by Discover Student Loans.
Now in total with my federal and private loans I only have to pay about $600 a month but I feel that I really am stuck with this the rest of my life. I don’t regret my schooling but how is it that people are essentially signing their lives away for an opportunity that was always promised to them.
I was always told by everyone and even heard the leader of the free world say that everyone has a right to education. I’m so stressed about this, I don’t sleep, I bounce through moods of depression and it’s affecting my entire life including my relationship with the love of my life.
How can I get married when I can’t even afford to move out of my parents house anytime in the forseeable long term future? I don’t want to get married and run into financial trouble with my loans and have her pay for my actions and debts that I accrued before we even dated.
I need help. Please help me, I’m reaching the end of my rope.
Put the rope down.
Let’s talk about your love first. If you get married, your wife will not inherit your debt. But obviously as a combined household the drag from this obligation will impact you both.
There is no good reason why you should avoid getting married because of this debt. If you have a good relationship, talk to her openly about the situation and together you can come up with a plan forward.
The depression, moods and lack of sleep are most likely all tied back to the same issue, the debt. Problem debt can lead to all of these symptoms. I would suggest you talk to your family physician about your depression of find a local therapist. Dealing with this will help dealing with the rest so much more easy.
The depression leaves you not thinking clearly or rationally. It leads to bad decision making and being stuck in a rough spot for much longer than you have to.
Depending on where you went to school, the school might not have been accredited at all and if that’s the case then the private loans would be nearly instantly discharged in bankruptcy. See this article for details.
Others who have written to me in the past have attended non-accrediated schools for sound engineering and recording arts so it’s a good thing to check first.
But I would suggest we start with a real plan to dealing with these loans moving forward. So let’s first look into that school situation and also look at this article for help with your federal loans.
Please post your responses and follow-up messages to me on this in the comments section below.