Advice on student loans...

Discussion in 'General Advice' started by hockeyadc, Apr 25, 2012.

  1. hockeyadc

    hockeyadc New Member

    Maybe someone out there can help me, because I feel like I have exhausted every resource I know so far..

    I owe $165,000 in student loans. Thankfully, I have a decent job, as I went to school for Electrical Engineering, however the monthly payment of $1250(and its going up!) is a real burden. Its also depressing to have spent all my time and hard work in school and then coming out with massive debt, making less money overall than if I didn't go to school at all...

    This is the reason why I am trying to do any kind of side job(MLM, etc.) to pay this off, or at least make enough on the side to pay for the monthly payment.

    I'm looking for any advice anyone can give me. Maybe even a mentor in another MLM program who can help me on my path to paying this off. They are mainly private loans, so this means I cannot take advantage of the income based repayment option available on government loans.

    Thanks all. Just wanted to get this out there. You never know, maybe someone has been in my situation before.
     
  2. payment proof

    payment proof Well-Known Member

    Sorry to hear about your huge debt hockeyadc. There are many free ways to make money online. I've been doing it for over 6 years and have consistantly made good money.

    The best advice I can give is never pay an up front fee. Legitimate opportunities are always free.
     
  3. hockeyadc

    hockeyadc New Member

    I feel the same way. What are some good ways? Can you PM me some of the sites you work on perhaps? Thanks.
     
  4. payment proof

    payment proof Well-Known Member

  5. Kyle_K

    Kyle_K Member

    I have some experience in working with Federal student loans. I'm not sure if yours are private loans or federal loans. Though, I can really only offer basic advice.
    * At this point, don't ever get a forbearance if you can help it. The interest continues to accrue driving up your balance and making it harder to pay when you can pay it. That option should only ever be used if you are in a dire emergency and nothing else is an option.
    * If you need to, you can always inquire about a deferrment. The interest on the subsidized portion of the loan will not accrue so your balance would not grow as much. There are 2 or 3 different deferrment types available.
    * You can always contact your lender and inquire about a lower payment. There are usually multiple payment options available such as extended term, graduated, S2 and S5(plans that offer a short term lower payment with a gradually higher payment in the future, first is a 2 yr reduced py and 2nd is a 5 yr reduced py) and as a last resort interest only.

    Also, as a suggestion, you might consider consumer direct marketing as a part-time supplement to your income.
     
  6. payment proof

    payment proof Well-Known Member

    Kyle gave you some great advice hockeyadc. Also, how is the money making online going for you?
     
  7. kellerbrianw

    kellerbrianw Member

    One of the easiest ways I found to make money was selling promotional advertising, also known as advertising specialties. You can leave a catalog and/or flier with area businesses and return later for the orders.

    Use the search engines to find a company, and start reaping the benefits in a week or so.

    Here's to your success!

    Brian
     
  8. gowriter

    gowriter Member

    I put both of my loans in forbearance. Yes, I know the interest will accrue. But you know what? I don't really have the money to keep it up. So I had to do it until I could afford to do so.

    As a freelance writer I was making less than $800 a month. So I sent in both my Federal loans into forbearance by asking for an income based repayment plan.

    This plan is usually for people making low income and have a hard time paying it back. You have to fill out paperwork and send in your Federal tax return. If they give you the go ahead, you could pay less or you could pay nothing at all.

    In your case, I think it might be difficult because you've already been paying a significant amount, so I don't think they'll let you get away with nothing. However, you can try to ask them to lower your minimum by a few hundred dollars. That could help.
     
  9. Marktech

    Marktech Member

    My 2 cents... I think it's a shame that education is so expensive in the US. the cost of education is way too high here - it's a racket really. So many students are having trouble finding a job when they graduate. At least you chose a very practical field.

    How is the job market in Electrical Engineering?
     
  10. kellerbrianw

    kellerbrianw Member

    Follow the information offered by Kyle K. That should solve your situation.

    Another excellent solution is to make payment arrangements with your alma mater. If you need a second opinion, there are several money counselors often available for free (retirees from SCORE, for example) who may be able to help!

    Here's to your success!

    Brian
     
  11. shopper

    shopper New Member

    I can only tell you what I've done to make extra money. But, my student loan amount is very small, so my ways may only put a minor decrease in your payment. You have to find something you know how to do, and then sell the heck out of it. You can make more money faster by providing a service. For instance, you're in engineering, which means you're probably extremely good at math. Have you ever though about tutoring online. Tutor.com and tutorvista.com offer pay up to $50.00 per hour to tutor. I wrote a detailed review of both of these companies on my blog. I was going to sign up with them, but they really have no use for more English tutors(which is my field of study). However, the math and science tutors are in great demand on the site. That's because many people just aren't good in those subjects. If you are, that's a way to get in and start making money without spending a lot of time marketing an mlm or other program that takes time to build up. It's just an idea.
     
  12. ibed61

    ibed61 New Member

    I feel for you Hockeyadc....my student loan debt is up over $100,000 also. To make matters worse, my graduated loan payment just went up another $50. Bummer. I am currently trying my hand at social media marketing. Might be for you too!

    <Snip>
    [Link removed - Admin]
     

Share This Page