# Excessive Student Loan Debt



## jaayhou (Jun 20, 2007)

So my girlfriend just graduated with her master's, got a job, and makes a whopping $31,000 per year. That wasn't really a problem, rather, it's that she's currently racked up $75k in student loans. I, on the other hand, only have about $40k in loans and I'll have no problem paying it back with my salary when I graduate soon. Basically then, I'm responsible for all of it. I sincerely don't want to be paying off my (or her) education, plus about equal the cost in interest, for the next 30 years. These loans are killing us at 6.8% interest, and we can't consolidate because they're fixed-rate.

There's got to be something available to her to help out with her debt. For God's sake, she makes half the salary of most teachers in my state and works with severely mentally ill adults on medicaid. There are tuition forgiveness programs at other agencies, but she'd need to be licensed first, which takes at least two years. 

Any good tips? I already brought up joining the army...she was less than thrilled.


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## Neptunus (Oct 29, 2007)

Have you tried consolidating?

http://www.collegescholarships.org/consolidation/advice.htm

ETA- Never mind, I just noticed your rate was "fixed." Wish I could help.


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## jaayhou (Jun 20, 2007)

Ray of hope: she just found a brand new program that forgives ALL student loan debt after 10 years of reduced payments. Apparently she just needs to work for a nonprofit organization for those 10 years.

Here is the link:

http://www.ibrinfo.org/index.php


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## Emerald3 (Sep 17, 2009)

All students'll have debt... I'm in my third year and already racked up over £9,000 in fees and another £12,000 in maintenance loan (to which the last installment hasn't arrived so I'm living on my overdraft :blank)

If they do what we do, they only take a small bit out of your wages each month or something. It will take ages. Can't you speak to a Financial helper at the university or local authority? They'd have the best knowledge and would be able to help you the best.


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## djr86 (Jul 23, 2009)

I have a $12 student loan (this is just one of my student loans) with Sallie Mae Financial. The interest rate was really high and a family member just called them on my behalf and was able to negotiate a much lower rate after refinancing. Perhaps you can try calling your loan companies and see if they can work out a lower rate.


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## nubly (Nov 2, 2006)

the army gives you money to go to college not to pay student loans. its hard to work and go to school but i dont know why people dont do that instead. hard but not impossible and you'll be able to pay for school as you go along instead of asking for a loan. i dont see why people bother going to school if their goal is to get a degree that pays very little. you dont need a degree to get paid little.


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## jaayhou (Jun 20, 2007)

nubly said:


> you dont need a degree to get paid little.


True, but you may need a degree to do what you want. Although getting paid very little is enough to make me want a different career, especially if it puts me $50k in the hole.


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