/biz/ - Business & Finance

>>710943
>america

>>710947
I'm aware that this is unfortunately basically

>America, the thread.

Sucks. I would have done 2 years CC and finished at a 4-year if I had known it would be this bad. Where I went to high school, though, pressure was on and you were "an idiot" if you went to CC.

>>710947
>retards in america
ftfy

>>710953
Can't you just file for personal bankruptcy or something? I mean 200k really is a shitton of money man.

Maybe get a new identity and restart? IDK

>>710958
Student loans aren't usually discharged in bankruptcy.
>>710943
>How fucked am I?
Pretty fucked.
>What is my best course of action for paying these off?
Send them money. Lots of money.

>>710961
I imagine you can get jailed for this shit in 'merica right?

>>710963
No. Debtor prisons were abolished long ago.

>>710943
Essentially, this is what you get for taking on massive loans for courses that you weren't even sure that you liked.(And by looks of that 2.4 GPA, it seems like you're not thrilled Computer Science either)
Poor planning on your end has come back to bite you in the ass.

>$210,000 in debt
>2.4 GPA

You'd think that if you were going to take on 200k in debt you'd try to do a little better in school.

>CS

At least you did this right. You should be able to find a 60-70k job pretty easily, since CS majors are very marketable to software companies. Realistically, you can pay off a 210k debt with a 65k job in 5-10 years.

Yes, I'm an idiot for having taken these loans out. That's great. But what the hell do I do to pay these back? Assuming $55k salary, do I just live at home and pour my salary into the loan? Do I pay the minimum payment for the rest of my life? I'm fucking lost, man. To clarify, $30k is in my name, and about $180k in parents' names.

>>710976
So all hope is not lost, and I should not be contemplating a long walk off a building's short roof?

>>710979
>do I just live at home and pour my salary into the loan?
This if your parents let you.

>>710970
True, but the punishment for making some dumb decisions as a youth (like getting educated of all things) shouldn't be a lifetime of debt.

You have 2 real options (or at least many small options that will ultimately rely on either one of these two):
1)pay the loan back. Get a good job, repay over your lifetime.
2)take out loans. Credit card, bank, whatever. Repay slowly wth these, the tax man can't tell how much went to pay the loan or for your "coke and gambling" problem. Declare bankruptcy having 500k+total debt. But at least the student loan will be significantly smaller by like 3/4.
Either way it sucks, you shouldve thaugh about it before being pressured into College. I mean I am going but expecting less than 20k debt due to unofficial family "paybacks"

>>710983
You have to take responsibility for your actions. That's part of being an adult.

>>710947
>>710953

Stop that shit

This is horrible, even by our burger standards.

I can understand 40k, maybe 50k, but going over that is just full retard

There's also no excuse for you GPA to be that low.

>>710985
>Credit card, bank, whatever. Repay slowly wth these
Good luck actually attempting that strategy.
>"Your honor, I move that these debts be classified as a student loan refinancing since that's clearly how they were used"
>"Motion granted"

>>710997
Nearly forgot the fraud charges that can go on top. Silly me.

>>710987
Except most of the people who wound up in this situation WEREN'T adults when they entered college. Most of my graduating class was 17 and honestly even the 18 year olds weren't really adults yet. It took another year or two before the lifetime of brainwashing started to wear off and most of them finally started to realize what they had gotten themselves into.

Just to get this back on-topic...

Yes, I understand that I am an idiot for this.
Yes, I understand that my financial mind is not present, even in the slightest.

This is why I came here: asking to learn, so that I can right the stupid mistake I made. I thought that /biz/ of all places might be able to advise me on where to go from here.

Now that we've gotten the "You're an idiot" posts out of the way, what's the best course of action for me to take on these?

>>710981
All hope is not lost. Think of it this way:

If you had a 60-70k job, you could afford a 300k house. Instead of a house with a mortgage, for the first 7 or 8 years of your working life you will have an apartment and student loans.

Did you do any paid internships during the summers?

>>711001
>18 year olds weren't really adults yet
They are legally. You have the right to vote, marry, enter into contracts, etc. You're responsible for your own actions.

>>711004
OP here, posting from phone. Did an IT internship sophomore year, and am applying for internships this summer.

>>710981
Go military for 4 years.
Something related to your career choice.
They pay back up to 50000.
If you're luck you can get officer rank.
Average salary$50000
Live in barracks
Only eat at mess hall
Save as much as possible
( If you're savvy with stock try and find something with a higher dividend return than your loan s interest rate.)
Profit?????

>>710943
>$210,000 in-debt
>For edumication
>Tfw everyone I know is in the same situation as OP and they cant even find a job to pay it back.

This world is fucked, its finished, we are going to die because of people like OP.

>>711003
Nothing to do except pay it back. Get a jorb, work your ass off. Get a summer internship (might be hard with that GPA) or do something productive. Get a jorb.

>>711011
You could also try and refinance your loan through the va they have crazy low interest rates for mortgages but I'm not sure if they can refinance student loans

#BAN ASSAULT LOANS.

>>711014
Nah, the total student loan volume isn't even near what the mortgage loan volume was in 2008, and it's contained better.

>>711010
IT is beneath what you want to be doing. You want to get an actual programming job so you can bump that up to software engineer when you graduate.

Can you program? How are your data structures and algorithms?

>>711021
>>711021
Currently riding an A in ds&a. Only thing I have problems with is big O notation but that will be taken care of soon enough. Talented with C/low-level programming and operating systems. Currently fiddling with an Arduino Uno to get some side projects with code and circuit diagrams in my portfolio.

Other thing is since such a large portion of the loans (~180k) are in parents' name, I don't think military/non-profits will re-pay that -- only the portion in my name, no??

>>710979
If you can live at home for free, you'd be an idiot not to.

Minimize literally every expense you can and put the rest into paying your loan off. It's going to be a good 5-10 years of hell, but that's what you get for being retarded.

>>710963

Functionally, but not actually.

>>710943

Wait a second, $210K?

Dude, I went to school for five years and ended up with $20K, what the fuck happened?

>>710983
You don't need to agree to take $200k of debt on to get "educated." I have a bachelors and soon am taking the CPA exam for like a total of $10k (2 years at a CC, 2 years at a cheap as fuck state school). I'll probably need to throw a few thousand into CPA prep and course fees and maybe another 10k into the fifth year, but I will be coming out (hopefully) as a CPA for about $25k.

OP made a fucking dumb decision and now he has to pay for it.

>>711018
>contained better.

Dude I know someone leaving the country for good to escape their $80 thousand dollar student loan.

>>711018

Unlike almost every other kind of loan, you cannot escape student loan debt except by dying or by being in a country that won't extradite.

>>710943
OP you are just. so. fucked.

>>711028
You'd have to find out if they would repay that if it was consigned

>>711048
Not what I meant by "contained". I meant the general economy's exposure to student loan backed securities.

>>711014
If we're lucky people will catch on and the for profit university industry will take the brunt of the fuckening. College enrollment in the US dropped by almost 1 million people over the last two years.

Holy shit anon.
210k in debt? That's like med school tier.

I would honestly think about an heroing. No joke. Or at least faking your death.

>>711079
>I would honestly think about an heroing.
Oy vey! A good goy always repays his debts! Don't an hero op.

>>711076
All I see is hell right now. An insane Zoo/mental asylum. We are in pure hellish times.

>>711076
I am so happy I ignored everyone though, all my friends and family kept repeating the same mantra over and over again, get a loan, go to college or university = a good paying job & a great easy life. I was scared for awhile that I was doing the wrong thing by not doing so because everyone was doing it, OP's story makes me feel like I dodged a 50. caliber round.

>>711099
>get a loan, go to college or university
That's a dumb mantra. It really goes:
>get scholarships / grants, go to college or university
If you need to take out a loan for college, you goofed.

>>710979
Ok, notre dame accounting alumni here. We are pretty top respected program for undergrad accounting. However, I graduated 2.4 gpa and I was fucked in the ass on the job hunt. Luckily accounting is all tied to how close you are to getting the CPA or possessing it. So once I passed the 4 exams my GPA was irrelevant.

With comp sci I dont know if there is something similar but youre in for a rough time when it comes to interviews.

As for debt, thats a lot man. Look into the new forgiveness plans. NSA is always looking for new comp sci grads but Im not sure if they offer forgiveness. I know the military does.

If you actually get a job offer, plan out how much income you would be making and the expense your debt would be. Now see how much you would be making in the military, they will start you out as an E-3 atleast (join the air force) and then after 10 years of service, your loan is forgiven I believe. But I imagine this is only for the gov loans :/

>>710943
So what are your differwnt repay options? Just pay the minimum and the rest gets let go after 10 years

Or are they private loans?

>>711085
/pol/ pls

OP, it sucks, but hang in there. Keep living with your parents if you're able to. Explain to them the situation and if they care about you they will understand.

Minimize all of your expenses. Drive a shitty but reliable car. Get a full time job with a high salary, and on the weekends, do things that produce more income. There are things like leapforce that you can do from your computer and make like $10/hour doing. You need to find ways to live frugally as well. Don't buy your jeans at The Gap anymore, you'll now hunt for deals at Goodwill on 50% off Saturdays. Don't think of buying lunch at work, you're bring a brown sacked lunch. Don't think of buying a coffee every morning, you're switching to caffeine pills and water.

Now comes paying off your loans. First, you want to have a savings account as an "emergency fund". Keep a few thousand dollars in here, in case your car breaks down, you get a medical problem that requires immediate surgery, or whatever. Everything that isn't going into your savings account or to pay off your monthly expenses, goes to pay off your student loans. Pay off the loans with the highest interest rates at first. Don't invest anything just yet. Set goals for yourself. After you pay off one loan, treat yourself to a steak dinner, or a giant ice cream sundae, or anything that you would find enjoyable and rewarding. This is key because it will keep you focused on achieving your debt payoff goals, it won't discourage you, and will give you something to look forward to and to congratulate yourself with (because yes, you earned it.)

It sucks OP, and you can go on and on about how the American college system is a scam, but the reality is it took you years to get into this mess and it's going to take you years to get out of it.

>>710943

The problem isn't your loans. It's your complete lack of discipline and work ethic.

>>711103
How hard is it to get the CPA? I went to IU, which also has a good business program, but my degree is in business economics. I'm working as an accountant right now in Chicago and I'm very seriously considering ditching the whole economics things and going for my CPA. Any tips or advice?

Hi, OP.

What you want to do is take advantage of the fact that reprieve that they give you approximately six months after you graduate. This means that you're not obligated to pay back the student loans, but interest will build up during that period. During that six month period, I suggest you dedicate your time to finding good employment and saving. You can live your life, of course, and buy an apartment, get credit cards, etc. Just save every month, keep your expenses low/moderate and do the best you can. During this time, also consult your loan officer(everyone is given one) to see what your monthly payments must be. For that debt, I'd imagine anywhere between 300-400 a month or so. Believe it or not, they accept fucking anything practically; just send them money any/every month.

During this six month relax period, actually try to send them a couple of dollars a month. It'll take a while, but you'll be able to get it down. Student loan debt is actually "good" debt; it means that you invested in yourself/education. It won't hold you back from future investments, credit ratings, etc -- that is, as long as you don't default.

I have debt myself, debt which I'm paying off, but it hasn't really affected my daily life. I have credit cards, saving account, I invest, etc. I just consider it another bill that I have to pay every month, just like my rent. Over time, you'll see a dent in it and it'll go down.

>>711125
It could be hard if you didnt study accounting as an undergrad. Keep in mind you need 150 credits for the actual license so doing an online masters of accountancy from a state school would be the way to go for you.

The 4 tests were actually not too bad for me, I Learned more than I thought in college, I just didnt do well at Notre Dame.

CPA is the only way to go man, most useful and versatile certification anywhere.

>>711194
210k is different from 30k or even 100k. It will take forever living absurdly frugally.

Also, enrolling in a grad program or even matriculated courses at a local college will delay payments. You can take 1 online course a semester and you will still be considered a student to the government.

>>710976
>>you can pay off a 210k debt with a 65k job in 5-10 years.

LOL.. right..
If you work at it, you can save 20% of your salary - or $13K / year. You don't need a CSC degree to realize that you've got 15 years of sucking up and putting all of your savings toward paying off your loans. Then, when you're 35 you'll be 5 years too late to start you kids 529B plan, but if you save a lot you can catch up, and then when your kids graduate you can try to put something into your 401K, but by that time it will be pretty late for that. Welcome to the American dream.

>>710943
We need more focused numbers OP

Whats the interest rate on these loans?

Which ones are gov and which private?

>>711101
They even see it as a good thing so that you can build credit so that you can take out another loan for a house & car. I don't know where the hell people are coming up with this shit, it's like there's no logic to anything they say, they just repeat whatever they are told is good and everything they say is all wishful thinking as the world burns.

>>711248

We now have three entire generations who are being taught that having a car loan, student loan, and consumer credit card debt, totaling well over $200k is normal, and you're a loser if you don't do this.

Look how many people on /biz/ do dumb shit with debt. We even have a whole "leveraging your car" maymay just because so many people treat credit like magic money.

I managed to get through college with no debt, but in order to get that dream job I wanted, I'd have to pay another $80k for grad school. I said no thanks and just bailed on it and went into a trade.

Not the most glamorous job, but at least I'm not having panic attacks like my best friend is, over the fact that he can't even afford the interest on his student loans.

Go to /sci/ and look how many engineers and CS graduates are saying that they can't even get jobs anymore because the market is so saturated and businesses are only taking the top 1% of them.

There were over 6k applications for 80 spots to the MD program at one school in my state.

This shit is going to hit critical mass in within the next 10 years

>Smug college fags said trade school is "college for idiots"
>Laughed at me becoming a plumber
>Now I make 70k a year doing easy labor or deferring it to paid laborers
>Never been in debt in my life
>House, 2 cars paid in full

jokes on you 'smart' fagets

>>711257
My moms bf considered one of my friends successful for taking out a 30,000 loan on a sedan while I was seen as the loser for having nothing at the time lol. I can already see the critical mass from here, it's going to be an absolute blood bath.

>>711270

90% of Americans finance a car

50% live paycheck to paycheck

Simple math there

>>711274
50 percent?! Jeeez... I didn't know it was that bad. sprinkle some welfare on-top too. Absolutely doomed.

>>711281

I'm actually wrong, it's 76% now

http://money.cnn.com/2013/06/24/pf/emergency-savings/

50% was from 2005.

>>711286
Omg... stop man your going to scare everyone here and cause a panic in the market you are going to crash the market tonight LOL. That's fucked.

Man up and fucking produce. $200K isn't unsurmountable. Just work your ass off and make money. You might end up better off that some debt free losers who coast. You're gonna have to learn how to perform under pressure. Congrats - push very hard.

>>711286
I better get some chickens and goats to live with us then so I have something to eat when everyone is busy killing each other. No joke.

>>710943
You could always dissapear with a country that has not extradition law with the united states. or you know, pay it off

>>711288
Nah man. Some of those private loans have high interest maybe 10 or 15%

At those levels the interest on the loans alone would be half his income before taxes

>>711103
>>711108

Anons, thank you for your help and encouragement.

To clarify, I have about 35k in the subsidized and unsubsidized federal loans. The other remaining ~175k is signed for under my parents' name in a "parent PLUS loan."

>>711320
Also, this is the OP. On phone (and not my wifi) now, so I guess that's why the different ID.

>>711320
Stick your parents for their portion of the debt. You don't legally have to pay that. They should have set up a college account for you that would have avoided this shit.

Or just take my previous advice and work your ass off.

I'd hate to be strangling with that debt and dating the ladies. How the fuck do you present yourself as a viable option with that anchor.

Now get to work and quick fucking around on these boards.

>>711320
Interest rates buddy. Cmon. Out with it. We need to know all the details if were gonna device an escape plan

Plus is good though thats still federal. Worst case you drag them out for 25 years at the bare minimum and the rest goes away (although by then youll have paid titloads of interest)

>>711325
Parents are saying "don't worry about them they're in our names" but I feel like a little shit and don't want them to spend their retirement paying off my loans. I want to help them get into the house they deserve for all they've given/done for me.

>>711330
Interest rate for the parent PLUS (~175k in parents' name) is most likely 4%, mine (~35k) is most likely 3.5%

>>711341
Then you're not truly fucked. End of thread.

Shit, why didn't you post that in the beginning?

You're not going to pay that back. Shit.

>>711350
Can you elaborate? Do you mean there's no way possible to pay it back period? What about chunking out ~2k per month for the next 10 years? I understand that would be next to 50% of my income estimating low end of what CS students are making, but how is that not at least doable although sucky?

>>711362
Yes I can elaborate - in the real world the burden of paying it back will be so high that you will just say "fuck it" and let your parents pay it.

It really is too bad that you don't have the debt completely on your head only with no way out. You'd be forced to produce enough to pay it back. Once that way done, you'd know how to produce at a high level and continue to do so. You'd end up in great financial shape.

Since there is a way out, you'll take the easy way (just like water does) and let your parents pay.

40k in debt here, OP. 28 federal, 12 private. Have enough money for one more monthly installment, and then I'll be fucked.

I'm tempted to apply for IBR, but it looks like a trap.

Christ, college was the biggest mistake of my life.

>>711365
I had actually been thinking this. If I end up somehow paying that back, I'd be set once I paid them back...but even "producing," it wouldn't be paid back until I'm, what, 40? I can kiss marriage goodbye.

>>711372
Agreeing with this anon. Either that or I should have said "fuck off" to anyone judging people for doing 2 years CC then transferring to a 4-year. That was undoubtedly the way to go...

>I can kiss marriage goodbye.

I'm 25, live with my parents, make less than 5k a year (all of it went to loans last year when I entered repayment), and can't find an entry level job in my shitty field (public admin).

I've given up on ever being able to date, own a house, being able to retire, etc.

I hope the rest of my generation is at least almost as fucked as I am. I feel like I'm being punished for going to school, and while I know I fucked up, it really is treated like the only "proper" option in high school. You're encouraged to take on massive loan debt by counselors and teachers your entire senior year when you're dealing with classes and admissions and all that other bullshit too.

I had a good GPA when I graduated, so grad school is an option of course, but that's another 15k in the bucket.

God, I hate this. At least I don't have kids to take care of, though.

OP don't be a pussy
GTFO the USA, move to russia, east europe, no one will find you, and even if they will, they can't do shit to you in most cases if you're outside of the US
you can work there as a CS major in alot of companies, speaking native english is also a bonus, and live much better than in the US with 200k debt

dang OP.

i have gibill paying for a bs in accounting, an ms in computer science, and an mba.

you shluld2 have joined the military for 4 years.

my max debt will be 10k if i take internships.

twist: im 32. lol

>>711076
Naw man, you know what's going to happen, it's going to become 'free' education. It's a human right! ;^)

>>711385
Flee to mexico, and from there flee to Thailan or Vietnam or some shit. That's the only way out.

>tfw UK
>tfw going to top 10uni to do economics
>3 years equates to 47k in loans
>tfw 5% interest
>tfw loan is kill after 20 years

Feels good tbh.

>>710943
Poor plan you had there. Honestly you should just pay the minimum to them. There's no real way to get out of debt that high unless you are making 6 figures. If you do then fuck it you might get out. Heck even with a good job that's a high number yeah, but doable.
Here's a bit of a process I'm gonna lay out for you and hopefully it works.
Pay the minimum for about 2-3 years, then get a copy of your credit report history. If your credit score is better, ask to be refinanced and see what deal you can get. Often times the interest rates go lower. If not go check it out at other banks and get an estimate as to how much interest you will pay. Sometimes they will notch it down just a point so they can compete but not really lose. Ask for less points. I used to work with a debt consolidating firm. People often times fucked up by financing too late. The way a payment works is that it is applied to whatever interest you are charged, and the rest goes to the actual payment. Some people will make the minimum payment for a decade, revisit the loan only to find that a large chunk of their minimum went just to Interest rates so they have only paid a slice of that. When we refinance them we put a strict budget on them so that every month, they pay off the interest, plus 1% of that loan.That loan should then be paid off within 100 months(~8 years, 10k loan). Sometimes even less because as the loan amount gets reduced, so does the interest. For you, you might need something far more stringent than that. You will have to pinch pennies for at least 30 years. I suggest that fresh out of college you get a bike instead of a car and shop at the Thrift stores and buy at the 99 cents store.

im so happy we have "free" (tax paid) universities in austria (and most europe). finish high school, go to a university of your choice and hell, the government even pays you ~200€/month for going to said university (only until age 24 though).

I dont get what mostly americans have against such "free" services like education (and health) paid by tax money- isnt it some of the best way tax money could be used?

i feel sorry for OP. anyway, i should get my 200€ this tuesday as reward for going to school

>>710943
>How fucked am I?
Extremely.

CS degrees are mostly useless. Only a few places and jobs require them.
I've worked in the industry for years and I know developers, admins, network techs, security consultants, etc.. Majority of them dont have CS degrees.

You paid $210k for one...

>>711261
The problem is that you will never earn any more than that. Manual labour has a ceiling without expanding into your own larger company, which I doubt you have the intelligence or bollocks to do.

Those of us with a 4-year degree will probably settle into a STEM field with huge headroom, and end up around 300k with room for imporvement by age 50.

>>710943
wow...Why did you do this to yourself? At least you went into CS but still. You are really screwed I would be nervous if I had to pay over a quarter million with interest out of college. Very fucking nervous. What lead you to do this did you ever think taking out a loan wasn't a good idea especially with your gpa?

>>711493
"Most" americand dont have anything against it. Enough of us are easily manipulated that it doesnt matter though.

>>711026
Learn Java it pays more. Doesn't matter if you liker it at this point your a slave anyways.

With your level of debt: do whatever you can to be an Officer in any branch of the military -whatever one will take you.

All these fags will probably tell you AF, I'd say Navy though. You have NO idea the standard of living officers enjoy (they live like Kings compared to enlisted) and if you're smart you'll save some real coin, see the world, and slay some poosy. Not to mention the doors that will be open for you when you get out.

Let me put it this way: you might get lucky and get a job sitting in a cube making $22.5/hr OR, you become an officer and have 18-year-olds who do your laundry, cook your food, make your coffee, and treat you like nobility. Your call.

(Signed a former grunt in the Marine Corps who if he could do it all over again would've been an officer.)

>>711504
>never make more than 70k per year
How much do you honestly need for a comfortable life? That much even leaves enough to do some investing as long as you live frugally.

>>710943
>land of the free!

but seriously. do this: fake your death and flee the country. you can come over here to Norway, get some free uni education and burn churches with the rest of us.

>>710947
you mean US.

man i feel bad for all you kids who went to college, I just moved to california 7 years ago and hopped on the weed industry. Used to sell weed back in highschool and its kinda the same shit. Hell people with no experience get paid $300 a day to trim the leaves off weed in california with no experience. No debt or education required and im making probably around 60-70k as a 20 year old entrepreneur.

>>711517
I'm thinking about joining the Guard and going the officer route to pay off my student loans.

>>711543
Anon was just pointing out that your attitude of superiority is only good as long as you limit your income potential.
>hurr durr you college fags can't in2 this 70k, u rnt smert
>STEM majors making $300k+ by retirement
>well....why do you need that much monies?
Buttflustration confirmed, damage control mode activated!

>>711565
>Feel bad for college guys
>Manual laborer in weed fields
Son, just finishing my master's degree in chem. Have an interview this week with a startup growing operation in a recently medicinalized state. $80k + benefits, starting salary. I bet you don't even have employer sponsored health insurance!
>Feel bad for you uneducated plebs

>>711011
OP does not know how good this gig is. Not only will they pay back a chunk of your loan, you only have to pay like $8 or something a month towards it. I got 2 friends who were doing that an its a pretty good gig. Go officer for 20 years retire with a $50,000 a year pension and loan forgiven.

>>711028
you've dragged your parents into your failure? That is horrible. Take out a life insurance policy for 200k and kill yourself in 2 years +1day.

>>711011

Totally a viable option if you got a clean record. You can't live in the barracks as an officer but you'll get tax free money that'll more than cover local rental prices. (Basic Allowance for Housing)

Served 3 years active duty as an Army lieutenant, it was great. The benefits you get in the service are outrageous.

>>711493
OP will flee to another country and the tax payer will be left with the bill, so its kinda free.

>>711493
But we do have "free" education; OP and all these students in massive debt will flee to another country and then the taxpayer will have no choice but to pay it for them.

>>710943
You mentioned a CS degree. What specialization? Games, business, data analysis, GUIs, etc.

Luckily you can make bank as a programmer if you are good at what you do. Do you have a portfolio yet? If not you need to start working on it AS SOON AS POSSIBLE. I cannot stress this enough; a good portfolio is much more valuable than a degree especially because of your shitty GPA. If you don't have anything yet, start working on some open-source projects, you'll get good contacts and employers like open-source things.

After you get a job, you need to make a budget with austerity in mind. You will have to live on the barest fucking minimum and pay off as much of your debt as possible each month. Make the minimum payments on all of your loans first, then focus the rest of your money on the highest interest rate. (Alternatively you could focus on the ones with the smallest balance because it'll motivate you, but that'll end up costing you more money.) If you have lots of different loans, consider consolidating them, especially if you can get a lower interest rate.

If your career offers to match retirement contributions, you should definitely pay up to the maximum they are willing to pay. That is instant, risk-free money. Also, while not strictly necessary, I would highly suggest accumulating cash equal to about six months of expenses, so in an emergency you're not royally fucked in the ass.

Good luck. You'll need it.

>>711385
>I hope the rest of my generation is at least almost as fucked as I am

Not really. Every graduate of the academies or ROTC have no a free education, a guaranteed job with benefits, unparalleled training and leadership opportunities.

I guess military officers will be the only guys available to date by your logic.

Is it possible to do this:
* Build credit rating as much as possible by withdrawing money, putting it in a savings account, and using it to repay the cards every time (or however you do this in the US)
* Wait till you have like 100K in credit lines
* Pour them all into paying off the student loan debt
* Declare bankruptcy and service the remaining 100K debt

If you live at home you could probably do that in 5 years...

>>710976
Not that easy. Most jobs also require years of experience.

>>711957
Banks will start rejecting your credit applications once they realize you have so many open at once

This is a horrible idea and will not work

Fucking europoors not paying debts

>>711387
Batman forcefully extradited a guy from china once

>>711387
But why would OP want to move to a shithole?

>>711957

As far as I know, you cannot shift a Sallie Mae student loan into private credit.

The student loan industry would crash and burn instantly if they allowed you to bankrupt yourself in any way.

>>712023
>Sallie Mae
Oh holy shit they have another fake pseudo state company backing this shit? Oh god this is gonna crash like a motherfucker

>>712030
Oh, pseudo state banks home loan with coming on for a trillion dollars in loans issued too! And a psuedo state bank handling farm credit! Wow...

I like how the US forces other countries towards market liberalisation while intervening so heavily at home. When you pull a spring hard, eventually when you loose it, it snap back and hurts you.

>>711037
>what the fuck happened?
minibar

>>712065
LOL!

>>711603
>>711011

Military officer is actually extremely competitive now. Its not an option if you have any criminal record or even tattoos. Assuming he is in shape, he will not get in with his GPA.

Also since its so competitive right now, the military is getting plenty of applicants and doesnt need to incentivize it by offering thr loan forgiveness. I know the Marines were offering up to 30k of forgiveness for an extra 6 months of service but that was back before 2008.

His only hope is to enlist and maybe one day, become a Mustang officer.

>>711517
>>712186

Keep in mind the marines are the most lenient in accepting low GPA applicants and this is your competition.

With OP's situation, he isnt getting officer.

http://officercandidatesschool.com/blog/2012/08/23/how-i-got-rejected-to-marine-corps-ocs-in-2012/

>>712186
i doubt it's that competitive now that it's actually possible to get jobs out of college. maybe back in 2010-2013.

>>710953

How exactly did you do this? 4 years of school for your undergrad means you were taking 26k+ a semester... not even Harvard or Yale is that expensive.

You seriously fucked up somewhere along the line. I know people who graduated from Med school with less debt

>>711213

You are a dimwit if you have children in todays day and age. You owe it to potential offspring to NOT bring them into this world.

>>712192
The great jobs never came back, the ones with benefits and inflation adjusted wages.

The military offers this to officers and a secure pension. Officers make competitive salaries with the private sectors. Pilots make well over 6 figures with bonuses that can average out to 50k a year.

Also the free training, resume booster for management positions in the private sector, it remains a highly desired job.

It does become less competitive during a major conflict like back in WW2 where they couldnt get officers quickly enough so they even made flying available to enlisted NCO's.

Keep in mind officers manage millions of $ of equipment and dozens of men from day 1.

Getting into a Ivy league is easier.

>>712023
No it works. Just not for OP level shit because you have to be paying the cards for them to extend you more credit.

A nurse buddy of mine did this. Got some bikes and a truck and ate sushi a lot and put 30k in student loan debt SLOWLY over like 8 years onto his cards and then went babkrupt a few years later

Now im not sure if the math really works out in his favor since he had to pay all those card for 10ish years but in the end he got a step up on quality of life and then shit credit for 7 years

Hes like 55 with no retirement now though so. No lesson was learned

It can be done though

>>712208
>Getting into a Ivy league is easier.
maybe because most people that apply to ivy league colleges are up there in terms of quality.

the amazing applicant you posted needed an age, tattoo, and drug waiver. i imagine the GPA he had listed was also for his master's, which makes it far less impressive, i.e. he was a shit tier applicant.

if i am lucky and plan it right, ill have a BS in Acct, an MS in CompSci, and an MBA all for free.

If im not lucky, i will have to pay 10k out of pocket.

>>710943

op, just take an oine class every year. i think as long as you go to school once a year, they defer your payments.

when you die, you loan os written off too.

can you handle like 60 to 70 more online classes?

>>711003
I know it sucks and most people are going to call you a retard and say shit they have no business saying but here's the deal: It's done, It's over, now pick yourself up and move forward with a mighty fervour.

Some motivation. Take it all to heart, EXERCISE, get a job and be a boss at life.

>>712227
Shit forgot the video:
https://www.youtube.com/watch?v=g-jwWYX7Jlo

>>710943

You'll never pay this off. Don't even try.

Luckily thanks to the income driven repayment system you can pay $0 for the rest of your life.

I knew this one girl who had $300k in student loan debt. She hasn't paid a dime toward it. she owns a home and a car too.

>>712228
Blind guided optimism. There is nothing wrong with optimism but there is just so much detrimental advice cloaked as positive uplifting goodness in this video. This video killed my soul some more, please stop posting this. I'm screaming inside watching all of you walking around with happy goggles while everything is crumbling all around, right in-front of your faces.

>>712262
That's deep, but I'm high so idk lol

>>712271
https://www.youtube.com/user/NXSchell/videos

>>712262
I see what you are saying, its just meant to keep people down more. Remind them of fear and what they can loose instead of balancing it, saying spend time in your own head, which is the worst advice, u will seek out negatives instead of just interacting with people and learning

>>712215
>Masters GPA
>Far less impressive

says who? Your undergrad GPA will never be mentioned again after your first job. Your grad degree GPA will be mentioned however in all interviews.

>People in the Ivy leagues never have done drugs or have tattoos
>therefore Ivy league is superior

Also 300 PFT is almost impossible
>20 deadhang pullups (fine)
>100 crunches (easy)
>sub 18 min 3 mile (hard as shit)

>>710943
>tfw I have friends in the same boat as you
>tfw I went to CC and got a full ride to Uni because of it

You fucked up m8. Only advice I can give is find a good job (lol) and live frugally and pay off the highest interest loans first.

I'm currently looking at psychiatric Nurse practitioner programs. The job makes about 100k. I was just accepted into the best school in my state, but it will put me 150k in debt by the time I graduate if I get not financial aid. I can also apply for nurse corps HRSA loan forgiveness where they'll take away 85% of my student loans if I work in a critical need area for three years. I'd have to apply for this and there's a chance I'd be rejected and would be sitting with a six figure + debt.

My other option is to reject their offer and apply to go to a cheaper school next summer. It would cost me 36k at the end of the day, and it's the second best in the state, and there's a chance they'll reject me. Mind you, if this happens, I'll be up shit creek wtihout a paddle.

The job is in intense demand nationwide and it doesn't matter what school I go to, especially since they are both elite programs.

What is my best option here, /biz/?

>>712278
Yea exactly. It's a disease, it has been around for a very long time and has metastasized globally. You don't stop a disease with happy thoughts and warm hugs, you diagnose it, then you find out the best way to cure it.

>>710943
OP, if it makes you feel better, my roommate graduated with a CS-lite degree (it wasn't true CS, I believe it was information systems and sciences or something--basically my college's babby version of computer science and engineering). He's a pot-head who does nothing all day but toke up, read shitty fantasy novels, and watch cape-shit. He had one internship in school, got a sub 3.0 GPA, and has literally no ambition or personal drive at all. He applied to one job and said if he didn't get it he would just work as a barista.

He got a job right out of school at IBM making 61k. He goes into work two days a week, and when he does go into the office he doesn't get in until 11am or noon. He spends all his free time smoking pot and eating snack-flavored pop-tarts. He is so dumb he accidentally brought marijuana to work once in his breifcase, doesn't know how to operate a Nexus tablet, and bought a gaming laptop that has Norton Antivirus installed on it. He subscribes to Lootcrate for god sake.

He made it, so can you. Get a job like his and work your way up. Make those payments and live with discipline.

>>711565
>>711586
rekt

I'm currently majoring in business management but I despise being a manager and dealing with people. would switching to a Computer systems and information science major be a good idea?
From what I've briefly read it seems people in this field work by themselves for the most part

I'm not 5/10 when it comes to computer work but i am willing to dedicate more time to it

>>712385

Programming is fairly solitary but IT is not.

>>712388
thanks. I looked that up to but i wouldnt do well in it. i always sucked. only studied for the test. . .

>>710943
You should probably either bone out of the country or kill yourself. How do you take out that much money and still have such a shit GPA? I assume you have no job while studying while you are living on that massive amount.

>>711504
>you can never earn more than that

My next door neighbor in the first house I lived in owned the largest plumbing business in our city. I'm pretty sure he did quite well. Besides, even if you only cap it at 70k, doing so from the starting line with no loans and earlier than your peers will surely lead to better results. By the time you are 30 you probably already have quite a nest egg, meanwhile everyone else still has debt.

>>712415

Your average trades worker has no foresight to actually save or invest their money. That's why most of them are flat broke when the work dries up or have to go back to school in their old age to switch careers.

Done messed up. You're still young, take some bigger risks and maybe you'll get a big reward.

https://www.youtube.com/watch?v=lzEmX2PzUCM

>>710953

you cucked the future. you will pay for it forever

>>711003

>leave the country
or
>do craigslist gigs for cash and live completely off the grid

>>710943
>$210,000 in debt

:^) leave the states and never look back

>>712282
grad school has pretty severe grade inflation (C is a de facto failing grade) and you are taking classes you are interested in instead of being forced to take gen eds and other courses you may have no interest in. also, tattoos are shit tier, and not only did he use drugs but he got busted for drug use.

PT is just about being a cardio bunny. prepare for three months before basic and you'll be able to get 300 or near 300 score.

so yes, he was a shit tier applicant.

>>712827
also forgot to mention that there is significantly less courses you need to take in grad school, so you tend to take fewer classes per semester and as such your course load is lighter.

You wanna hear the funny part? Were going to have to bailout this retard as well as all the other faggots going of to dorm or taking a semester abroad in Rome, in Paris, in London all so they could take selfies w/ the Eiffel tower and drink coffee in edgy coffee houses, all to come back and only 'know' about feminism, gender identity, and gays

>>712880
>implying Gender Identity Engineering is not the next frontier where 300k/year salaries are.
Get with the times son.

>>710943
>$210,000
>undergrad
You are what we in the business call "fucked".

>>710943
OP... time to write apps and hope one of them hits it big so you can pay off your huge debt. Either than on an hero. It'll take you 10 years to pay it off with a normal job, 5 if you live like mother Theresa.

What school did u go to op?

>>711504
You actually think you'll hit 300k??? Lele

>210k for undergrad

How the FUCK does this happen?
A 10 year old could figure out that this is a shitty deal

>>710943
>200k in debt
>2.4 GPA
>/biz/, I think I fucked up BIG time
Yeah... yeah you did fuck up BIG time, this isn't the type of thing that happens overnight or on accident though. At least your not blaming society for it like those Occupy faggots though.

Holy shit.

I don't live in the US but how are you supposed to pay back your loans? Where I live if loans taken that big for educational purposes are loans that are not expected to be fully paid back when you're around forty. A very small piece at a very slow time. If that's your case then finding a good paying job should be enough to fix your problem. But if this is a loan of which you have to pay back quite soon then you should take >>711108 advice and fucking finish those as soon as possible.

Good luck OP. Don't worry you're not as fucked as everyone makes you think are. Just be confident and most of all believe in yourself that you can do it.

The question remains if whether you will allow yourself to or not.

Will you?

This thread is pointless. The OP's parents are going to pay most of the debt. OP isn't fucked, just stupid.

>>712827
>>712829
>Your gpa is based only on relevant courses now to your future job
>This is a bad thing

Your logic is same as saying your high school gpa is most important, it was the key to letting you into an undergrad which let you into a grad program. In high school you had to take classes you didnt like and with people you didnt like on top of it, yet nobody cares about high school gpa.

Your logic is fucked.

Busted no, he admitted to it. Smoking weed once requires a waiver. Crossing your story later will get a dishonorable discharge.

Tattoos are shit tier but that doesnt mean he is any less of a man than a kid at Yale. This guy would be a decent candidate for any Ivy league. The things you say are disqualifying him are not evaluated in Ivy league admissions.

Therefore Ivy league is easier to get into.
>learn to logic.

>>713228
point out where i said that undergrad GPA is more important. what i said is that a higher grad GPA is easier to achieve, and it is. before you start preaching about logic why don't you stop using strawman arguments.

>This guy would be a decent candidate for any Ivy league. The things you say are disqualifying him are not evaluated in Ivy league admissions.
and where have i said that they are? you are either too daft to comprehend a short post, or can only argue through strawman arguments.

what i said is that the candidate pool at ivy league colleges is more impressive than the candidate pool for OCS/OTS/whatever it's called for marines. the military has to deny so many people because they are shit tier applicants, not because the standards are high since they aren't.

>>713256
>the military has to deny so many people because they are shit tier applicants, not because the standards are high since they aren't.
>Applicant that could easily attend an Ivy league gets rejected
>Shit tier applicant

>Implying Ivy leagues dont seduce dumb high schoolers to apply in order to lower their selection percentage. Standford has been doing this for years to beat out Harvard. Its a joke

>>710943

leave country recounce citizenship.

seriously that's bullshit

>>713266
he's a shit tier applicant because he cannot meet the military standards despite them being fairly low. what exactly is so hard to understand about this? nowhere did i say he's universally a shit tier applicant.

him applying to OCS is the equivalent of some high schooler with a 2.0 GPA and no extracurricular activities or anything of worth to his name applying to an ivy league school. the high school kid just doesn't meet the requirements, which makes him a shit tier applicant.

You are COMPLETELY fucked. How do you acquire $210,000 debt? And a 2.4 GPA to top it off? You may as well kill yourself now. I bet it was some shitty useless degree too

>>710943
I'm serious about this anon.

>Get a job, $40-60 range since you do have CS and math going for you.
>Do not make any payments for a while, or only make min payments
>Once you can get about $50,000 in saving, move to a small European country w/ a nice coastline (Croatia, Albania, Montenegro, Bulgaria are preferable due to high levels of Corruption and large English speaking populations).
>Buy a house (I built one in Albania for ~$12,000)
>Renounce your citizenship
>Open a small cafe/restaurant/hostel(or combine all 3)
>Check out some job opportunities in growing banks/finance sectors or become an English teacher or open a Computer repair shop or whatever
>Never comeback to the USA and renounce your citizenship

Good luck anon.

>>711286
>http://money.cnn.com/2013/06/24/pf/emergency-savings/
1000 people is a pretty small sample size for the entirety of the US

>>711565
Ahhh, I miss Humboldt. =(

>>710943
>going to be about ~$210,000 in-debt

... I suddenly feel very positive about only having $10k in the bank and working a $10/hr job. Yr fucked mate.

>Honestly. If you are even remotely serious about paying it.

When you get a job, only live on 25k to 30k. Shit, if I was you I would just try to survive on 25k or less a year. No more.

I don't know what kind of lifestyle you've had, but if you don't want to ruin your life even more in the future. Get a good job, get a camry, move into a cheap neighborhood, find cheap rent, do your own cooking. If you have the option, move in with your parents. ANYTHING to pay off your debt.

Depending on your income, you'll determine just how much you can save. Again, you actually care. It'll easily take you a good 3-5 years. DEPENDING on your income. I hope you're making at least 70k.

>70K-25K = 45k*5years= 225k

Remember, this WILL get easier to pay for you because if you increase your income too. Which will happen naturally over the span of 5 years. AND when you do, don't fucking eat it, pay your debt. Once you do, you'll be able to catch up on a lot of things. 5 years go by pretty fast. Good luck anon.

>>710943
>2.4 gpa
Hindsight is always 20/20 and studying sucks balls, so I'm not going to bust yours, but please tell me that you at least networked/made friends/have frat connections of some kind.
If you spent 4 years and 200k to just sit around and play video games and shitpost alone in your room all day everyday, then You fucked up big because you could have done that shit for free at home.
If you have connections use them. I got an it job because I'm really friendly and met a guy who was in it, liked me, and wanted me to work with him. They didn't even ask about my grades.

>>711021
>it is beneath
Nigga, at this point it doesn't matter what BEANEATH you as long as you get a job and start paying off those loans so you don't get even more fucked.
There are plenty of more it jobs than there are programming jobs. Get an it job. If you still want a programming job, build a portfolio of your code and projects in you free time and then apply. Priorities. You need to survive and that means income because those loans will come knocking as soon as you graduate

>>710943
Damn OP, you dun goofed!
>Finish master's work with approximately $100k student loan debt
>Modest GPA (3.22 physics bachelors, 3.5 chemistry masters)
>lots of research experience, publication to my name, member of several organizations, was president of one, plus lots of volunteer work
>First job pays ~$70k/year
>living comfortable, and saving decently, still gonna pay off those loans in a 10 year period
I....I'm sorry OP

Bump

>>713866
>First job pays ~$70k/year in California
ftfy

don't skip details.

>>710943
>debt for a degree

Confirmed for being stuck as a wageslave

>>710943
What's impressive is not the stupidity of OP or how he even managed to rack up 200k in debt for undergrad but how impressively and hilariously incompetent banks are for giving him the 200k in loans in the first place.

Also, what fucking school do you go to where you pay 50k a year? An overpriced private?

>>713866
>plus lots of volunteer work

Kek. Who the fuck cares. This isn't high school where you're sucking up to the college jew admissions with your 1,000+ hours in your high school red cross club.

>>714689
Actually, $70k/year in the South.
>tfw homes back in the midwest which would cost $400-500k are within reach at just $200-250k down here
>No snow, no rust
>Bountiful varied garden, no droughts to worry about
And to be honest, $70k/year is a minimum, and not including all the benefits

>>714779
Not really. Show's you're not a complete autist and have interests and the willingness to work with others for things that you care for
>One "volunteer" experience essentially was a side hustle, which is also noted

>>714803
what sort of job is this supposed to be? it sounds like all your "experience" is in academia and your masters major is pretty shitty. i find it strange that you would land a $70k/year job with that in a low cost of living area.

Consulting/analysis/management, the two companies I am pulling for are either a biorenewable startup, or as head chemist for a start-up medicinal cannabis organization.
3 years of work experience in the corporate world before I entered community college. Started out in accounting but that is too easy and boring.
Paid work experience in the research sector between degrees as well, was $40k/yr job if I wanted to just be satiated with the bachelors.
I keep looking for other types of analytical or consulting jobs, but most of them in my region are boring/under my mandatory minimum salary requirement.

>>714835
Sorry, meant for
>>714817

>>712226
This COULD, and I stress COULD, actually work.
An online course at the local community college a semester could hold it off while you work to build your resume, and find a job.

>>710943
You aren't screwed. Just gotta hustle.

>Leave off college experience on application.
>Put some bullshit factory work on application. Tell them you wanted to learn to computer shit so you could improve your life.
>Bonus points if choose a place that recently shut down so verification becomes a bitch.
>Come up with a portfolio
>Apply to some ruby, python, java or c-shitshit job

I don't think you're an idiot(getting that gpa with your major and minors doesn't look easy)

You just seem to over reach. Be open to moving to another state or city.

>>710943
There are plenty of blogs of people who were in your situation or worse & paid it all off.

I personally don't follow those blogs, but came across them through minimalism/early retirement reading.

As anons have said before, 5-10 years of hell and then you'll be free.
Try to save 80% of your income and pay of as much as you can as fast as you can (minimum payments are a drop on a hot plate).
It's difficult to see the end with such huge debts, so set intermediate goals.

If you live with your parents, your two biggest expenses are cut out (rent and food) and for everything else you can find a way through frugality.

>>711042
>Mahnigga.jpg

Doing the exact same shit, I have my last semester at CC next semester, and then transferring to a state school. And fortunately, I've got the work experience out of the way as I've been working for a family members accounting practice for more than two years, so I just gotta get dat 150 credits.

>>712065
Underrated post.

>>710943
>How fucked am I?
Very.

No one is going to hire you with a 2.4 GPA.

Enjoy bussing tables and tending bar for the rest of your life.

Hit the gym. Audition for gay porn.

>>710943
Leave the country. Seriously.

>>710943
>210,000 in-debt

How and the fuck did this happen? I paid my college off with cash and it was only about 15-20 thousand after grants and was in the top 5 in the state.

>>711458
Don't forget you only pay 10% on anything you earn over 21k a year.

>>715901
Not sure about OP's situation, but for some people it's pretty much unfeasible to pay for college while attending.

I'm about 34k in the hole I think, and that's due to the fact that my scholarships were shit. I was valedictorian in high school but since it was a small ass school and I'm also a white male, I got shafted.

If I'd had to worry about working enough to pay for school while also trying to get good grades, I'm pretty sure I would've dropped out or killed myself. At the very least I'd drink more.

Is that over $50,000 debt accumulation per year?

You are an idiot. How did you sleep for the past 4 years? Did you seriously not comprehend what path you were taking? Did you ever once crack a smile? Did you hang out with friends and laugh about random shit? Knowing what you were doing??

Serious answer please. You just might be the most retarded person on Earth. I'm amazed you can use a computer.

>>710943
>2.4 to 2.7 GPA with CS Minor MAth and Bio
[1] Getting a job with a degree in CS and Math minor shouldn't be that tough. There are demand for those degrees, so its not like you majored in some liberal arts field with no practical applications to the real world. You should be able to get a fairly decent paying job

[2] Use your university's career center (the should have something set up where company's post jobs)

[3]******Leave your GPA off your resume

[4] Actually go to your university's career center (your university definitely has one, look it up, make an appointment and talk to someone

[5] Get an internship (a paid one, doesn;t matter if its BS work, you just need some experience in CS)

[6] You probably won't get into med school, if you we planning to (not sure what you were doing with a minor in Bio). Even if you could more debt isn't the best thing for you now.

You kind screwed up with the debt, but you should be able to get a decent paying job to pay debts.

If this doesn't work fake your own death and flee the country

How are you 210k in debt?

I've only spent like 40k (50k when I graduate) and that's only cause the first two years I lived on campus. I paid off the loans in my parent's name already, and will have 30k in my name.

Unrelated question, but I didn't want to start my own thread:
Will having a credit card with no activity affect my credit score in any way? I have 2 cards but I only use 1. The other one has been inactive for over a year and I'm worried about that affecting my score. Should I just cancel that card (It's an AMEX)? Would canceling a card with a 0 balance affect my score? Thanks and sorry for mucking up this thread.

>$210,000 in-debt

Nigga I hope you're into eating healthy and exercise and all that shit cos you gonna be working till you're 100 to pay that off

>>716644
no, it helps. it increases your spending limit so your utilization is lower, and it also increases the average age of your accounts if you were to open a third credit card or take out a loan.

You guys defending OP or saying it isn't too bad,,,,,,

He is $210000 in debt for a fucking undergrad degree. $210k for a piece of paper. And a shitty GPA too. He dun goofed.

He has totally fucked up and possibly wasted his life. His only consolation is that these are government loans (right?) and those are pretty lenient compared to private loans from a bank (oldfag here.. having been foolish enough to get in "real" debt with private loans, it's a lot more scary when you face the prospect of defaulting and never getting a job again because of credit checks).

210k in debt? What the FUCK OP!?

I'm 27k in debt and freaking out about finding a job that pays well enough for me to get my loans done. How the hell are you 210k ind debt?

$210 in debt holy shit dude, wtf happened with you???

You actually trying to pay this off ? If I was you OP I would get a plane ticket as fast as possible and get the fuck out.