Who wants to help me get out of debt?!

United States
March 11, 2008 8:32pm CST
Oh, how I wish it were that simple! To just ask and have the funds needed to wipe my college debt clear. Some days it's so frustrating to have $20,000 in school debt because I don't even have a degree! I had to leave because they kept raising prices and I couldn't make the payments. I pay around $700 a month in student loans, and only about $40 of it is going to the actual loan and the rest is applied to the banks interest. I wish I had known how much this was actually going to cost me before I started! As a teenager you have no idea what is going on and how it's going to affect you later on. I was used to paying my own bills, but had not fathomed the cost of college. I hate debt and feeling like I'm never going to be able to climb out (though it will happen eventually). It would be so nice to be able to put that $700 somewhere else! Like a new car, or a house, or an apartment. We are living with family right now because we can't afford to be on our own with all the debt.
1 person likes this
4 responses
• United States
31 Mar 08
Sounds like you have an interest only loan, a horrible idea. The first few months or years of the loan are used paying off the interest with little going towards the principle. What this in affect does is leave you with around the same amount you originally owed on the loan so if you wanted to refinance a year or so later you start from the beginning. I understand that that you have a great amount of bills to pay but couldn't you have got a student loan that you could pay off 6 months after you graduate? Your stuck in a catch-22...One way or another everything will work out. I dont know if you can afford it or not but try putting $100 more towards the priciple every month. Without knowing about the loan you have I can't say much more. Good luck!
@sleblanc (114)
• Canada
27 Mar 08
I don't know how much this will help, but might help you earn a little bit of extra money towards your loan. Try checking out FreeMoneyTeam, there is a link in my profile. It provides all of the best "make money online" sites and if you start getting referrals, you can really start to earn! Hopefully that helps a little bit.
@magilives (261)
• Australia
12 Mar 08
This must seem very frustrating at the moment but in a way you are lucky that you have learnt about debt at an early age. Once you get out of debt (and you will because you sound like a very determined person) you will then be so much better at organising your finances so that you don't end up in the ugly debt trap again. I wish you luck and good fortune in turning around your current situation and I have a feeling you will (eventually) do well in life.
@pinklilly (3446)
• Australia
12 Mar 08
Here check this out. It may help you. It's worth a try and it's free... http://www.digitalcharity.com/