Is there a point in Large LOAN debt when you will not end paying in your lifetime??

Question

I have some loans from school and with my simple job it doesn't look like i'm going to ever be able to pay it. Moreover, it's not like i just have that to pay, I have House to pay, bills, and a ton other stuff.

So what's the point of having Large Loans... say 30,000, or 100, 000 or whatever. I got a school loan and my simple job pays so little that i can't even pay that much.

I will die and all the loans will be there unpaid

Answer 1

Chin up. It will get better. You have your education so you are already off to a good start. Just because you haven't instantly made a million dollars in your first years after college don't get disheartened. In your lifetime you will still make more than someone without a college education. Even if you're flipping burgers at McDonald's you have a better chance of being promoted with a college education.

You don't have to make your student loan payments if you are currently attending school so why don't you take a fluff class or two at the local community college so you can defer your payments. You can also ask for a deferrment based on a financial hardship....just ask for it. They will ask for your pay history and what your monthly expenses are (detailed list) and if you truly don't have the money they will give you 6-12 months without payments.

Good luck.

Answer 2

If you die in debt, your surviving relatives have to take over the debt. Or your life insurance pays it.

Generally, your school loans enable you to get a job that will pay them off.

As for a house, your home appreciates in value and you will make more money off of it when you sell.