Is 50,000 in student loans too much?

Question

I really want to move out of my parents house because I'm having trouble dealing with my step-father's temper. See he is very dominating and doesn't allow me to be an independent thinker. I understand it is his house but I he doesn't treat me like an adult and I'm 23! If I move out, I'll be 50,000 in debt but if I stay for one more yr I'll only be 10,000 because I'll be working and paying off my loans as I go to school. What should I do? I'll be a nurse when I graduate. My mom compares me w/ my brother because he is in very little debt (12,500) but he managed to move out but it was very tough for him financially since our parents could not help him at all. Same will go for me if I move. I just feel like I cannot really be myself here at home. Should I tough it out for one more year?

Answer 1

YES!!! Besides you may find you can't get enough loans to support yourself, federal loan limits are not that high. Tough it out and get involved more at school to stay out of the house as much as you can. Think of it as a place to sleep! You'll be thankful when you are able to buy your first home!

Answer 2

Hey bettyboop,

if you stuck around for this long then you should just continue remaining tough. I understand how you feel because my dad treats me the same way he treats my 16 year old brother though im 22.

But if things are really bad than do what you must. Being in a negative environment can also affect your studies and grades. $50,000 is alot of debt to deal with, but it is not impossible to payoff. There are plans to help you deal with repayment. Many people are in alot more debt than that and if they can handle it im sure you would be able to as well (you sound tough).

If you do decide to leave and need additional government loans check out this website:

www.studentaidlending.com.

They provide government student loans. This way you do not have to take out private loans. Government loans have lower interest rate and allow for more benefits than do private loans.

Good luck in whatever you decide!

Answer 3

I would personally not opt to have $50,000 in loans over my head, but I wonder if there is another solution to your problem. For example, if you get a roommate or two for the next year. Or maybe you could move to income-based apartments while you're in school. They are usually much cheaper than what you could find otherwise. I hope you can find a different answer to your problem than either of the two mentioned here. If not, I would seriously consider staying with your parents if I were you.

Answer 4

You are so lucky. First off I am 65,000 in dept from school and recently had to move home and commute because I can't do it on my own. I am saving a little bit of money but I am still 65,000 in dept. If it was me I would stay at home a year goes by faster then you think and you will be saving a ton of money. I don't get along with my family either but thats the sacrifice you have to make. Peace!

Answer 5

One more year could save you a lot of money. Try doing all your homework at school, the library or lab, and when your at home steer clear of him. Make your room your refuge when your at home. Spend a lot of time at school. Join some clubs if you need an excuse to not go home.
One year will go fast.

Answer 6

Well - you sounds like you are trading one master for another master. The reality is that your situation with your step-father will last only one more year- the issue with this $50,000 will carry on for many years to come.

Good Luck!!!

Answer 7

Move out. Once you start earning good money this amount of debt will be nothing to worry about.

Answer 8

Please bypass examine IRS ebook 950. the once a year present exclusion is $12,000, yet you get an complete life credit of $345,800 ($a million,000,000 in presents), so if it truly is your first taxable present, you does not owe something.

Answer 9

I would accept the generosity of your parents until you get ahead of your debt...If that works for you..