How am I going to pay back 50,000 dollars in loans?

Question

I am getting ready to graduate from school and lets face it I am destined to be poor the rest of my life which I am ok with. Due to "bettering myself" I now have 50,000 dollars in loans. Does any one know of programs, grants or organizations that can help me get on the right track and help me pay my loans?

Answer 1

You will have to scacrifice. You will have to STAY HOME on WEEKENDS and save that $$$ you would've spent to PAY on YOUR EDUCATION BILLS!!! Get a 2nd job on weekends & pay those loans down as fast as you can!!! Get a loan consolidation and rates are good right now (if necessary get your parents to co-sign if you'll be able to get lower rates that way, but whatever you do don't ever cause them to have to make a single pymt 4 YOU !). Paying them off will build character (yours), it will give you a sense of accomplishment, and PRIDE in yourself and YOUR abilities and will make you a real man.
My husband and I stayed home every night 4 six years and we not only paid all our bills, but we had a child and built our own house from the ground up during those years! We consolidated our loans & that freed up enough income to get a construction loan! We built our house for 1/5th of what a builder would've charged us!!! And our house pymts were 1/5th of what our friends were paying on their mortgages. We paid off our home in 10years !!!
During those 1st 6 years when we didnt go anywhere we lived with my dad the 1st two years while we paid off our land & built our house. We had friends over, went to the beach and enjoyed each other (and had a baby!). When we moved into our house we still stayed home for 4 more years (we couldnt afford a sitter, restaurants, movies, bars, etc.), but we had wonderful parties at OUR house -- sometimes they lasted 2 days (all weekend) and we paid our loans off!!! We then went on a CRUISE to Celebrate & we were so proud of ourselves for sticking to it !!!
We never regreted staying away from smoke-filled bars, etc! And we ate right and were and still are very healthy (staying away from restaurant and junk food!!!). I did all the cooking for our parties and made healthy/wholesome food: we'd roast a whole pig, have some wine, and veggies or we'd roast a 1/2 or 1/4 side of beef -- we had BIG, FUN parties!!! Everyone was welcome to stay the night if too smashed or were driven home and no one ever got a DUI (we had a big two car garage with several sofas where the over imbibers crashed). We had a wonderful time and saved enough money to pay our bills and build a house! So don't be so glum, figure out how to do what you need to do and use your imagination to create your own fun and happiness! BEST WISHES to YOU !!!!!!!!!!!!

Answer 2

Most people get loans through their banks or other financial institutions. However, bad credit can be a deterrent. Before you can get a loan in any amount, you have to improve your credit rating. That can take a while, but you have to start somewhere. I would suggest applying for a new credit card, and making small purchases that you can pay up in 30 days. Gradually increase the amount you borrow and pay off the entire balance. Do this for a year at least. Once you establish good credit and your ability to pay, lenders will be more apt to loan you money. Start out with a small loan, and make regular payments. This process will not take place overnight. It took a while for your credit to go bad, and it will probably take much longer to correct it, but it can be done with patience and perseverance. Good luck!

Answer 3

I don't think you'll find many programs that will pay off your student loans for you other than, possibly, the military (don't enlist unless you want to serve, however), or teaching in low income areas and usually in maths and sciences. Your best bet is going to be to get a job, live frugally, and do your best to pay your unsubsidized loans off first (they generate more interest) if you have the funds to make more than the minimum payments. On this amount your monthly payments are going to be fairly hefty, in the $300/mo range. You can consolidate the loans for a longer pay back term, and lower payments, but this will substantially increase the amount of interest you will pay as well.

This is one reason I spend a good part of my days trying to convince students not to borrow unless absolutely necessary. I've seen too many tales like this, but you can pay your loans off, you just have to set them as a priority.

Answer 4

i don't know what programs, grants or organizations that are available but if you need to pay up a 50,000 loan, you'll need to sacrifice alot. Find a job. Save money. Spend on things that are needed only like phone bills, apartment rent etc. try dividing your money into three parts, not necessary equal parts. One part will be for the things that you REALLY need to spend on. Second part will be your savings and you shouldn't touch this savings unless emergency. Third part will be still be part of your savings but you can use it for some things you might want. If you spend on something try to think if its practical or not, if it is worth your money. Live simply. Sacrifice first and reap the harvest of your scarifices later. It's gonna be very difficult. Good luck! I hope you find some group/organization who could help you. By the way, try not to loan anymore unless really needed:-)

Answer 5

It's a pretty tough situation, but not as tough as it may seem.

I don't know your interest rate, but let's say it's 8%.

To pay that off in 10 years, you need to pay about $600 per month.

The question you as the debtor should be asking is whether the education enabled you to make that much more money (after taxes) than you would have with no college at all, and four years experience. $600 per month is $7200 per year, or about $3.60 per hour.

Can you make $3.60 per hour more (after taxes) than a high school graduate? Probably, even if just by starting as a manager in fast food rather than in drive through.

Of course, the next question is whether you have the discipline to do that, or if you're entitled to a new car and stereo before you've paid for your education.

If you don't, I would say the government invested my tax money badly.

Answer 6

Some states have programs that pay off your student loans if you become a teacher, you should check it out. There are other types of jobs that pay off student loans as well.

Answer 7

If you did your student loans through AES, you wont have to pay anything back until 6 months from your graduation date. They are very flexible with how you pay them back as well. The minimum you can pay back is $50 a month...it'll take almost a lifetime to pay that off, but its not putting a dent in your wallet every month either.

Answer 8

well i'm doing the loan thing also, but i am saving up my money during college from working.
you could write a book. for selling ur book u get 25,000 dollars. that is what i am doing also.
u can publish a diary, children's story, or anything u like.
here are some suggestions

job (use that college education)
sell blood
sell sperm/eggs
scholarships (there are scholarships to help u pay off ur loans)
sell your hair
nails
military

damn 50,000 dollars is a lot of money....

Answer 9

Isn't the interest a write off on an income tax ?

Just seach online , you may find some help there , or find out about student loan consolidations.

Answer 10

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