I need some general comments here.

I just completed my undergrad, 60k private + 40k fed loans = 100k total. All of em are at about ~7.5%, the private loans are variable but the fed are fixed. This was incredibly stupid.

The career I have chosen requires 5-6 years of school (supported with 20k / year), and then 3-5 years of additional training (where I will be supported with 35k / year).

So, I'll basically be in school for another ~10 years. And then I'll be looking at ...

[ 230k ] total assuming 8% interest

I'll start at a salary of ~65k, and slowly progress to ~100k over 20 years.

But I do not see how I could justify repayment of this debt. Should I not just leave the country? I mean, I'd like a house and family, but jesus christ even if I somehow managed to repay 25k a year it would take 20 years. I'd really like a house and a family. In ten years, I'll be 35--it would be time to start a real life, not time to start living on ramen noodles in a studio apartment.

Will they hunt me down for $$ in England? I'd prefer not to learn a new language.

I really feel like I have a problem here.

Not sure if I'm going to be adding anything helpful that will make you feel better, but if you don't mind me asking, what kind of career makes 65k and over a span of 20 years make ~100K that requires 10 years of schooling?

I personally feel that if you borrowed money to support your education in a field that you wish to pursue, the right thing would be to pay it back. But that' just me.

I've got 13K of student loans to get my degree and I'm glad that there was a way for me to get my education. Without the loans, I wouldn't be able to be working in the field that I've wanted to. I know 13K is pennies compared to the amount that you will have, but I guess it is a good thing that your actually concerned about this before accumulating even more.

You are going to be looking a mortgage payment for your student loans. The higher the ratio of private loans, the higher your payment will be. If your future income will not support it, maybe now is the time to cut your loss and change fields. You need to google student loan calculators both private and federal and see approximately what you will be up against.

Immigrating to another country is just not that simple, believe me. You have to qualify under immigration laws....you just cannot show up on a countries door expecting to work. Plus I have heard several times of private student loans pursing borrowers over the pond. One on this board was being pursued in Ireland awhile back.

I am curious as to your career choice as well. Is this in medicine or pharmacy or something? Although I give you some international advice below, assuming that you will undertake the loan, this return on your investment is questionable, and you should run the numbers to find out what your return is going to be on this investment. 230k is a lot of cash and the salaries you cite really aren't very attractive, certainly not much higher than a slew of jobs/salaries that don't require 10 years of study. Step 1 for you should be to consider this choice carefully.

With regard to your questions about going abroad, I can speak from experience about going abroad. I'm still there!

First, you must make sure that you are someone that can LIVE ABROAD. I meet an awful lot of people that are completely out of their element, and they are just burning time until the fateful day when they return to the US, broke, with no home and no car and no job. You don't want to get yourself into a position like that. You need to be sure that your credentials will be such that you can find gainful employment in another country.

Second, in my opinion, England isn't a very good option, as their economy is even more "Old Europe" than the US economy. Keep in mind that that the Ocean (Sea) of the past was the Med, the Ocean of the present is the Atlantic, and the Ocean of the (very near if not already) future is the Pacific. Plan your move accordingly. You won't be able to (easily) get a visa anywhere in Europe and that will be a total deal-killer for you. It will be back to the US for you after a brief period spent touring Blighty.

Tax rates are high in Europe and the UK. Tax rates in Asia are laughably low, in some cases 2-10% on your income. I currently pay tax of $150 on $6000/month, and I don't have to pay US taxes on this income.

Finally, you may or may not be pursued by lenders. I'm quite sure that they now have plenty on their plate locally, due to all of the mortgage defaults and foreclosures. This certainly gives the collectors plenty of targets other than yourself. If nothing else, you will be able to remove yourself from "administrative garnishment" which any foreign company would look at and promptly disregard. This means that you could make payment arrangements on your terms, without living in terror from the next phone call.

Good luck to you, I'm sure you will have an interesting life over the next few decades!

You could always change your mind and be an accountant! You would make about the same amount of money and only need 4-5 years of college. If you go to the U of (your state) you can probably escape with under $25k of debt.

As others have said....change majors.

My brother got his ASN (nursing) and passed the RN boards. Two yrs past his TWO year education he made $110K. DUH!

My education for nursing will cost $5K. (I am currently in IT and tired of jobs being sent to India.) Nursing will replace the vast majority of my income and the transition will occur when my last child crosses the 18 yr old line!

Going into that kind of debt for that small of a paycheck just isn't smart.

You probably don't have my "luck"......my father is 1 generation American. His parents were Irish. Being the 2nd generation, I can literally apply for Irish citizenship and get it. I could easily move to Ireland. I would never do that because I would hate the weather there..... better in the US and in FL for me!

You do have a problem.

The acceptance of the loan justifies repayment of the debt, however long it takes. If your chosen career isn't worth the sacrifice, get out and avoid wasting other people's money and investment in you. Find a job where you can pay them over the next 10 years instead of letting them compound and seem overwhelming. That you are considering finances now allows you to do something about it, and allows you to avoid having it overwhelm you.

You can pay them, it just requires a hell of a lot of frugal living during the rest of your education, and possibly taking some time off right now, and working a job where you still live like a student for a couple of years, but draw a salary that you throw at your debt. Then go back, get your additional education, and still live frugal, and throw half of your stipend at your debt while you're working at your professional education. This will reduce a lot of that extra compounded principal you're rightfully concerned about. You can live with other students and live very cheaply. It does require tolerating a lot of crap. It does require you to sacrifice a lot while you move forward for your career. Unfortunately, you have to decide now if that career is worth all of it, and live accordingly.

Running away is almost never successful.




"I just completed my undergrad, 60k private + 40k fed loans = 100k total. All of em are at about ~7.5%, the private loans are variable but the fed are fixed. This was incredibly stupid.

The career I have chosen requires 5-6 years of school (supported with 20k / year), and then 3-5 years of additional training (where I will be supported with 35k / year).

So, I'll basically be in school for another ~10 years. And then I'll be looking at ...

[ 230k ] total assuming 8% interest

I'll start at a salary of ~65k, and slowly progress to ~100k over 20 years.

But I do not see how I could justify repayment of this debt. Should I not just leave the country? I mean, I'd like a house and family, but jesus christ even if I somehow managed to repay 25k a year it would take 20 years. I'd really like a house and a family. In ten years, I'll be 35--it would be time to start a real life, not time to start living on ramen noodles in a studio apartment.

Will they hunt me down for $$ in England? I'd prefer not to learn a new language.

I really feel like I have a problem here."

I owe $80k for a career that at best pays $70-$80K per year. It will take 25 years, I recently called and that's what they tell me. I plan to generate more income with small practice to pay it off in ten years if am successful.

I knew going in what it would take, I got an excellent education and it shows in comparison to my colleagues. I am more aggressive about being promoted and making more money in a field that pays poorly (helping profession). I originally wanted to be a doctor until I realize that I wouldn't get financial help from my family. I did not want to be in school for ten years and owe much more than I do currently.

What I would say to you, evaluate carefully whether the financial debt and years of study fit into your future goals, personal and professional. I know you are just kidding, but remove the idea of not paying this debt from your list of options - think Karma. Next decide if you are really committed to your chosen career and are they ways to partially support yourself through college and reduce your debt. I wish I was drawn to nursing like some of my friends who dropped out of pre-med. They earned more than my starting salary when I completed my master's degree and only needed a B.S.!!! But you have to do something you love, they say the money will follow... we'll see

How does that work out mathematically? Can't you live like a student (i.e. on a 20K budget) for a few years and pay off the debt in a shorter amount of time? Of course the lenders will want to stretch it out to 25 years if they can. It makes them more money that way. You shouldn't get penalized for making principal payments in addition to the monthly installments.