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Heavy Student Loan Debt killing young professionals

Date: Sun, 09/17/2006 - 08:14

Submitted by anonymous
on Sun, 09/17/2006 - 08:14

Posts: 202330 Credits: [Donate]

Total Replies: 9

Heavy Student Loan Debt killing young professionals


My wife and me were inspired to create educationregistry.com. This is a website that allows engaged couples to register their student loans and register their children for 529 accounts.

I am a 28 year old New York young professional. I graduated from a private university with $150,000 in student loan debt. I almost went bankrupt in 2001-2002 drowning in credit card/student loan debt. Irronically the only job I could find was a non salaried job as a stock broker. That job launched a very successful advior practice. Luckily I am now credit card/student loan free after four years of pinching my pennies. I met my wife, who has $200,000 in student loan debt, two masters degrees which she just finished. She is now having trouble finding a job that will pay her $50,000 a year. Many of my piers are facing similar challanges. When we got married, we didnt need a toaster or expensive china that we would never use, we needed help paying down our debt.

The younger generation must be realisitic. Lawyers, doctors, and teachers all are facing deflating salaries combined with increasing costs of education. They must focus every day on paying down their debt. This must be done now when debt is manageable in the current interest rate environment. Should interest rates rise, we must understand that our debt will become even more burdensome. Improving your personal balance sheet at a young age dramatically shapes your future financial picture.

Link made inactive as per forum rules - Mike


You are absolutely right! I myself have $29,000 in student loans for an ABA and a BBA. The only decent paying job I can find is as an insurance broker, even the licensing for that is pricey. It really is getting difficult to find a job or career that complements your education and compensates you justly. It is also very important to square away student loan debt as quickly as possible because it never goes away. Interest continues to rise so that paying borrowers have to make up the deficit caused by defaulters. Student loans can also never be eradicated in a bankrupcy, no matter how destitute one may be, and in the event of default, one can be garnished for 15% of their wages before taxes in any state.

I meant to look at your website briefly, but it is temporarily unavailable right now. What you and your wife are doing is a brilliant and wonderful thing to help people everywhere better understand how to manage student loans.


lrhall41

Submitted by Jedi Mistress Ari on Sun, 09/17/2006 - 09:18

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That is good! I figured as much since spammers are not in the business of helping people and empowering them with knowledge. Much of what is in the original post on this particular thread really hits home for me. Education costs will continue to rise while the economy and job market grow more restrictive and less fruitful. I hate to think of how tough it will be for future generations if this pattern continues. at least we have people like mhernndz and his wife who are thinking about this and doing something.


lrhall41

Submitted by Jedi Mistress Ari on Sun, 09/17/2006 - 11:29

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