Help Best option to dig out of 300k dollars in student debt?

[losingsteam3141]

I am in the first year of a four year US grad school program. Before school started, someone from outside of work reached out to my classmates with serious accusations. Word spread and I was reported to administration before I even stepped foot on campus. I have not been directly addressed by anyone, either informally or formally, but many students and a faculty member have hinted at me. I feel like the faculty is trying to fail me on purpose, as I recently failed a subjective practical exam for the smallest reasons. It felt totally personal, and I am preparing for the worst. If faculty is actually trying to fail me on purpose, they can easily do so and I have no chance making it through my program.

I think we can all guess the easiest way out for me, but deep down I don't think I want to die. But it feels like my life is over with all the debt and high interest rates.

I already have around $250k in debt combined from undergrad, masters program, and this first year of grad school. It will be around 300k by the end of the first academic year. It is looking grim as this intended career was the only way I can easily pay back all those loans. I have a BS in economics with no relevant work experience. My masters, grad program and work experience is mostly healthcare related which I'm not sure I want to keep pursuing if I do fail out of my program. What would be my best course of action? Grad programs I am interested in would be statistics, data science, IT, GIS. Are there any other solid grad degrees I should look into? Should I enroll in the military and try to get my loans forgiven? How would leaving the country and starting fresh work? As of right now, I am in the mindset to keep fighting, but I don't know what to do.

There are probably better career-related places to post this lol, but maybe there are people here who could give me advice. If anyone is in a similar situation with debt and failing/failed careers, feel free to reach out, my situation is very isolating and I would love to talk to someone.

 

[ctbsd24]

This is just my two cents. Take it with a grain of salt. I think with your current debt level, it would be unwise to pursue further graduate programs/degrees. All you're doing is adding debt, compounding interest, and, essentially, kicking the proverbial can down the road on the offchance that another degree will be the holy grail of income that will dig you out of your current financial hole. Plus, you have solid credentials with a degree in economics and experience in the healthcare industry. My advice, provided you're in the US and your loans were funded through the federal government, would be to pursue a job in the public sector and enroll in the Public Service Loan Forgiveness Program. Under that Program, you have to make 120 times monthly payments (i.e., 10 years of payments) while working for a qualified public service employer, and then the whole thing gets forgiven. It's the route I took after grad school and I'll be done next year (unless I ctb sooner, but that's a whole different matter lol). I know 10 years seems like an eternity, but it's still shorter than other forgiveness options out there.

 

[losingsteam3141]

This is just my two cents. Take it with a grain of salt. I think with your current debt level, it would be unwise to pursue further graduate programs/degrees. All you're doing is adding debt, compounding interest, and, essentially, kicking the proverbial can down the road on the offchance that another degree will be the holy grail of income that will dig you out of your current financial hole. Plus, you have solid credentials with a degree in economics and experience in the healthcare industry. My advice, provided you're in the US and your loans were funded through the federal government, would be to pursue a job in the public sector and enroll in the Public Service Loan Forgiveness Program. Under that Program, you have to make 120 times monthly payments (i.e., 10 years of payments) while working for a qualified public service employer, and then the whole thing gets forgiven. It's the route I took after grad school and I'll be done next year (unless I ctb sooner, but that's a whole different matter lol). I know 10 years seems like an eternity, but it's still shorter than other forgiveness options out there.

My concern is what job I should get? I don't know if I can get any solid paying jobs with my experiences that qualify for PSLF. I guess I would be pigeonholed in something healthcare related. I feel like my PSLF job has to be related to a career job, considering that I would need this job for 10 years and I would be in my late 30s when my debt is finally forgiven. I'm also concerned that PSLF would be taken away if Trump wins the election

 

[ctbsd24]

My concern is what job I should get? I don't know if I can get any solid paying jobs with my experiences that qualify for PSLF. I guess I would be pigeonholed in something healthcare related. I feel like my PSLF job has to be related to a career job, considering that I would need this job for 10 years and I would be in my late 30s when my debt is finally forgiven. I'm also concerned that PSLF would be taken away if Trump wins the election

That's kind of the tradeoff. You take a lower-paying job in the public sector with the understanding that part of the benefit is loan forgiveness down the line. You should look into it. I know there are plenty of healthcare-related jobs that qualify. I also know that the current Administration has been looking for ways to revamp PSLF. You should see if any of the work you did in the healthcare industry previously would reteoactively apply once you get into the Program.

It is my sincere hope that former President Fat Ass doesn't win next month. Even if he does, he'd need a Republican House and Senate to repeal PSLF. Trump can't get rid of the Program with one swoop of the pen in his pudgy little hands. I don't see it as likely to happen, anyways. Plus I think anyone in the Program currently would stay grandfathered in even if they did repeal the Program.

 

[losingsteam3141]

That's kind of the tradeoff. You take a lower-paying job in the public sector with the understanding that part of the benefit is loan forgiveness down the line. You should look into it. I know there are plenty of healthcare-related jobs that qualify. I also know that the current Administration has been looking for ways to revamp PSLF. You should see if any of the work you did in the healthcare industry previously would reteoactively apply once you get into the Program.

It is my sincere hope that former President Fat Ass doesn't win next month. Even if he does, he'd need a Republican House and Senate to repeal PSLF. Trump can't get rid of the Program with one swoop of the pen in his pudgy little hands. I don't see it as likely to happen, anyways. Plus I think anyone in the Program currently would stay grandfathered in even if they did repeal the Program.

Thank you for the advice. So if I've worked a full year for a non profit hospital, I can retroactively make 12 payments and reduce my time to 9 years? Its just gonna suck starting from scratch in my late 30s with little to no retirement savings. What is your job and plan post PSLF?

 

[ctbsd24]

Thank you for the advice. So if I've worked a full year for a non profit hospital, I can retroactively make 12 payments and reduce my time to 9 years? Its just gonna suck starting from scratch in my late 30s with little to no retirement savings. What is your job and plan post PSLF?

If you wanna PM me, I'm always up for a chat. Prefer not to put any personal details on the public threads.