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Re: Student Loans
Old 03-07-2006, 01:59 PM   #21
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Re: Student Loans

sorry, Juris Doctorate. Law degree.

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Re: Student Loans
Old 03-07-2006, 02:12 PM   #22
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Re: Student Loans

the thing is that she is the kind of person that won't just go for something just because it will make money. she also wants to believe in what she does and being a lawyer is not personally redeeming for her.
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Re: Student Loans
Old 03-07-2006, 02:20 PM   #23
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Re: Student Loans

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Originally Posted by maggieddd
the thing is that she is the kind of person that won't just go for something just because it will make money. she also wants to believe in what she does and being a lawyer is not personally redeeming for her.
Hey, I feel the same way with respect to being a lawyer. Except I figured that out after graduating from law school

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Re: Student Loans
Old 03-07-2006, 02:31 PM   #24
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Re: Student Loans

see, I kind of agree with her, although I am in a completly different situation then she is. I do not make much more than she does. I only have one undergrad degree, but I never took any loans out for school as I was lucky to get all scholarships. I was also lucky to travel extensively without stretching my wallet. I also like what I do and would not want to change my job even though I could earn way more somewhere else. I make peanuts but I also get 4 weeks vacations (roll over if not used), 4 personal days, 2 weeks sick and other benefits, which would be hard to get somewhere else. I do not have high financial expectations in life but I do like to travel at least 4 weeks at a time.
She is kind of jealous of me as she would like to do what I do, so I am trying to help her but it just sucks
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Re: Student Loans
Old 03-07-2006, 02:39 PM   #25
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Re: Student Loans

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Originally Posted by justin
Sounds like she had fun in college and now she is (literally) paying the price.
Mmmm hmmm. One of my friends husbands was like that. Got a lot of degrees in stuff that while interesting probably wont ever pay well enough to pay back the loans. Then got principled about what jobs he would/wouldnt take. Did a lot of volunteer work for obscure political groups. I lost track of him after my friend divorced him and he moved away with some gal he met in a gas station who "felt the same way" about some trees he was very fond of. Yeah, i'm still working that one around in my head too... :
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Re: Student Loans
Old 03-07-2006, 02:44 PM   #26
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Re: Student Loans

Have her check out this web site:

http://scholarships.brokescholar.com...rgiveness.html
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Re: Student Loans
Old 03-07-2006, 03:23 PM   #27
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Re: Student Loans

Quote:
Originally Posted by maggieddd
the thing is that she is the kind of person that won't just go for something just because it will make money.* she also wants to believe in what she does and being a lawyer is not personally redeeming for her.
That's great and all, but principles and belief in what one is doing don't pay the rent (or the student loans). The vast majority of us on this board have worked at jobs we didn't believe in -- often slaving for 50, 60 or 70 hours a week at the expense of our health, families, etc... Was doing so painful? You bet. Did we want to quit and tell our bosses to shove it every day? I certainly did. Yet we stayed in those jobs because we had taken on certain financial obligations, or had a specific savings goal in mind.

The woman at issue needs to a long hard look in the mirror and decide to take control of her financial life. I'm not saying she should become a lawyer (I wouldn't wish that on anyone unless they really wanted to be one), but she needs to find a way to make more money. If that requires relocation, then relocate. If that requires taking a job she simply tolerates for a 30-50% pay boost, then take it. The perspective is that such steps are merely means to an end, with the end being the payment of her student loans and a decent nest egg. It might take a few years, but in the end it will be worth it.
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Re: Student Loans
Old 03-07-2006, 04:43 PM   #28
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Re: Student Loans

see the thing is that she is not picky, she takes any job she can find. problem with relocation is that she has her mother living with her because her mom is getting older and can't do things on her own and she also doesn't have enough income to live on her own. They are trying to help each other out but it's tough. The jobs my friend held were Legal Assistant, High School Principal Assistant, and now she does some research in a medical center. She also is a waiter to supplement her income. Problem is that none if the jobs she held pay more than $30,000/year.
It's just not so easy for some people.
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Re: Student Loans
Old 03-07-2006, 09:18 PM   #29
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Re: Student Loans

I know this is a little OT, but what happens if you die still owing on your Federal Student Loans. (Stafford loans). Do they try to collect against your estate?

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Re: Student Loans
Old 03-08-2006, 06:53 AM   #30
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Re: Student Loans

Quote:
Originally Posted by HaHa
I know this is a little OT, but what happens if you die still owing on your Federal Student Loans. (Stafford loans). Do they try to collect against your estate?

Ha
Nope. Staffords expire with the debtor.
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Re: Student Loans
Old 03-08-2006, 07:16 AM   #31
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Re: Student Loans

Quote:
Originally Posted by maggieddd
see the thing is that she is not picky, she takes any job she can find.
This seems a bit contrary to what you originally wrote, namely, that "she is the kind of person that won't just go for something just because it will make money. She also wants to believe in what she does." Regardless, taking any job she can find may be the problem. To increase one's income, one usually needs to pick a specific field and then stick with it for years before seeing any significant increase.

Quote:
problem with relocation is that she has her mother living with her because her mom is getting older and can't do things on her own and she also doesn't have enough income to live on her own. They are trying to help each other out but it's tough.
This is somewhat similar to OAP's problem with the vultures circling his mother (and living with her). The problem is that your friend is sacrificing her life for her mother's life. Does she have any family that can help with her mother? Any other sibilings that could take her in for a couple of years while she gets a new job, settles in and saves some money? Subtracting her mother from the equation would simply put your friend into a situation where she needs to have a roommate, which is pretty normal for many people. Has your friend looked into State assistance programs for her mother in which a helper could be assigned, thereby freeing your friend up to either move away or take a job that requires longer hours?

Quote:
The jobs my friend held were Legal Assistant, High School Principal Assistant, and now she does some research in a medical center.* She also is a waiter to supplement her income.* Problem is that none if the jobs she held pay more than $30,000/year.
See my point above. None of these administrative assistant-type of positions is going to pay very well, nor are any going to lead to more money in the future. Your friend should consider picking a field she enjoys and can pay well if she works hard/smart, then find a way to obtain the requisite training to break into that field. Doing so may require compromising her principles until she is in a better financial position.

Quote:
It's just not so easy for some people.
I never said it was easy, nor would anyone else on this board say so. Everyone has times in their lives where they struggle. The ones who take the time to really think about what they want, draw up a plan to get there, and then execute on that plan no matter what life throws their way, are the ones who eventually succeed. Those who don't will continue to struggle. I'm sorry if that sounds a bit trite, but it really is true.
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Re: Student Loans
Old 03-08-2006, 07:29 AM   #32
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Re: Student Loans

Quote:
Originally Posted by Jay_Gatsby
This seems a bit contrary to what you originally wrote, namely, that "she is the kind of person that won't just go for something just because it will make money.* She also wants to believe in what she does."* Regardless, taking any job she can find may be the problem.* To increase one's income, one usually needs to pick a specific field and then stick with it for years before seeing any significant increase.
I was talking about getting a degree in something that will just make money. I wasn't talking about taking jobs in her current situation.
Sorry if this was confusing.
So, she wouldn't go to school and spend money on something she hates but it will just make money. She went to school for something she loved and had passion for. It might be a bit difficult for some people to understand that on this site as this is a primarly $$$ site.

Thank you for your suggesttions

I am not sure if anyone else can take care of her mom.
BTW, before she took her mom in, she did have a roommate.
She already works longer hours but she only gets reimbursed with time off and not $$$. That would be great for me for example, but she needs $$$ at the moment.

Thank you
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Re: Student Loans
Old 03-08-2006, 07:30 AM   #33
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Re: Student Loans

This isnt one of those “my friend has a problem and it is actually you” *Another option is to find a wealthy spouse (or least one with a professional job). Case closed.
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Re: Student Loans
Old 03-08-2006, 07:32 AM   #34
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Re: Student Loans

How bout she go and work for a think tank/research org. Heritage foundation, Rand Corp., Research Triangle Institute (RTI), etc. etc. etc. Plenty of upward mobility if you stick around. Pay isn't too bad from what I hear, especially once you start taking on more involved roles in the organization. Maybe check out universities and university-affiliated centers for these types of jobs too.



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Re: Student Loans
Old 03-08-2006, 07:33 AM   #35
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Re: Student Loans

Quote:
Originally Posted by HaHa
I know this is a little OT, but what happens if you die still owing on your Federal Student Loans. (Stafford loans). Do they try to collect against your estate?
Nope. Upon death, the loans vanish. I look at it as a life insurance element to the loans.
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Re: Student Loans
Old 03-08-2006, 08:20 AM   #36
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Re: Student Loans

Some people will do anything to get out of paying their student loans... :
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Re: Student Loans
Old 03-08-2006, 09:59 AM   #37
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Re: Student Loans

Alternative loans are considered private consumer debt (one of my colleagues in Financial Aid refers to them as "boat loans").* To qualify for them, one must have bulletproof credit: hence the cosigner.* Well I just learned something new.* Technically, it would be up to the courts in bankruptcy situations as to whether or not this loan was discharged (unlike Stafford or Perkins loans which are never dismissed).* I wouldn't be surprised that if upon bankruptcy, the loan was turned over automatically to the cosigner.* Not a great way to reward those loved ones who helped you out!

If your friend has profound feelings of moral righteousness that would prevent her from taking corporate, high-paying jobs, she should have no issues with becoming a teacher.* Depending on where and what she ends up teaching, she could wind up with up to $17k of her student loans paid for by the gov't.* *Many states have free or paid teaching programs to help folks get started.* U. of Bridgeport in CT has one, as does NYC Teaching Fellows programs: http://www.nycteachingfellows.org/

I have to counsel students like this every once in a while.* They are not the norm (thank you Financial Aid Gods), and it is difficult to get them to take responsibility for their futures.* I guess everyone needs their own "a-ha" moment.* You'd think $50K in student loan debt would be that moment!
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Re: Student Loans
Old 03-08-2006, 01:53 PM   #38
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Re: Student Loans

Quote:
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Another option is to find a wealthy spouse (or least one with a professional job)
I was going to ask "Is she cute?", and decided not to. You should be deeply disturbed that you went somewhere I thought was too far...
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