24 y/o Male in SERIOUS debt. Help!?
Asked by sublymedTo make a long story short, I've accumulated around 28K in student loan debt, and I'm only a JUNIOR IN COLLEGE! My grades are starting to slip because the debt consumes my mind. Granted, I won't have to start paying the debt until I graduate, but just thinking about the interest that's accruing drives me nuts! I should have just became a musician like everyone says. I'm an intelligent, good looking guy. I shouldn't be worrying like this at my age. It's destroying me emotionally, and I don't know how much longer I can take it. Andrew
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Answered by gradjimbo
Some of your student loans may be subsidized which means interest won't start until you graduate. But regardless of type of the loan, students loans have very low interest and you usually get plenty of time to pay it back. $28K is actually not that much. Imagine if you went to a private university. You would probably owe $100K by the time you graduate. Just think of the debt as an investment into your future. After you graduate and get a job, you can pay it back in no time. Also borrowing money is part of most people's lives. You do plan to buy a house someday, right? You can't drive yourself nuts for next 30 years until your mortgage is paid off.
Some of your student loans may be subsidized which means interest won't start until you graduate. But regardless of type of the loan, students loans have very low interest and you usually get plenty of time to pay it back. $28K is actually not that much. Imagine if you went to a private university. You would probably owe $100K by the time you graduate. Just think of the debt as an investment into your future. After you graduate and get a job, you can pay it back in no time. Also borrowing money is part of most people's lives. You do plan to buy a house someday, right? You can't drive yourself nuts for next 30 years until your mortgage is paid off.
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