If it is really that bad, man up and get a second job until you have atleast enough to cover 6 months of bills. You might find yourself more open to take risk or make moves in your profession which could help increase your salary knowing you have this to fall back on.

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No one twisted your arm to take out loans. Ultimately – as with most students, applying for student loans was my decision based on circumstances which I created for myself. Had I focused on school, I would have been eligible for scholarships or federally subsidized loans which could be consolidated, but I didn’t and now I am paying for my choices.

1) Even with the rising tuition costs and potential for huge debt, a college degree is worth it (yes, even a liberal arts degree!)… you have to think not just about salary and job opportunities now but even 10-30yrs down the line. I know I was frustrated coming out of graduate school $40K in debt (that’s even after lots of scholarships). I was working as a paralegal making the same salary as quite a few friends with similar jobs who didn’t go to college and didn’t have any debt. I started to wonder “were these degrees even worth it?” But now ten years down the road, I’m getting promoted where others without degrees are not considered. I have a friend in her forties who’s been an admin assistant for literally decades and she can’t get promoted without a degree, so she’s going back to school while working full time. Even if it takes the max amount of time to pay back that loan it will still be worth it.

2) I know this is a budgeting website so it’s mainly concerned with the bottom line financially, but keep in mind there are many more things to consider in making life decisions. The article highlights the cost of private vs. public colleges, and the fact that many people defer home ownership, marriage and family because of student loans. It’s one thing to be financially responsible but another to let an irrational fear of debt control your major life decisions. For example, my private college was pretty expensive but it’s the only place I could have had the wonderful experience I had. A two year community college or public state college might have been a lot cheaper, but I wouldn’t be the person I am today with the knowledge I gained and the friendships I made. Please understand I am not knocking a public education or community colleges. I also have quite a few friends who did their required courses at community colleges before transferring. I’m simply saying that you have to pick the right fit for yourself and sometimes the more expensive school is worth it.

Also, it’s not the end of the world if you get married and have babies before you’ve budgeted out their college tuitions, or if you raise a family in an apartment and drive used cars while paying off your loans. As a single mom who worked very hard for her degrees, I may NEVER be a homeowner and I am okay with this. If you wait to have all your ducks in a row before you start “life” you may find you miss out on a lot.

I skipped college, collected some “valuable” real world experience, ended up w/ a decent job at a great company, and have earned the respect of my pears. I make about half as much as they do. Basically I do engineering level work for a labors’ wage and have been promoted about as far as I can possibly go within the company without an engineering degree.

BTW: I’m now “supervised” by someone with no experience and an IE degree.

I’m quitting my “good” job and going to college full time spring semester ’10; all the while wishing I hadn’t waited.

http://www.ed.gov/offices/OSFAP/DCS/consolidation.html

Banks offer too but I’m sure nowadays, you would need to have prestine credit to qualify. There are many options out there, try googling “student loan consolidation”.

Good luck!