Need Advice on My Situation

[disneysteve]

Also, spending $100/week on dates and other entertainment sounds like a lot of money.

That's not per week. It is per month, which really isn't so bad, though it probably could be trimmed a bit. Rent a movie instead of going to the theater. Go for a hike. See a free concert. Cook a nice meal at home instead of going to a restaurant. Plenty of stuff to do that isn't costly.

[arthurb999]

You have over 60K in student loans to make 13.40/hour. I think it is an income problem. What is your degree in? what are you doing for work.
You NEED to make more moeny.

Arthur

[anonymous_saver]

That's not per week. It is per month, which really isn't so bad, though it probably could be trimmed a bit. Rent a movie instead of going to the theater. Go for a hike. See a free concert. Cook a nice meal at home instead of going to a restaurant. Plenty of stuff to do that isn't costly.

Ah thanks, that's much better!

[DebbieL]

Just a few questions for you. Why is your income so low with all that student loan debt? Are you still in school? What did you study?

[disneysteve]

You have over 60K in student loans to make 13.40/hour. I think it is an income problem. What is your degree in? what are you doing for work.
You NEED to make more moeny.

Arthur

That's a very good point. I hadn't even looked at the income figure. $13.40/hour is about $28,000/year. I made more than that in 1990. Supporting those student loans on that income is really a challenge.

[Scanner]

I'll offer one alternative bit of advice - I'd attack the student loans. Student loans actually often make me more nervous than consumer debt because it's non-dischargable and often the borrower continually refinances it and is faced with that temptation at all times.

YOur consumer debt terms and interest rates actually don't look that bad to me (don't know if they are teasers though).

When you start talking 10, 15, and 30 year terms on your student loans, you are making me nervous that you are going to make a bad business decision. The only loan you grab at those kind of terms IMO is a mortgage, an appreciating asset (theorectically, lol).

I think a lot of bad financial decisions are made when you trump interest rate over term.

[Scanner]

And oh, you could shave your head like me and cut out the barber expense, although my razor expense is up.

[Joan.of.the.Arch]

Or you could be like me and just put your hair up in a French knot. Saves on the razor expense.

[skives]

My degree is in computer networks and systems. I don't however work in that field. When I went to college I was sure what I wanted to do. I thought that degree would be good. After graduating and trying to find a job in that field I determined that wasn't what I wanted. I currently work for meijer and have for 9-1/2 years since I was 16. I have been trying to get into management but right now employers aren't hiring more people. I have a job I love and have opportunities to advance. I just need to work within the budget I have right now.

[arthurb999]

My degree is in computer networks and systems. I don't however work in that field. When I went to college I was sure what I wanted to do. I thought that degree would be good. After graduating and trying to find a job in that field I determined that wasn't what I wanted. I currently work for meijer and have for 9-1/2 years since I was 16. I have been trying to get into management but right now employers aren't hiring more people. I have a job I love and have opportunities to advance. I just need to work within the budget I have right now.

How many years did you work in IT before you decided it wasn't for you?
It seems from reading your post that you spend 60,000 and didn't even give it a chance...

[skives]

It doesn't matter what I do. That is my income and I love what I do. Yes there is opportunity for advancement, which I am trying for. So let's keep the discussion to the topic at hand.

[DebbieL]

Actually it is relevant to the topic at hand. I think it is great to like what you do, but you decided to go into large debt for a degree and then not use it and are choosing to work an extremely low paid job. Doesn't make a lot of sense. Waste of $60K plus interest. It really doesn't sound like you gave it much thought before picking your major (or you were very hasty to decide you didn't like the career). It seems you didn't give it much of a chance after making such a huge investment (debt-wise) in pursuing it.

Hopefully your dreams of advancement come through for you pretty quickly and you are able to tackle this debt.

[skives]

I can understand your thinking but to me a job is more than pay. It is something you have to be good at and enjoy. College is never a waste. I have tired to get jobs at my companies corporate office (unsuccessful) and they just require you to have a degree doesn't matter what area. I think completing college shows employers that you have made a commitment to something and stuck with it. Some of those students loans were part of a Masters degree for business, which would be more in my area I want to be in and am in. It just got to expensive to finish it right now.

[arthurb999]

An MBA is great... you should try to finish it.

Was your undergrad from your shcools business school... because you could always put bachelors of science in business administration which is general and should get you in the door.

What do you actually do at the place you work?

I guess if you want to stay at that position and move in with your girlfriend, you should be ok.

[DebbieL]

Does your employer offer any programs to reimburse tuition or help with completing your MBA? Might be worth checking into. The MBA would be valuable to you (and give you a much wider range of employers to choose from in the future - you never know when you might decide you'd rather be working elsewhere - you're young still with lots of changing ahead of you).