Student Loan Game Plan

My dream was to work in advertising in New York City. So I went to school in New York and I majored in marketing. I figured I would be able to find a job I wanted once I graduated. To pay for school, I started taking out the federal loans I was eligible for and used private loans to cover the additional cost.

I got an entry-level job when I graduated, but my salary only covered my rent and my interest payments on my student loans. New York City is an expensive place to live, so I was always having to choose between paying off my debt or paying for living expenses. Because of this, every month I fell farther and farther behind.

Now, I've quit my job in New York and I moved back to the Midwest to live with family. I got a job at a hotel to pay bills, including my high monthly student loan payments. I don't like that I have a job that doesn't use my degree, but for now, it's a necessity while I get things under control.

If I would have planned ahead better, I would have been able to find ways to help pay for school instead of strictly relying on student loans. Then I wouldn't be in this position. I wouldn't have to put my dream on hold.

I have always wanted to work in air travel. And I was lucky enough to find a job in the field soon after graduating. But the pay was not what I expected.

It didn't take me long to realize that my entry-level salary just wasn't going to cover both my monthly expenses and my debt. When I received my first student loan bill, I just couldn't afford to make the payment. So I did what I thought best — I requested to delay the payments. But when the delay was over, I was still making the same income, which was barely more than minimum wage. And the interest that built up during that time meant I owed even more.

I love my job, and I love working in my field, but it's obvious I will never make enough to easily repay what I borrowed. To make my payments, I'll need to find a second job, cancel my cell phone and cable plans or find a higher paying job in another field. I wish I would've had a better understanding of my future career options so I could have better planned what I wanted to do and make a comfortable living.

I recently graduated with a degree in teaching, which is what I've always wanted to do. Soon after graduation, I was lucky enough to find a job as a high school teacher. Now that school's over, I've got to repay those student loans. I borrowed money every year for school, so the loans started to add up. Now I have a high monthly payment.

I also own a house, and between house payments and student loan payments and bills, I barely have enough to cover everything each month. I keep a tight budget, with very little left over for unexpected expenses. I'd really like to buy an engagement ring for my girlfriend, but with so little left over, I don't have enough to save for one. My salary isn't going to increase fast enough to keep up with the rising cost of living.

I've been exploring all my options for repayment, but with so much debt, there's not a lot of choices that will help me out much. It's very frustrating, and I don't know if I'll ever be able to pay off these loans. I wish there would have been a way for me to know before I took those loans how much this debt would affect me now.

When I first started college, I wasn't sure what I wanted to do after graduation. After looking through majors, I chose a business degree. I felt that it would offer me a wide variety of job opportunities.

Through my four years of college, I ended up borrowing a lot of money to pay for it all, and when I graduated, I couldn't find that high-paying job that I thought I would. I ended up with a banking position that doesn't pay well and doesn't even require a college degree. I don't enjoy my job, but I needed to make ends meet. Every month I have to make choices about what to pay. I don't have enough for both bills and student loan payments.

I enjoyed going to college and I would like a job in my major. If I better understood the job market and how my student loans would affect me after graduation, I could have found ways to reduce what I borrowed and live within my means. Then I wouldn't be in this situation today, and I would be able to pay off my student loans.