Wednesday, December 24, 2008

Call for Prayer

So I have this dilemma.

Its called the Student Loan dilemma.

Fiance and I have determined that until my student debt is paid off, I will be working part time to pay them off.

I see no end.

I need prayers for wisdom in managing my finances and time, peace of mind while paying off $30,000 in student debt, and strength of will in making it through work and home life.

I figure that if I can scrape together $2000/month between now and baby born, that'll knock it down to $20,000. $1000/month after that will take me 2 years.

I can do it, right? Or should I just be more practical?

3 comments:

Elusive Wapiti said...

Christina, since you are asking for advice, I give you our experience. Take it for what you paid for it.

Work until you can't. Pay off as much up front. When baby arrives, that's your job (since you have the boobs--sorry) for the time being.

At some point in time, baby will be self-sufficient enough where you can step out for short periods and work off some of your loan. Mrs Wapiti went back to work part-time a couple of months after Little Wapiti weaned, and nowadays I watch him while she works to bring in some extra money.

In the end it'll be a call between you and your husband. While care and feeding of the family is ultimately his responsibility, note that 'responsibility' != he does all of it, or even most of it.

SellCivilizationShort said...

Paying off $30,000 is a reasonable proposition given a sane economy with reasonable opportunities.

Since you seem to live in the USA, you may be obliged to make do with less-than-reasonable opportunities.

I'm not a financial expert, but I know enough to know that the interest rate is a key number. The US dollar is losing value, which theoretically is in your favor, but in practice it's linked to a loss of work opportunities, so really it's probably not a good thing.

So what is the interest rate on your student loans?

Also, what kind of work are you going to get? Computer work?

Christina said...

EW,

I will be doing exactly that. I'll be working part time until the debt is paid off. I just don't see any end in sight =p

It sucks when my dream job has always been hubby and kids.

SCS,
I have an interest rate that is TOO high (7%). I agree, it is a reasonable proposition. Definitly not arguing that. Just hoping I can maintain sanity through it when this was not how I planned things. In fact, this little student loan problem that I have didn't make itself known as a problem until I was done gettin the loans - people don't educate you on student loans until its time to pay 'em back...silly thing to do, but they do it none-the-less. High School guidance counselors - "Just apply for Financial Aid!"...apparently, that doesn't mean "scholarships". Though I wish they'd educated me more thoroughly on THAT type of financial aid =p

Anyway, I have a math and comp sci degree (seperate and distinct degrees). Options - work for my dad in financial consultation, doing computer work for him(haven't talked to him about this yet) and also look into math tutoring with Sylvan Learning Company; continue at Lockheed Martin (yuck); continue trying to get through the actuarial exams and start actuary work; find another part time job that feels more appealing...