I’m feeling extremely overwhelmed right now and could really use some advice. I’m currently studying abroad and, by the time I graduate in 2027/2028, I’ll have accumulated $150,000 in student loans with a 10.85% interest rate. The thought of paying all this off by 2035 seems impossible.
Here’s the backstory: My father encouraged me to study abroad, and I assumed he was prepared to cover the tuition. It wasn’t until I started university that I realized he had taken out loans in my name. I’m scared that there’s no way I can pay all of this off in the given timeframe, especially since I live in a high cost-of-living city.
I’ve been trying to get a part-time job to help with expenses, but so far, I haven’t had any luck. With the rise of AI and uncertainty in the job market, especially in fields like animation and game development, I’m unsure about my future career prospects.
Also, my father believes I can pay off the debt if I learn trading, specifically options trading. However, I’ve heard that a vast majority of people lose money with this approach, and I’m not comfortable taking such a risky path.
Hm… education is supposed to open doors, not close them. In this case, do you feel you had to accept a higher-paying job to pay off your student loans but prefer another job that pays less but you enjoy more?
Focus on getting a stable job post-graduation and explore income-driven repayment plans. Avoid risky trading; it’s not a reliable solution. Consider seeking financial advice and support from your university.
Yes. I had many classmates and friends who started as lawyers making less than $40k. Some less than $30k. I was lucky and made around $85k. Even 10+ years out of law school, all of the classmates and friends who have shared their salaries are under $100k.
To OP - There are law jobs that are not overwhelming and pay reasonably. If you haven’t, look at in-house healthcare. Starting salaries are closer to $100k than $50k and often are eligible for PSLF. After a few years of work, you’ll have access to a job well over $100k.
You might consider government jobs. Attorneys are needed at all levels of government, and you don’t always have to work in court. Some agencies use lawyers for administrative roles. These positions come with benefits and public service loan forgiveness. Just a suggestion.