[I'm, Ron Burgundy?]

Okay, so I’m in the same boat as about 75% of recent college graduates: I had to acquire a tremendous amount of student loan debt in order to get my education and am now falling behind on payments. I have most of my loans in a forbearance with the exception of one private loan that is not eligible. In recent months I have hit some financial difficulties due to my landlord being foreclosed on and having to move at last minute and a death in the family across country that I had to attend the funeral. In the end, I am behind on my payments and Sallie Mae is an unforgiving, loan sharking b!$*h who doesn’t want to hear any excuses.

Considering these are Federal Loans can this hinder my licensing ability if I fall too far behind? It would be a shame that I acquired all this debt, studied so hard, only to be denied a license in the end. Ironically, the purpose of getting into the debt in the first place was to achieve this goal. Does anyone have any information or past experience with this?

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[mla1169]

The other thing is, if you're having a challenge with student loan payments, get a 2nd job. Deliver Pizza. Cashier at Kohl's.

Is it fun to work 2 jobs? No, not at all. But sometimes its completely necessary. I've done it more than once as a working professional (besides the employee discount at Kohls is worth every Sunday afternoon I spent there).

Not telling you what to do but its obviously weighing on you, so I'm presenting another option.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

@mla1169 The comment about the Kohls discount made me laugh! 😛

But yeah. A humble second job can make a world of difference with things like this. And customer service jobs (Kohl's, pizza delivery, etc) often fit well around normal-schedule jobs, since the peak times are the times when everyone is out of work.

[Anonymous]

@mla1169 The comment about the Kohls discount made me laugh! 😛

But yeah. A humble second job can make a world of difference with things like this. And customer service jobs (Kohl's, pizza delivery, etc) often fit well around normal-schedule jobs, since the peak times are the times when everyone is out of work.

[mena je twa]

My advice:

Make those minimum payments, interest only or whatever, but eventually the interest is going to kill you, you will owe a lot more with this comounding interest.

But here is the story, this is the next bubble which is going to hit the USA, after housing. Remember, how the underwater homes were being given second chances, lenders were writing off or giving breaks to borrower, kind of same will happen to this student loan debt.

People are given 100k in loans to pursue a liberal arts degree. Now that same person is working at dillards at $4.25 an hour. There are plenty of them and finally the bubble will burst.

Licensed CPA, Texas - 2012

[mena je twa]

My advice:

Make those minimum payments, interest only or whatever, but eventually the interest is going to kill you, you will owe a lot more with this comounding interest.

But here is the story, this is the next bubble which is going to hit the USA, after housing. Remember, how the underwater homes were being given second chances, lenders were writing off or giving breaks to borrower, kind of same will happen to this student loan debt.

People are given 100k in loans to pursue a liberal arts degree. Now that same person is working at dillards at $4.25 an hour. There are plenty of them and finally the bubble will burst.

Licensed CPA, Texas - 2012

[Anonymous]

As much as I hate to say it, mena je twa has a point. When I did my undergrad ten years ago, student loan rates were much more reasonable and tuition was lower. I finished my master's last year and paid for some of my classes, but I still have $40k in student loan debt and I'm paying $600 a month. Even my classmates who are also successful working professionals struggle with their payments and not everyone is lucky enough to have jobs like we do. Something has to give.

[Anonymous]

As much as I hate to say it, mena je twa has a point. When I did my undergrad ten years ago, student loan rates were much more reasonable and tuition was lower. I finished my master's last year and paid for some of my classes, but I still have $40k in student loan debt and I'm paying $600 a month. Even my classmates who are also successful working professionals struggle with their payments and not everyone is lucky enough to have jobs like we do. Something has to give.

[mla1169]

Lilla I still do Kohls from Nov-Dec. I only work Sundays (they pay time and a half on Sundays), plus the discount makes for a little more Christmas mad money. They're not bad to work for either as far as retail goes. But last year I scored a dyson vac for about 1/3 of what it would cost anywhere else lmao!

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[mla1169]

Lilla I still do Kohls from Nov-Dec. I only work Sundays (they pay time and a half on Sundays), plus the discount makes for a little more Christmas mad money. They're not bad to work for either as far as retail goes. But last year I scored a dyson vac for about 1/3 of what it would cost anywhere else lmao!

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Anonymous]

I know there is some type of income reduction thing out there for student loan payback. Have you looked into this?

[Anonymous]

I know there is some type of income reduction thing out there for student loan payback. Have you looked into this?

[tough_kitty]

There are jobs that would let you work just on weekends or 3 months of the year?? I want one!!! I need one!!!

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[tough_kitty]

There are jobs that would let you work just on weekends or 3 months of the year?? I want one!!! I need one!!!

FAR: 81 (May 2013)
BEC: 81 (July 2013)
REG: 83 (August 2013)
AUD: 82 (November 2013)
California CPA since 1/30/14

[I'm, Ron Burgundy?]

@acamp…”Sounding like everyone's problem but yours, I'd take a closer look at your finances and get things under control. I mean, sure schools do zero to discourage giant student loans, but the whole, HAD TO acquire tremendous debt in order to get MY EDUCATION is a sad part of the culture. Once upon a time, people didn't attend a super expensive school because… ready for this… they couldn't afford it.”

This entire paragraph could have been left out. Yes I HAD to get into debt to afford MY EDUCATION. And…ready for this…I wasn't able to afford because I grew up poor. However, I wanted to get an education so I went into the military, did 6 years sweating my butt off in Saddam's desert and went to school on my GI Bill. However, my first degree ended up leading to a dead end job so I HAD to get into debt to go back to school to provide a better future for my daughters, hopefully as a CPA. “Sad part of the culture”? What culture? I'm not sitting here whining like some entitled 20 year old who that grew up with an iPhone implanted in my ear. Or acting like it's “everyone's problem but mine.” We are all professionals here and should be treated as such. You don't even know me yet you're sitting here judging me and assuming that I need to “get my finances under control.” I found this to be very unprofessional.

@everyone else…

Thank you for the advice and I'll be looking deeper into everything. I don't have major issues with my budgeting, I'm just a bit behind at the moment and down on my luck. Eventually I'll get ahead but I just wanted to know if this will hurt my ability to get licensed if I'm not exactly current.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[I'm, Ron Burgundy?]

@acamp…”Sounding like everyone's problem but yours, I'd take a closer look at your finances and get things under control. I mean, sure schools do zero to discourage giant student loans, but the whole, HAD TO acquire tremendous debt in order to get MY EDUCATION is a sad part of the culture. Once upon a time, people didn't attend a super expensive school because… ready for this… they couldn't afford it.”

This entire paragraph could have been left out. Yes I HAD to get into debt to afford MY EDUCATION. And…ready for this…I wasn't able to afford because I grew up poor. However, I wanted to get an education so I went into the military, did 6 years sweating my butt off in Saddam's desert and went to school on my GI Bill. However, my first degree ended up leading to a dead end job so I HAD to get into debt to go back to school to provide a better future for my daughters, hopefully as a CPA. “Sad part of the culture”? What culture? I'm not sitting here whining like some entitled 20 year old who that grew up with an iPhone implanted in my ear. Or acting like it's “everyone's problem but mine.” We are all professionals here and should be treated as such. You don't even know me yet you're sitting here judging me and assuming that I need to “get my finances under control.” I found this to be very unprofessional.

@everyone else…

Thank you for the advice and I'll be looking deeper into everything. I don't have major issues with my budgeting, I'm just a bit behind at the moment and down on my luck. Eventually I'll get ahead but I just wanted to know if this will hurt my ability to get licensed if I'm not exactly current.

"If you're going through hell, keep going"
- Winston Churchill

"I've missed over 9,000 shots in my career. I've lost over 300 games. 26 times I've been trusted to take the game winning shot, and missed. I've failed, over and over and over again in my life. And that is why, I succeed."
- Michael Jordan

BEC: (54), (72), 80 (losing credit on 02/02/15 - nervous)
AUD: 78
REG: (74), 91
FAR: (71)

[Author]

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