student loans

[Numinous]

Looking for advice. I was a top student in high school and decided I was going to go to medical school. My parents and family who had never attended college were very happy about this decision. I had been told my whole life to work hard and go to the best college possible. I did. I got into a very good school considered a public ivy. It was expected since I was young that I would go to this school. I went. The only drawback was the tuition. At the time I had never paid a bill in my life and had no concept of debt. I was dumb.

Halfway through my college career I realized that 1) hardly anyone one takes out as much money for undergraduate as I did and 2) medical school was going to put me at least $350,000 into debt including undergraduate loans. The interest alone would be $1000 a month. I panicked and realized this way WAY too much debt for me to take on and feel comfortable. I switched my major to something else that would also allow me to not waste the credits I had and let me study something I found interesting. I decided to pursue a PhD in this area (usually paid). I volunteered in a lab in college that basically used me for grunt work and didn't give me much in the way of skills. I graduated cum laude from my university. I decided since I had no skills and debt that I would work in a research lab for a year then apply to get into a good program. Well, I haven't been able to find a job that will get me into graduate school because I have no skills. Now I have huge loan payments and no job and don't know if I will be able to get into graduate school. I'm basically stuck with a semi-worthless bachelors degree and tons of debt. Living at home in the middle of nowhere isn't going to advance my career prospects either. No idea what to do if I don't get hired full-time at the place I have been volunteering (due to no other options).

My parents were never involved in any career decisions and never helped me do any research on possible careers or a financial analysis of my choices. I don't know their financial situation but our household income before taxes is probably $100,000 a year. I'm confused as to why they contributed so little to my education. I realize no one is entitled to having their education paid for, but I feel like this was dropped on a completely unwitting and naive kid at 17. I can't mention this to them because it sounds extremely ungrateful. I am grateful, but they won't understand. Regardless, I am where I am and in the end I am solely responsible for this situation, but I don't know how to proceed.

Mostly a vent, but thanks for listening.

 

[If Not For Grace]

Cry me a river. . there is no such thing as a worthless degree at the top of your class, or no options-get off your duff and get creative..many would be grateful for the opportunity you have had. A phd is not going to help you get any skills. Create opportunity-sounds to be like you are just afraid to get out in the real world. If so Try a govt job first

 

[Numinous]

Cry me a river. . there is no such thing as a worthless degree at the top of your class, or no options-get off your duff and get creative..many would be grateful for the opportunity you have had. A phd is not going to help you get any skills. Create opportunity-sounds to be like you are just afraid to get out in the real world. If so Try a govt job first

I've been working nearly 60 hours a week - half of them unpaid in an attempt to break into a field. I can't move because I can't find jobs which pay me enough to pay my rent and loans and gas and food and insurance. If that is sitting on my duff I'm not sure if you want me to stop sleeping or something? Also not sure what post you are reading because apparently you also missed the part where I said I am very grateful for what I have. Thank you for your careful reading of my post and your resultant post which in due course was bound to be extremely insightful.

And as a matter of curiosity, how exactly do you know obtaining a PhD is not going to better my career prospects when I failed to mention my field of study? I find it odd you work in mental health (which requires a masters or PhD) and you're telling me graduate schooling is useless.

 

[1watchman]

More degrees may not be the answer. Explore what you have. You can go online at the Occupational Outlook Handbook --the gov't. manual for employment, and see what fields are available with the training you have. There are many different ways you can go from where you are.

I know the military will sometimes finance college after one has completed a two-year level, then will give you a commission as an officer after graduation. A friend of mine had a degree in Metallurgy and the Air Force sent him to school to get training in Meteorology --then he served four years with them and went on to a good job in the mining industry afterward. Just some thoughts!

 

[Jupiter Drops]

I don't know what kind of degree you have, but considering that you've graduated from a school regarded as a 'public Ivy,' you might have the upper advantage to getting a job. You could probably call up your old buddies for job connections and interviews. Go meet up with a good resume writer and brush up on your resume. You never know.

You could always go abroad, teach English, and make some money to pay off your debt if teaching is your thing.
It just takes time for all of us to discover our options.

 

[Numinous]

I appreciate the replies and advice. I think my heart is set on graduate schooling, however. I feel like I am wasting my God given talent if I don't put it to work doing research or something of that nature. If worst comes to worst, I will enlist in the army rather than default. I plan on living like a monk until I am 30 and paying off as much of this mess as possible.

 

[ALEA40]

Looking for advice. I was a top student in high school and decided I was going to go to medical school. My parents and family who had never attended college were very happy about this decision. I had been told my whole life to work hard and go to the best college possible. I did. I got into a very good school considered a public ivy. It was expected since I was young that I would go to this school. I went. The only drawback was the tuition. At the time I had never paid a bill in my life and had no concept of debt. I was dumb.

Halfway through my college career I realized that 1) hardly anyone one takes out as much money for undergraduate as I did and 2) medical school was going to put me at least $350,000 into debt including undergraduate loans. The interest alone would be $1000 a month. I panicked and realized this way WAY too much debt for me to take on and feel comfortable. I switched my major to something else that would also allow me to not waste the credits I had and let me study something I found interesting. I decided to pursue a PhD in this area (usually paid). I volunteered in a lab in college that basically used me for grunt work and didn't give me much in the way of skills. I graduated cum laude from my university. I decided since I had no skills and debt that I would work in a research lab for a year then apply to get into a good program. Well, I haven't been able to find a job that will get me into graduate school because I have no skills. Now I have huge loan payments and no job and don't know if I will be able to get into graduate school. I'm basically stuck with a semi-worthless bachelors degree and tons of debt. Living at home in the middle of nowhere isn't going to advance my career prospects either. No idea what to do if I don't get hired full-time at the place I have been volunteering (due to no other options).

My parents were never involved in any career decisions and never helped me do any research on possible careers or a financial analysis of my choices. I don't know their financial situation but our household income before taxes is probably $100,000 a year. I'm confused as to why they contributed so little to my education. I realize no one is entitled to having their education paid for, but I feel like this was dropped on a completely unwitting and naive kid at 17. I can't mention this to them because it sounds extremely ungrateful. I am grateful, but they won't understand. Regardless, I am where I am and in the end I am solely responsible for this situation, but I don't know how to proceed.

Mostly a vent, but thanks for listening.

I'm so sorry Numinous!!! I can feel your pain and frustration Just some points that came to mind while reading your post:

1. Please stop saying you don't have any skills!!! You are loaded with skills- most of which the general population does not have. Start getting creative with your resume. Really tease out the skills that you have acquired through working at your lab, research papers that you accomplished, internships, etc. Tap into some friends with writing skills or consult your career placement office at school. Finishing a bachelor's degree and/or a master's degree IS a huge accomplishment!!!

2. I've known many people to come out of medical school with $350,000 in debt I know it sounds scary but it is not unusual. But when they do finally become a doctor, depending on what field they are in, they easily handle the bills, especially once they are married and have two incomes. My cousin's husband graduated from medical school and is now doing research and is paid $300,000 per year. My cousin is a pharmaceutical researcher and makes $100,000 per year. You can see that while the $350,000 initially sounds crazy, 20 years from now it will be completely paid off and they will mostly likely be very comfortable and debt-free.

3. Can you just apply to the graduate program? You never know. It wouldn't hurt anything. You might just get in without a good lab job first. I'm applying for graduate school for this fall and I've just been volunteering in the teaching field this spring. If it's God's will, he will open doors for you. And, I wouldn't rule out medical school if it might be an option still. Doctors are in short supply in many areas of the country. Maybe there is some type of program to help fund medical school?

4. I'm not sure where you live but you donate 60 hours a week to a lab? That's crazy. You are worth more!!! You should always be paid for your work. Update your resume and start making connections to get an actual paying job.

5. You may want to consider consulting a financial planner to get a better idea of your options. I'm sure you can just pay an hourly fee or someone might even do it for free through your college.

6. Why didn't your parents help you? I'm sorry, but it must not be in their frame of reference. People who don't go to college don't generally see the importance of saving for their children. Both my parents went to college. My mom saved some $ for my college (my father did not). I knew it wasn't enough to cover the entire cost so I did everything in my power to get a scholarship. I studied my butt off through high school, I volunteered, and did sports. I went to an inexpensive state university with a full-tuition scholarship. I worked every summer in my field and was paid for every job ($5-$7 per hour). I forwent the summer trips with friends to Europe so I could work in my field. I came out with zero-debt and a healthy resume. 20 years later, I'm now applying to graduate school in teaching. I will only go if it is paid for through federal scholarships. I now have 2 boys. We've been saving for their college since they were born (529 plans). I think it's really all about priorities.

Sending prayers to you that opportunities will arise and that God opens doors for you