$80K in Student Loans... Now What?

[LadyMillionaire]

I am 28. In undergrad I racked up $20K in student loans, worked for a year and then went back to an art school for 2 years without a job and added $48K to my student loan tab. I couldn't find a job and didn't have the wherewithal to find a source of income so of course the interest payments have starting multiplying over the last couple of years. I am currently at $78,000.

I have had to move back in with my parents while I work a 9-5 that I hate and started a website that earns money but requires too much work to maintain traffic levels. In Fastlane, MJ speaks of moving to another state to jump start his life. I'm seriously contemplating it.

I have saved about $12,000 and if I hadn't read MJ's book, I'd probably use it as a down payment on a house or to pay down my student loan debt but now I have a great idea for an internet business. I have requested quotes from several web programmers and it looks like that's about how much it would cost to build the website. It's very scary and it's kind of a gamble. There's nothing like it in my niche, but I've seen it work extremely well in other niches.

Anybody have any tips or words of wisdom as I embark on the next few months of LIFE CHANGING decisions?

Please share!

 

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[Rawr]

Congrats on thinking up something new, and taking the first steps. Seems like you are a little over the place - questions like "should i buy a house, pay off loan or invest in a biz" are pretty far apart. I would go for the biz, with a shoestring budget, meaning I'd act as if I had less than typically needed so I don't blow it on unnecessary things. So if it's 12k I would think - "Hmm, what if I had 6k only, how would I do this differently?"

You can also move and start the business.

You probably know how it works - first + last+ security deposit - so 2-3k out for that, but now you are covered for 2 months at least to decide if the place is working and if you are working on that biz...

 

[Jeremy C. Jones]

Student loans

I can relate to that, I got my bachelors after getting out of the military thinking that I would not need any student loans, but to supplement I ended up needing an extra $40k in students loans. I couldn't land a good paying job and wanted to start an online business. Found a way to cut the major expenses of an online business by using social media and I'll have my student loans payed off in 2 yrs!

recently I started another company where I teach people how to get started: http://goo.gl/0iDlc

let me know if you have any specific questions.
-Jeremy
jeremy3102@gmail.com

I am 28. In undergrad I racked up $20K in student loans, worked for a year and then went back to an art school for 2 years without a job and added $48K to my student loan tab. I couldn't find a job and didn't have the wherewithal to find a source of income so of course the interest payments have starting multiplying over the last couple of years. I am currently at $78,000.

I have had to move back in with my parents while I work a 9-5 that I hate and started a website that earns money but requires too much work to maintain traffic levels. In Fastlane, MJ speaks of moving to another state to jump start his life. I'm seriously contemplating it.

I have saved about $12,000 and if I hadn't read MJ's book, I'd probably use it as a down payment on a house or to pay down my student loan debt but now I have a great idea for an internet business. I have requested quotes from several web programmers and it looks like that's about how much it would cost to build the website. It's very scary and it's kind of a gamble. There's nothing like it in my niche, but I've seen it work extremely well in other niches.

Anybody have any tips or words of wisdom as I embark on the next few months of LIFE CHANGING decisions?

Please share!