r/StudentLoans•
ti0tr

Going to be around 80k in debt after undergrad, need advice.

I feel like I've been living in a bubble, barely paying attention to anything, and all of a sudden, I'm around 50k in debt. 17k is from federal loans, and the other 31k I stupidly borrowed from Wells Fargo.

Neither me or my mom were educated AT ALL on the subject of loans, so we didn't think this was gonna be a problem. All we heard was that students were all in debt, so we thought this would be ordinary. Already, I've started looked for places to live on campus (saves about 5k for the year) and decided that I'm going to apply for federal Direct loans instead of my bank from now on due to the dramatically lower interest rate (about 11% for my Wells Fargo loans). I'm getting a job this summer and next year, which, which will add up to about 3500 dollars over the three seasons (any penny that doesn't go to my living costs will go to my private loans). I will probably still have to borrow around 30k for the rest of my undergrad, albeit from non-Wells Fargo sources. My family (read: mother) makes about 60k a year and has to support my grandma, me, and my brother.

I am currently a Computer Science and Economics Major, and I can speak Arabic and Polish, so I feel as though finding a job eventually won't be a problem, but I'm down to having panic attacks when I think about how much this will be. Should I be worrying? What more can I do to lower this?

Posted Apr 15, 2016, 1:34 AM UTC

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