I have a significant amount of student loan debt, how should I proceed?

[Anonymous]

I have 2 master's degrees and I am in my 5th yr of a doctoral program. It's looking like I may not finish my doctorate program as I am struggling to pass certain competency tests. I feel very disappointed. On the other hand I have over $600k in student loan debt. Interest accumulated over the years and I stupidly let them stay in deferred status without making any payments. I can't file bankruptcy and my current job only pays $65k. I know I need to make more money.

What might some of you recommend as next steps? Or, are there any options I am overlooking? I do work in the Healthcare field so I may qualify for public loan forgiveness after so many payments.

Honestly, I am overwhelmed and nervous. So, any positive feedback would help.

[Zenit93]

That’s a ridiculous amount of school debt. I hate to say it, but you didn’t think this through. 600k for 60k a year a terrible investment. I’d suggest investing into real estate to pay this off through time. Save up, and buy two rentals that cash flow $400 a month to keep up with the payments, and then refi in about 5 years to pay off the remainder. That loan pay off and appreciation should cover it. You can qualify with a co-signer considering your DTI. You might want to even consider getting an FHA loan and buying your own property first. You can’t chapter 7 this debt. You’re stuck with it. You need to make better financial decisions in the future. Whatever you do, pay yourself first. Feed your investments before you feed others. Otherwise, you’ll just end up a slave to debt participating in the rat race just to get by. These debtors can wait until you take care of yourself. Allow others to pay off your debt. In other words, make investments and allow the market to pay it off. Don’t allow yourself to work for the debtor. That’s a path to financial ruin.

[Fireguy17]

If you can pay more than the minimum due.
Pay off the lowest amount and once that loan is paid off continue to pay that amount of the principal of one of the other loans.
You will get them all paid up.

[Anonymous]

This would be very smart of you to start teaching for high school students because they will forgive your student loan debt after being an educator for a few years. I know one teacher who had $200k in debt and they forgave a big amount. I forgot how much but still.

[Opinion Owner]

Look into ways on how to apply for loan forgiveness

[HighValue]

When I looked into that for the state of California, they only forgive up to $12,000, and that is if they teach in a title IX school for enough years.

[HighValue]

Sorry, but I don't know how to help with that much debt vs that amount of income.
Many degrees programs end up with the student in an amount of debt that makes the degree not worth it until after 10 to 15 years of working, and with multiple degrees and loans, I don't know how you can fix that.
You also can't declare bankruptcy against student loan debt.
Schools often lie and claim to have connections for high paying jobs just to get more students. Do you have anything in writing from your school stating that they have job placement programs with a specified amount of pay when you finished those degrees?