Hello everyone, just stumbled into this site at work today and read a few posts and this place seems like a great resource thus far. I thought it might be a good release for me to describe my situation so here goes.
I've 'embraced' the reality of my financial situation. I say this because after graduation approx. 1.5 years ago, I was still left with the denial that can develop while your still attending school. The debt load #'s just seemed to massive to even ponder during school, at least for me. I knew the day was coming, when everyone wanted their money back...I just wasn't going to think about it, why not just enjoy the ride until I get there right? Following my 6 month interest free grace period was up, the letters came in, I wasn't even willing to look at the numbers on the pages. Any sort of 'official' looking mail that came to my residence sparked a twinge of anxiety in me(sometimes a mild one sometimes not). Eventually I decided to take it all in and add up the actual debt in full. Just to eat the reality. I have this debt, and somehow I would like erase it from my life as soon as possible. I knew interest relief existed, and being that I had no job yet I knew I'd be eligible. Applying was real pain for me as I had loans before and after the 'changes' that happened around 2000. So I've got loans to pay back from Royal Bank, Canada Loans as well as BC loans. So it's up to me to make sure I fax these groups all of my documents every 4 months or so and also in some cases make sure they comminucate my financial status to one another(ie I can fax a letter from BC Loans to Royal Bank OR wait ONE MONTH for them to mail it, I'll do it myself thanks). About a year ago I got a job which initially paid me about 900-1000 a month working part-time and up to now I've gradually pulled in more hours which at absolute best rake in about 2k a month...but around 1400 is more typical. All together, the payments I am asked to make on my debtload is around 600 a month. I could try to lower these payments but it would just mean paying it off for another decade or two which I am truly unintersted in. I've been doing the interest relief thing for this entire stretch since the full payments would pretty much leave me malnourished. I work for the City of Vancouver and internal job postings do arise, even a few which call for a Communications degree. I've applied for one but since my senoirity level is very low, I will not likely make the short list for around 5 years. The thing is, when I look at these jobs I would most likely have to hold out for here, the pay is only about 25-30% more than what I make now. To me that amount is not enough to permit to lead a healthy life while paying off this debt. It is truly difficult to raise 'real money' in Vancouver unless you decide to break the law. I do not want to break the laws because I don't want any more trouble for myself. I honestly want to get down to business and kill off my debt, but doing it over 10-20 years does not seem reasonable to me. For a while my plan was this: keep applying for interest relief, get the extended relief, then when that ran out, I'd apply for the debt reduction. Beyond that, I wasn't really sure, I tried to be optimistic and feel that a better job would come through for me and I could deal with the rest on my own.
My new plan is to work overseas, I have friends overseas making very reasonable amounts of money, enough to pay off the kind of debt I have in 2-3 years. Perhaps I'm being overly optimistic, but I've heard my friends tell me how much they're making and it seems like the best option for me. I hate my student loan debt with a passion. I hate talking with the people handling my loans on the phone with a passion.
I want this debt out of my life so I can get on with my life. For now, I want nothing more than to be at zero again money wise. I am actually quite good at managing my money and I have aquired almost no debt since graduating. Put me at zero and I'll work out the rest :)
I am willing to work like a maniac to pay off this burden in full as fast as possible. In Canada, I have found no realistic opportunity to do this, so off I go. I will try to post again in the future and update my example. I wish the best to all good natured people swamped in debt of all sorts. If anyone wishes to share stories or advice my email address is kslice@hotmail.com
PS - sorry if my example was a bit of a disorganized ramble, I'm at work and hopped up on espresso shots.