I have $265,000 in mostly private student loans out of undergrad. What are my options for survival?

Isn't that disgusting that you got greedy and willingly sought 2-3 educations that you couldn't afford? How is that different than accruing debt for a house that you cannot afford, than saying something to the affect of "isn't it disgusting that the average Joe wanting a house prevents me from having a family?" You got greedy, and didn't plan for what was going to happen after school. You didn't plan for a job with an income that was within reason for the education you decided to purchase. You didn't think about how to pay back the loans you agreed to willingly.

People buying education(s) they cant afford is the problem, artificially inflating the demand, resulting in the increase in cost. You let colleges do this when you buy an education that you cannot afford. There are companies out there that will pay for some, most, or all of your education beyond a bachelors. I know someone who got their MBA and Doctorate paid for from their company.

Now for what you can do. First stop blaming others / the system / the man for your stupidity. I would look at being a teacher or public service employee to works towards loan forgiveness. I would look at other professions that pay better, using the advanced education. At this point where you made decision to spend a significant portion of your life as a student, and it's time to grow up. You might not be able to keep on the same path of being a scientist that may be "your dream job".

Also, stop going to the pawn shop / check cashing places. You need to start thinking long term. If you cant afford to have the things you are pawning, sell them and get more money for them instead of paying rent for your possessions. Look at making frugal meals. Find out what you can cut out of your expenses (swap fancy iPhone or whatever with data plan for a flip phone, cancel the cable / sat TV (get Netflix and a cheap laptop), do not eat out.

I would pick 2-4 of the loans out of the 10, and stop paying on those, instead of defaulting on 10. You will get some more cash flow, and you will still have some loans in good standing. You will need some good standing marks on your credit in the future.

Move to a city where you have a better chance at a job with higher income. (suggested below).

JM

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