I am 21 and recently graduated from university with a Bachelor's degree in both economics and international studies, but my father had died shortly before I finished school. He had wanted to help me handle my student loan debts for my undergraduate education, but with his death that is obviously no longer going to happen.
After I graduated, I looked at the total debts that had been taken out and found that I am now responsible for over $125,000 in student loans. My minimum payments for my loans add up to almost $14,000 a year, and I will be in the grace period until January. Additionally, after a very painful set of circumstances and legal realizations, my step-mother (my real mother died a few years ago) was able to take all of my father's life insurance payouts and is refusing to lend any help.
Right now I have a fully paid off car, $24,000 in an Ally Bank savings account, $1,300 in a checking account, and am currently living in a spare bedroom with my extended family. I have applied for multiple jobs, but I have yet to receive any callbacks (it is still early). I am frightened by how I am going to cover such large debts that I had never anticipated having so early in my life. This is all in addition to mourning my fathers death.
I am planning to join the military and have applied to the Naval Officer Candidacy School. I am currently waiting on an acceptance or rejection notice, but I am unsure if that path would be right for me given my substantial student loans. No naval officer jobs that I am eligible for offer the roughly $65,000 debt forgiveness incentive and so even if I do get accepted, I'm not sure if it is the correct decision.
I still want to join the military so I have been thinking of contacting enlisted army/navy recruiters for information on the situations where they do offer loan forgiveness. Basically, it comes down to a question of would the better pay and benefits of becoming a commissioned officer (assuming I am accepted and make it) be better than going the enlisted route that gives the loan forgiveness.
There, of course, could be a situation where there is no way of getting the loan forgiveness at all, but I am trying to stay somewhat positive.
If I could get some advice on my situation, I would really appreciate some other perspectives. Any sort of advice or suggestions would be very welcome.
Submitted July 17, 2017 at 06:32AM by rockyritzy http://ift.tt/2uuyHEN
