How to handle $73k in student and credit card debt at 21
Carrying a massive student loan and consumer debt burden while completely self-supporting at age 21 creates overwhelming anxiety and constant worry about money. Furthermore, unpaid balances can lead to withheld transcripts needed for further education, trapping people who are trying to advance their careers.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
- 1living in a shared apartment renting a room as cheaply as possibleDid this help you?
- 2making a strict budget of incomings and outgoings and reducing expensesDid this help you?
- 3tackling the highest interest debt (credit cards) firstDid this help you?
- 4utilizing income-based repayment options for student loansDid this help you?
- 5Calling the university's bursar's office to see if payment can be made directly to themDid this help you?
- 6Requesting debt validation from the collection agency before payingDid this help you?
- 7Negotiating a lower settlement amount with the collection agencyDid this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“i’m 21 years old, and for some context, i completely support myself financially and don’t have any financial help from my parent.”source ↗
“so that’s about $73k total debt at 21.”source ↗
“i’m scared that i’m going to spend my entire life worrying about money. i already have to support myself, and the thought of starting my post-grad life with $73k of debt honestly makes me really sad.”source ↗
“right now, my biggest source of anxiety is the debt.”source ↗
“Now I need my transcript to send to another school since I’m going back for another degree and can’t get my transcript because of the unpaid balance?”source ↗
“I’m extremely frustrated because I wasn’t even contacted by the agency nor have I received any letters.”source ↗
Where this came up
People with this problem also raised
- 2How to handle massive debt while still in school
- 10Should I use my savings to pay off student loans?
- 6Should I use my savings to pay off my partner's student loans?
- 3How to handle sudden unexpected debt and a drained emergency fund
- 5Should I sell my rental property to pay off debt?
- 2How to pay down student loans on a low income