I am single, in my late 20s, and I have about $65,000 in private loans and $255,000 in federal loans. I was a minor when taking out the majority of those loans over 10 years ago, and basically at the behest of my parents, who said they needed the money for living expenses. I am no longer on speaking terms with them. I have consulted with a lawyer since, who was sympathetic but advised that legal costs and the drawn-out nature of the legal system would mean that I could end up with even more debt and it could easily take 8+ years to reach a resolution. I have decided against a lawsuit, especially since I have recently heard that my parents are in poor health (one has a terminal diagnosis).
I am a relatively new grad RN. The average starting salary here is about $58-60,000. I am completing an NP certification (paying out-of-pocket) and expect to complete it in 2 years, which will boost my earning potential. However, even if I live as a pauper, I will spend at least 10 years paying off the loans.
I have spoken to several advisors and PSLF is an option if I continue working for a nonprofit hospital or other organization for 10 years, which is still a long time, but at least it frees up some money for retirement/investment/etc. If PSLF fails, I can use that money towards paying off the loans. It's obviously a risk. Does anyone have any other ideas on what I could do? I've looked into the NHSC repayment option but I'm not sure it would help much, since most of my loans are not from nursing school.
I'm having a hard time dealing with the reality of this burden. I want to do normal things like save for retirement, maybe get married, buy a small house. It feels like I'll be losing 10 years of my life to loans that my parents used. It really sucks.
