So Many Choices!

So! Now that we’ve gotten past the introduction and you understand where I am with my student debt, let’s talk about options.

“At the end of it all you really only have two choices. Pay it back or don’t.”

There are hundreds of options to choose from when deciding what to do about your student debt and not one is particularly right for everyone. Sometimes having so many choices can be overwhelming though, so I’m going to try to keep things organized and help you not stress about your debt.

Let’s start by going down a short list and breaking it down from there:

  • Option 1: Don’t pay back
  • Option 2: Pay it back

Ok! see? simple. At the end of it all you really only have two choices.

Pay it back or don’t.

Let’s explore that first option a little more and in this next blog we’ll discuss Paying it back:

Don’t Pay your student debt back, now what?

  • Option 1.1: Have your student loans forgiven
  • Option 1.2: Move to another Country
  • Option 1.3: Get them paid off by someone else


Diving a bit more into detail about these, let’s start with the first one:

  • How can you have your student loans forgiven? Well, there’s a couple of good options here, you can base your student loans on an income driven plan and with a lower salary you could end up not paying for them at all, having them dismissed after 30 years (25 in some cases).
  • You could also work for a State or Federal Government Agency, public service, or non-profit organization. Federal student loans will be forgiven after 10 years (120 payments) while continually employed by that or any other agency under those categories. With a lower income that state, public service, and non-profit jobs typically pay anyways, a student loan payback plan based off income would be very low.
  • If working for the government isn’t your cup of tea, you could always become a teacher in a low income area. Typically you can get a little over $5,000 of student loans forgiven if you remain a teacher for 5 consecutive years.
  • Still not up your alley? What about the military? It’s pretty straight forward with them, the higher the rank the more student loan forgiveness you receive.

Moving on and moving out of the country!

“How can I just up and leave the country and not get in trouble for not paying my student debt?”

Okay, I admit this seems a bit extreme and if you have parent plus loans I don’t recommend it simply because you would essentially be hurting your parents. Now that we’ve gotten that out of the way you’re probably wondering, “How can I just up and leave the country and not get in trouble for not paying my student debt?”. Well simply put, it would hurt you financially, but there are plenty of stories of recent graduates up and moving to another country, not worrying about what’s happening to their credit and living a happy, healthy life. Their credit is tanked, but with a good job you can survive without credit and who needs a car in Europe?

None of these sound like great options? I’ve got one more for you and it’s short and sweet: Work for someone that will pay off your student debts or move to a state that will. There are plenty of companies out there that will help pay off your student debt. There are also a handful of states (with certain requirements) that will also help pay off your debt.

Checkout our next blog where we’ll talk about paying them back. Nobody likes it, but given the alternative sometimes it’s the better choice.


~Indebted Dwight

Thank you all for reading, subscribing, and sharing! Let us know what your thoughts are in the comments below. What course of action would you take?