College debt has ruined my life, and I'm mad at myself for leting it happen.?

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    Anonymous

    I am beginning to regret going to college, it seems the only thing I have attained from it, is debt. When I went to school I was allured to the dream of being an airline pilot. I finally got my pilot’s license, but it got to expensive, so I switched to Aviation Management. I am so depressed and mad at myself for letting this happen, and it seems like there is no way out. A few times I forgot to fill out the FAFSA so I had to take out loans to cover the expenses, or I was late getting it in and got no money.

    Here’s where I am at:
    1 Loan for $ 50,000 (Monthly Payments of 476/mo); 1 Loan for $ 21620 (Monthly Payments of 128); 1 Loan for $ 7800 (Monthly Payments of 50), and Credit Card Debt of about $ 3000. So I have loans totaling $ 79420.

    I also have a car payment, cell phone, however I pay no rent, but my grandparents will soon be asking for that.

    I just got a new job that pays me $ 35000 per year. So if I don’t put anything into savings I can pay off my loans in about 4 years, however when you begin to figure in my other expenses it’s more like 7 years.

    Consolidation is not really an option, because the $ 50000 is an “Education Alternative Loan”, it’s not a federal loan. The $ 7800 loan is a no interest loan. And the $ 21620 is a direct federal loan.

    -My dilemma is that, I have a girlfriend that I want to begin a life with. I wish to get an apartment with her maybe in the next year or so. And I want to marry her.

    Situation 1- Do I put no money into savings and just tackle the loans head on? I will have no money for retirement or a down payment on a house.

    Situation 2- I put some money aside into savings, and it will take longer to pay off?

    Situation 3- Declare bankruptcy if I can?

    I apologize for this taking so long, but I don’t know what to do. Thank you for your help.

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