`

A career-jump is unwise until your student loans are paid down a bit. Stick with the same industry for your full-time job, but if you have to move in with relatives etc. and cut your expenses to the bone to do it, well then, just DO IT. I would also recommend getting some counseling; the tone of your posts and your situation make me believe that you’re depressed and in a state of “learned helplessness” due to health issues, too-big debt load, outrageous work schedule, dissatisfaction with your employment, low pay, etc. Your problems go deeper than just large student loans. A good counselor can coach you into making appropriate and healthy changes so that you can learn to enjoy the life you’ve got. Best wishes!

I have a couple tips I’d like to pass along, that may not help your financial situation, but will give you some more breathing room.

1. Commute. With a salary like yours, I’m guessing you take the train to work. And being in biotech, I’m guessing NJ? There has to be someone offering a room closer to work. Check listings and put up notices in the local town. Even moving to a smaller place will help being frugal, it makes you decide much more carefully about what clothes/ toys/ furniture to keep (and sell the rest on ebay!) and will help you inherently manage future purchases better.

A side effect of a shorter commute is much more time, even 1/2 hour a day makes a HUGE difference. Getting home and having an extra half hour completely changes bad after-work habits, as it did mine.

2. 55 hr workweek. Getting fired is a lot harder than many think. If you start working 40hr workweeks, what are they going to do to you? Start getting to work and leaving at the times you signed on for. If you like to 55hr workweek, do a little math and demand at least a 25% raise from your boss if he demands that time. What’s he going to do—fire you for refusing to work the extra time? I highly doubt the company lawyers would even float that idea.

I have a masters that cost me nearly 75K, and if it weren’t for my husband, I would not be able to make the payments, so I certainly feel for you, Annie. (Being a musician is not the most financially lucrative profession.)I looked into different repayment options before I got married and I would agree that the ICR plan for loan repayment might be a really good option, although my husband makes too much money for us to take advantage of it.

Good luck!

I have about 80k in student loan debt and I don’t make a ton in my field (though fortunately I love it), so I can understand your situation. One thing I would highly suggest is to contact the lender for your private student loans and see if you can add a cosigner. I just did this and it brought the interest rate down from 14.75% to 8.75%, which also brought down the monthly payments. If you can get your parents or another friend or reletive with excellent credit to cosign for you, it could make a huge difference in your situation.

It’s been a while since the last post here, so I’d love to hear any updates. How’s the job hunt going? Do you feel better about your situation? I hope that things are looking up. :)

Also, I highly suggest you get a second job for as long as you can tolerate it just to feel like you are getting some “traction” with the debts. I know this will suck, but it’s worth having the financial stress out of your life. Start a house cleaning business on weekends or figure out what other valuable services you have to sell hourly (computer consulting, childcare, etc). Or, get an evening job like working at UPS (pays well) or delivering pizza (good tips).

And you are right…do not run back to school and get more debt unless you know exactly why you are doing it!

I say this because I agree with Don, not that it was a bad investment because you do not like your current. Rather, it appears from your note that you somehow failed to learn basic grammar. If you have “just gotten out of college” maybe you need to return and take a refresher course.

I am a pharmacy tech, nationally certified as most employers require. Feel free to email me if you have any questions about the work, etc.

And if you’re enrolled in another program at least half time, can’t you defer your existing payments? I am not sure whether this applies to certificate programs, but that might be an option.

Rutgers, too, if you’re in NJ. Maybe go work as an administrator for a while until you get all your thoughts together, then transfer to another department.

I’m in a similar position – at a job I can’t stand and killing my soul/creativity. But like erock said – don’t leave until you’ve found something else. As long as your job is paying you SOMETHING, it’s better than being at home looking for a job. don’t leave unless you have something already lined up. my coworker who i confided in at work said the same thing, be patient and keep looking. at least you’re in the biotech field. i’m a liberal arts grad.

I live on the low 30s in SF with roommates in a not so great apartment but I’m used to it. consolidate loans at a lower rate and try shifting some into the 0% APR cards also. hit up events with free food that’ll save you some money from buying food or eating out cheap. i’ve stumbled on events just randomly or on craigslist that were pretty substantial. some people i talked to starting out making the low 30s ate pasta every day for a year until they made more money …

These are not a hand-out, but a hand-up, and even a few dollars saved this way is a few more towards living and breathing better.

Also, the social service office will have other contacts for places to get possible help with rent, food pantries, and places to get help with budgeting and clothes.

Another option is to get a second job where they deal with food. Restaurants and grocery stores are good, and you should be able to find food. I got thru college making pizzas and doing deli. I at least had a chance at the mistakes.

A couple people mentioned working at a university. Although the pay will probably be lower than in industry, there are other advantages: making connections with top-notch investigators who “know people” and can help you take the next step, taking classes on the cheap (which will allow you to explore other areas) — a class at the Harvard Extension School costs $40 for an employee, many are taught by regular Harvard faculty, and some of the programs/degrees are completely online (and they have a Master of Liberal Arts in Biotechnology, if you change your mind). If you are not in a postdoc position, the hours in academia are generally (in my experience) reasonable, and I find it really nice to work with people whose primary concern is helping others (I work at a cancer center) rather than the bottom line.

I have info on NJ (I don’t know what part of the the Northeast you are in…I know that NY is also in desperate for teachers.

First fact. NJ will give you their right AND left arms for you to teach. NO you dont’ have to have had education classes to start teaching. In NJ there is a program called “alternate or provisional route”. It is a little expensive.. You must pay for your own fingerprinting, background check and testing as well as the application fee (for the certification) itself.

There is a content area test which you may want to do a little review for and perhaps read a book on teaching science if that is what is covered in the test.

Here is the website for information on the test and requirements for getting your certificate of elgibility.

http://www.state.nj.us/education/educators/license/provprogram.htm

http://www.state.nj.us/education/educators/license/1112.htm

Starting salary for provisional teachers were in the low 40′s in Newark, NJ as of a few years ago.

Be forewarned there will be a few classes to TAKE during the year as well.

Some of your student loans can be forgiven if you qualify:

http://www.studentaid.ed.gov/PORTALSWebApp/students/english/teachercancel.jsp?tab=repaying

Also something to look at is that HUD has a special “good neighbor” program for teachers, etc which gives you a 50% discount on a HUD home if you live there for three years….

http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

So after five years, you could have some of your loans forgiven, a higher salary, a permanent teaching license, and a house with a BIG chunk of equity. You have to love the idea of teaching and be willing to put in some time and money in the first year, but it might work out very nicely. (Ask me in a year after I work this program myself, if it is as good as it seems… ;) )

If you have more questions, I give Trent permission to give you my email address…

Sharon

No need to be without pay and benefits during the job search, just stay on until you’ve found an alternative.

I left the field after a few years for various reasons, but a soul-crushing job paying in the low 40s is better than a soul-crushing job in the low 30s. Also if you have weekends free, try picking up a second job at Borders. The pay isn’t great but they are very good about working around your schedule and giving you fixed hours (e.g. the same shift on the same day each week) so you can plan ahead. Even one shift a week would give you some cash to start an emergency fund.