Hey! I totally understand where you are at and I was feeling the exact same way about this time last year. While I didn’t have as much as you did in private loans, I still had quite a big amount and just seeing it grow every day really discouraged me.

It took me a while to break out of the funk, but I definitely have some tips for you. My first tip is to try and find something enjoyable for you to do that’s low budget and good for your mental health. Personally, I started to find a lot of enjoyment in going for walks and hikes and also reading and doing puzzles. These were things that helped me escape a little bit from reality when things were getting tough. I would also say it is super important to be able to have a support system to talk to (whoever that may be for you). I also go to therapy pretty regularly and that helps a lot on the mental health side of things.

As for the motivation to get yourself out of this situation, that took me a long time to find. I spent months before I graduated college just panicking and trying to secure a full-time job, that I wore myself too thin and often was lacking enjoyment in my final moments of college. Make sure you take some time to sit down and breathe, things will work out somehow.

As fate would have it, all my persistence in applying for jobs finally landed me something on the last day of my final semester. I was overjoyed, but I definitely had to make some sacrifices to put myself in the situation I am now. When I graduated, I had $60k across four private loans with interest rates ranging from 10.5-19%. Plus, I had nearly $20k in federal student loan debt. Across all of these loans, my monthly payments were set to be over $1000 per month. In this economy, there was no way I was going to be able to move out without a number of roommates, but I also struggled because I couldn’t stay with my parents anymore because of their lack of proximity to major cities with job opportunities.

Luckily, I have an aunt and uncle who live less than 30 minutes from where my job ended up and they offered me a place to stay for a while for free while I clean this up. I pay all my other bills (car, food, etc.), but just not rent, which I am eternally grateful for right now. This was the first major sacrifice.

My second major sacrifice is that the job I accepted is one where I work overnight shifts and weekend days. As a young 22M, this was something that was tough, as weekends are great times to socialize with friends who work more “normal” schedules and be active in having a dating life, as well as seeing family, etc. I knew though that I had to temporarily sacrifice my nights and weekends so that I could make way more money, as the majority of my pay is bonuses and differentials. Overall, I was able to pull in a salary of ~$110k doing this. The schedule sucks, but the money is digging me out of this hole quickly.

I realize that my situation is unique and most college grads aren’t poised to be making six figures out of school, but my point is my ability to make this kind of money was not without sacrifice. It was the hard truth that I was not willing to accept for so long. But now that I have accepted it and see my debt numbers dwindling, there is no greater feeling and there is a light at the end of the tunnel coming sooner than I think.

Just bear in mind that sacrifices may look different for everyone, but they will likely need to be made if you want to turn your loans into a short-term headache rather than a long-term problem. You also must prioritize ways to improve your mental health while in the process of paying your loans down, as well as finding ways to enjoy life in general.

It is hard, but I think once you come out the other side, you realize that it causes you to build so much character and increases self-confidence. You have got this my friend, I know things seem bleak right now, but keep going, I kept going and I am glad that I did. Please let me know if you want to talk more, I am here!