Hello, I’m a young engineer that moved to a new state away from all my family and friends straight out of college for work. I make okay money but the cost of living here is so high that rent and other bills are 3/4 of my monthly income and student loans take the rest of that money. I owe around $75k and have already got the monthly payments down to $520 (half of what they started as), but I’ve already gone through all the savings I had from paying for the first few months of payments. With the cost of living and the student loans every month I have no money left to put into savings in case any emergencies come up and have already started accruing credit card debt that is getting more and more difficult to pay off.
I’ve looked into getting a second job, but with the travelling and uncompensated overtime I have to do for my current job, I don’t think it would be very feasible. I can’t ask for a raise as my company has a history of getting disgruntled by its young employees asking for a raise. One employee received a raise and then was fired the same week and another was told they would receive a raise, but never did. At this point I’m out of options and so I’ve come here to ask for help. I don’t want to defer payments as that would just increase the amount I will have to pay later and the loan is already on a payment plan for 25 years of monthly payments.
I have goals for my engineering career, but those include taking an exam that costs $400 and the expenses of study materials as well as the 4 years of experience I’ll need. I’m worried that these financial struggles will cause me to have to put off advancing my career as well.
In a few months I will have to buy a car since the one I am currently burrowing will be needed by the owner again and having some savings built up for a down payment would be amazing, but that might not be possible I know.
I hate to ask for help, but I’m trying it as a last resort. I appreciate any and all help and hope I can pay it forward once I am out of this rough patch.
Paypal: paypal.me/eldemart
Again, thank you so much!