Raina’s $167k debt

I’m completely stuck in fear and anger.

I graduated from ACTCM, the American College of Traditional Chinese Medicine with a Master’s of Science Degree in 2009. I then had to pass the Acupuncture State Board exam and am now a licensed acupuncturist working in Marin County, California.

My total student loan debt upon graduation was $160,000 which is a number so enormous it makes my head swim. Now, five years later my debt is $167,000 and growing, thanks to the outrageous student loan interest rates. My loans are not consolidated because my rates range from 8.5% (ridiculous) to 2.4%. When I tried to consolidate my 2 and 4% loans went up to 6.5% which shocked me. How is that helpful?

At this time I pay $200 a month which is actually more than I can afford but the thought of not even trying to pay the interest on some of the loans keeps me up at night. This whole financial mess keeps me up at night.

I could go on and on for hours about how unjust this is… how we all just want to go to college, get a degree and get out into the work force but we can’t. Instead we go to college, get a degree and become slaves to this country. In other countries education is free.

I’m angry because I went to school to get a degree to help other people. I opened a low cost community acupuncture clinic where I treat people for $20 each yet I have monstrous student loans that at this rate will not be paid off before I die — no joke. I am providing a community service, I am helping people, I am contributing to society. I have chosen an altruistic profession yet I can’t afford to even support myself let alone pay a debt that’s completely out of control. Advice is welcome…

Your school and your degree: ACTCM (American College of Traditional Chinese Medicine), Masters of Science Degree (acupuncturist) Graduated in 2009

Your total debt and the amount you have left: My total debt WAS $160,000 but since I could not afford to make payments for several years my debt is now $167,000

Your monthly payment: Since I have the Income Based Repayment plan I “owe” nothing a month but right now I’m paying $200 which is more than I can actually afford (as my current salary is zero and I’m living off credit cards) but I’m so terrified about racking up more and more and more….

What advice you’d give others—or what advice you desperately need?

I need help, real help here! I don’t earn enough. I own my own business. My overhead is $8,000 to $10,000 per month and I barely make that. Everything I make goes back into my business which is keeping me from 1. surviving 2. paying back my student loans.

At this point I’m completely stuck in fear and anger.

My student loan interest rate is ridiculous. Two of my loans are 8.5% interest! What is wrong with this country? In other countries education is free. I am providing a community service, I am helping people, I am contributing to society. I have chosen an altruistic profession yet I can’t afford to even support myself let alone pay a debt that’s completely out of control.