Longshadow Loc: Audubon, PA, United States

Drop medical insurance??? CAT scans, among other things, are expensive.

Canisdirus

If the person accumulated all of that student debt to get a job for 26k...should have gone to trade school instead.

In fact at this point...26k job...go back to a trade school... you'll pay everything off much faster.

That being said...my financial advice is...don't work for a paycheck. It will change your life...for the worse.
Don't buy a house for yourself...it isn't an asset...it's a debit...it's an asset for the bank...not you.

If you go down the same old groove...you will meet the needle.

It's all about cash flow...that's the goal. All other forms of revenue...is rigged against you...on multiple levels.

I'd charge him for this info too...one more valuable lesson for him.

yssirk123 Loc: New Jersey

Work multiple jobs and cut expenses to the bone - no magic wand here. I feel bad for kids today.

HOHIMER

He is young....he'll live thru it. I did not have or require medical insurance until I was about 30.

BebuLamar

The guy shouldn't get any forgiveness but rather have to pay back every penny. He borrowed the money and invested poorly he should be punished for that.

rlv567 Loc: Baguio City, Philippines

Or possibly "Underwater Basket Weaving". A favorite with the athletes.

Loren - in Beautiful Baguio City

Longshadow Loc: Audubon, PA, United States

Jim Fitzroy

I'm im Massachusetts where the minimum wage is $14.25.....That is what i based my comment on.

HOHIMER

He was only a ‘half baked’ kid when he took out these student loans.
His parents and the collage and banking counselors/advisers share some of the blame, along with the government, that made it too easy to get these loans without consideration for the ROI.

Bridges Loc: Memphis, Charleston SC, now Nazareth PA

First: Is 26,000 net or gross? Since he appears to be living at a deficit level, he should only have the minimum taxes taken out of his pay. He could eliminate a lot of the items like cable TV and do away with a car payment. There is no indication of how he makes 26,000. If he is in sales or any position where he must drive he could lease his auto and claim the lease payment and fuel as a business expense. If he works from home, he can claim a portion of his dwelling, utilities, and phone/cable as expenses. As a financial advisor, I would recommend he take every advantage of tax opportunities. If necessary, I would also recommend he take a second job and put every dime of that income toward paying off anything that carries a high-interest rate. The student loan is the least of his worries as they can be paid off over a long period of time and the interest rate is usually very low. He can tackle that more aggressively as his income increases (which it surely should if he has such an expensive education). There are many other avenues he could pursue such as taking on a roommate, moving back home for a short period of time until he finds a higher-paying job, etc.

JimBart Loc: Western Michigan

Back to the basics as in cash basis. Don’t buy it until cash in the pocket.
What’s the degree in and where does he live and work.
Too many unknowns in this scenario to give firm financial advice

jerryc41 Loc: Catskill Mts of NY

All that matters is the monthly situation. If he's bringing home $1,500 a month, he has to add up his monthly bills and see what he can eliminate.

However, if he graduated from college, why is he making less than $15/hour? $15 x 40 = $600/week. $600 x 52 = $31,200.

sippyjug104 Loc: Missouri

I have three possibilities to end his financial woes:

1. If he went to Law School he can litigate Camp Lejeune victims and become a billionaire.
2. Accept the offer from the Nigerian Prince (like I did) and become a multi-millionaire.
3. Become a well-kept plaything for a Sugar Mama who will pay off all his debt.

jeep_daddy Loc: Prescott AZ

You beat me to it. I was going to say the same thing. LOL

cbabcock

If only he made a huge income his taxes would be zero.