{ "media_type": "text", "post_content": "Advice for student loans? I now have more than I started. Picked up side gigs and cut back spending. I feel like I'll be paying it back my entire life. it makes me sick thinking of what I owe. ", "post_id": "5a28c88838038c0018e82c46", "reply_count": 19, "vote_count": 5, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising" }

Advice for student loans? I now have more than I started. Picked up side gigs and cut back spending. I feel like I'll be paying it back my entire life. it makes me sick thinking of what I owe.

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Assuming you're relatively new to the working world, so you're not rolling in cash. Couple of things to consider: It's a marathon, not a sprint - play the long game. Entry level salaries suck. Your salary will likely double (if not more) over the next 5-7 years, which makes paying that loan easier. Taking a shit job will likely set back your long-term salary growth, which manifests itself in your 40's thru 60's. You took on the debt for what I'm assuming was a good education, which will pay huge dividends for you personally down the road. There were more cost effective options available, this was the one you chose. That's your debt, not the rest of ours. Paying off debt in your early working years sucks. I did it. So have/are many others. I busted ass at side gigs, ate a lot of cheap food and lived with a roommate in a shitty neighborhood for 5 years to get out from under. And it sucked. But it was a choice that I made to go to college when my parents couldn't pay for it. And it was the right one. Focus your energy on doing well at your job, growing your earnings and paying that shit off. It'll be gone before you know it.

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Tax returns - put 100% toward your loan on one payment so it all goes to princple aftee your min pays interest Get an app like Qapital that rounds up your purchases. You can also set up rules like take 1% of any deposit, save $1 with any purchase at target starbucks etc....should end up with 200-300 every 3 months and put that on top of your payment. Look into something like SoFi or lending club to see if you can get a personal loan for less than your loan interest to pay off a big chunk. Changing you spending is hard, but if you go on just a 3-6 month grind every now and then, cutting all spending you can - eat at home, dont go out etc. - youll do quite nice. Operate in 100% cash during this time with weekly budgets, you run out of cash you dont spend any more. A good motivator for me was to find out based on interest rate how much interest you avoid with every extra $100 toward principle every month. That will be a substantial amount. Grind, focus, prioritize.

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Dude me too - I hVe like 100k and my minimum per month is 1500.

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Income driven plans don't help you, you'll be paying interest for years. When I first graduated college my minimum was 300, I immediately increased it to 500 on a 29k salary. Make other lifestyle choices, I lived with roommates, had a long commute. Look at your eating/drinking out, make a budget. There is money to be saved you have to find it. Picking up side gigs is very smart, you're already on your way. Don't think about the lump sum all at once, as long as you are paying down principle you are fine.

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This makes me so really sad for you all I saw this mess coming when my kid was applying to college and strongly pushed her towards a state school and to be an RA to get room and board paid for I know that’s too late for you all. But maybe you can encourage others to take a less expensive path Sorry

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I started with 130k and I now have 140k I did an income driven plan, but Im still struggling. HELP ME IM POOR

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Low interest Federal loans? If so, I'd say pay the minimum every month and look into loan forgiveness programs.

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Ok one more comment... I felt compelled to write that long ass post because you are also a fellow UXer and I want to give you hope that your sacrifices will pay off and make you stronger. I also want to weigh in on your situation with some advice for UX. Make sure that you are getting a market salary. If you are not, you need to agency hop to get that number up. Don't go into public service because pumpkin fuhrer is trying to cut off student loan forgiveness. Just follow the salary and focus on your career and side gigs at all costs.

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I am mid-level and my salary is 98. I talked to my financial advisor today and it made me feel better because I am going to at least be building credit, and come out the other side with a great credit score. So I decided I am going to look at it from that perspective.

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Wow Sofi I could get my interest down to 4% and my monthly payment barely went up thank you @TBWA1!!!!

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I have the minimum interest, and don't qualify for forgiveness unfortunately. Im considering taking a hiatus from agency world and working somewhere that I can qualify. But at the same time, I don't want to make career decisions off of student loan debt... Looking for alternatives this is last resort.

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Yeah same private school loans facked me over

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As soon as you can afford to, pay more than the minimum. As much as possible.

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I took a hardship post overseas where they paid my accommodation and I saved most of my income. It was hell for a few years but set me up for life

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Same situation here....I’d do many things to be rid of my student loan debt. Are indecent proposals still a thing?

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Make a budget. Get that Elizabeth Warren book from the library - a great way to start to figure out your budget. Live like a spartan and make it a game. That is what I did- always being cheap, cooking my own meals, wasting as little as possible. I did sad things, like live in an apartment infested with centipedes (my room mates and I didn't know at the time I signed the cheap lease), wear secondhand or discounted clothes, never buy coffee. I had jealousy for friends that went on vacations or had fancy apartments downtown. I barely went on any dates because I was so plain jane. When I met my future husband at the bar, I had no makeup and hideous clothes but I had the confidence to talk to him because I figured there was no way he'd be interested in someone like me when there were so many other beautful women around with nicer clothes. Being frugal or poor changes you in good and bad ways so prepare for the long haul. I remember needing medical care and being so poor that I qualified for a free vaccination in a clinic that helps low income people. I was embaressed about my situation and had suffered a bunch of other indignities before going to the clinic.The staff and other patients were so kind to me-especially a woman who didnt even speak english. I will never forget that grateful feeling for the rest of my life. Especially now, I have money and have paid my debt. I recognise that I came from a privileged backround and still had stuff that changed my situation and it couldve been worse. But it gave me empathy and now I have GRIT. You can do it OP, but prepare to sacrifice and change. And when you do have money, donate to low income charities, because you will have had a taste for how hard it can be.

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I recently refinanced my loans with Sofi. V low rates. My monthly payment went up but I’ll have them paid off in 4 more years. Worth looking into refinancing if you have good credit and steady job record

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Yes . But depends on the party politics of the proposer

So what’s a mid level UX salary (nyc)

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