{ "media_type": "text", "post_content": "Any fish have advice on paying student loans? I have a LOT to pay off and am doing so as aggressively as possible, but was discouraged when I learned how much I paid in interest vs prin. last year 😭", "post_id": "5cd078dd497365001beafe62", "reply_count": 9, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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Any fish have advice on paying student loans? I have a LOT to pay off and am doing so as aggressively as possible, but was discouraged when I learned how much I paid in interest vs prin. last year 😭

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Make your monthly payment larger than the minimum, and then save up to pay off the largest interest bearing loan (it may not be your largest dollar loan, but a smaller dollar amount with a higher interest payment) first. Once you have that down, apply those payments towards the next.. so on and so forth. It will help tamper down the amount you pay in interest vs principle

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Yes first thing you should be looking at is refinancing.

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Sounds like you are doing your best. Paying off a loan is discouraging at the start but over time you will pay off more principle. Also your income should grow and you might be able to make principle only payments and drop your balance. Slow and steady

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I have 70k in student loans and it sucks! Best of luck. Pay as much as you can every month and stick with it

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Don’t be discouraged. Interest is paid on the principle remaining. The interest you pay will start going down after a while

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Ugh It really sucks but it sounds like you’re doing well. I would only say to not take on more debt (credit cards, car payment unless you need it and can pay cash) and just keep plugging away at it. Refinancing it as others have said is a possibility too.

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SoFI is another good refinancing option. Also, depending on income, the interest on student loans can be deductible, so it’s not always the smartest move to accelerate payoff at the cost of investments.

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