Feeling defeated. 240k student loan, 165k salary, 29y who never lived alone and still can’t — when can I start living life? Does everyone just keep making sacrifices, changing priorities? Contd

likefunny
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Yes, everyone makes priorities and makes some sacrifices. You can still “live life” while being responsible. I mean you make $165k, 10k take home.

Do you cook or do takeout every night? Do you get drinks every weekend?

Realistically you can get away with $100 in groceries breakfast lunch and dinner a week. Plus another $100 in takeout and drinks. Round up and include some new clothes, transportation expenses, cell phone, etc you’ve got maybe max $1500 a month. +$5k student loan payment. Meaning you’ve got $4.5k a month to work with for savings and rent.

Doesn’t sound like you should be struggling too much. Everyone makes trade offs and prioritizes, if you want to live alone do it, just make the trade offs in other areas of your life eg cook more, go out less, etc. If you’re not willing to do that then I don’t really feel bad for you.

Btw ageeed with the comments about living outside of NYC, honestly you can find some really nice luxury buildings with studios easily for cheaper outside of NY.

likesmartfunny

Lol meal prep! And portioning.

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My husband who had federal student loans with 6.8% interest rate from med school refinanced to a much lower interest rate.You should look into refinancing and then send in extra payments on top of the minimum payments (from bonus?) but you have to put in writing that it must be applied to the principal other wise they will apply it to interest and screw you. We use bonus checks to hit his principal. He was a victim of the Navient and Nelnet scamming of pushing him to go to forbearance which made the balance balloon instead of income based repayment. There are state lawsuits pending as we speak. Refinancing is the way to go!

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Able to consolidate all my 7-8 loans from variable rates to 1 loan reducing my IR exposure from a cap of 8% to a 3.25%.

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Hang in there! Focus on debt repayment before upgrading to a nicer place.

uplifting

Be grateful you have good parents that are letting you stay at their house. Some people are in the same shoes, and still have to pay for a roof over their head.

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Is it a joke? LOLOL

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I make 94k with 100k in student loan and still live by myself in a nice apartment in DC.

uplifting

Can’t move for a couple years to a cheaper place?

You and your SO are considering marriage and you want to go live on your own to fulfill some fantasy? Probably aren’t ready for marriage.

likehelpful

Yowza! $240k of student loan debt - did you go to college in the Swiss Alps?

Exactly. American education is the most expensive

Text the details of your student loans pmt for help
How many loans? Or Consolidated ?
Interest rate?
Term ?
Provider?

What’s the rate on the loan? It might not be so bad if it’s a low rate - just chip away at it

If you share more we can help more?

Just chiming in to say you’re not alone. My husband has a little more than you do and we’re combined income of about 250k. We still struggle with a kid and some days it feels like this debt will never lift. But we just keep pounding away at it.

Honestly id hang in there and live frugally for a while.. i did a bit of job hopping and made a $50k jump in a year by doing so.. in consulting just say your contract ended and ur resume wont be questioned

Where’s the 240 student loan? Mba?

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