How can I lower my debt to income ratio on an 80,000 loan with almost 7% interest? I have a ten year repayment plan but with inflation/cost of living so high I can't afford to keep paying almost 1k per month. Also looking for budgeting tips

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I paid off $297K of student loans last year. We are now debt-free. We lived below our means. Although our couch/sofa was falling apart, we fortified it and used it for 20+ years. We drove our cars for 12-15 yrs or until they fell apart. No buying clothes full price, only on sale. We cooked our food instead of dining out. We skipped vacation for 3 yrs (easy to do during the pandemic). I followed Dave Ramsey's Baby Steps. [Not to boast but after I became debt-free, I was able to save enough money to buy a 2-yr old USED M-B SUV in cash.] If you don't make enough, find a side gig to increase your income. YOU CAN DO THIS!

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Why not switch ur payment plan? Lower ur monthly payments… when youre more stable you can always make larger payments…

helpful

For budgeting, chances are you're living above your means and you don't know it. Or you could at least be living below them. First step is to start tracking your purchases and see where your money is going.

7% interest? Can you refinance at least part of it?

I believe you can do an income based repayment plan. You can ask for a longer payment plan and after 10 years the balance is forgiven. You need to visit your loan servicing website. They have many payment plans.

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