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I have more loans than I’ll ever be able to pay, so honestly just planning on making minimum payments until my 20 years is up 🤷🏻♀️
Edited to add: Even with the high balance, I had no issue securing a home loan, keeping a good credit score, etc.
Lol not in big law and don’t make anywhere near $200k. You do need to be on IDR to get forgiveness. Payments are around $500 a month.
On my IDR plan my monthly payment for one of my two services is only like $475 per month (it’ll probably go up after the payment freeze ends, given my salary increase unfortunately). My other provider is like $196 per month. I overpay a lot particularly on the $475 provider (interest rates are absurd), but it’s nice to have the option to pay less if I want to. Also I have significant student loan debt: liberal arts undergrad, law school, and business school. So I was shocked my monthly payments are as low as they are.
What’s your income? I’m trying to gauge how much my payment is going to be. Very nervous 😬
There’s a calculator on the Fedloan website that can estimate what your cost per month will be based on your salary. Just need to start the enrollment process for IDR plan.
It was a different time, but I paid off my loans before shopping for a house. I didn’t know the area, so it gave me time to learn about where I wanted to lives long term before committing to a house purchase. And my student loan rate was pretty high.
I believe since fed loans are paused you can apply for and be placed on income based now, that way you can get an idea of how much they will be. I bought a house during Covid (low rate interest but higher selling prices) and although I’m saddled with undergrad and law school debt it wasn’t an issue, just depends on overall creditworthiness (income, credit score, etc.) it will also likely be based on last tax year for the payment plan which helped mine be lower since I had graduated 2021.