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Anyone in Austin tomorrow for USGP?
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I still have $50k or so. I definitely understand the regret, but I stopped feeling guilty about where I'm at in life when I did the math and realized how much of every payment was going to interest vs. principal. It genuinely reframes the whole thing from "I'm such a failure and so bad with money" to "this is working exactly as intended for the lender."
Pro
Glad I’m not the only one. It seems no matter how hard I try they have barely gone down. Not sure if you have federal loans but I would go over your payment history with a fine toothed comb because I ended up finding major mistakes and now I’m three complaints in with the department of education and it’s being investigated.
No student loans left, but I had to live at home with my parents for 8 years in order to pay them off and save up for a down payment on a house.
Around 30k left, slowly but surely paying it down. I paid off the highest-interest loans and then consolidated the rest. Not the best option for everyone, but know you do have some choices if you are struggling to pay.
I completely understand and feel the same way. My loans were in furlough for a short period when I was between jobs. Later, when I went back to pursue my master’s degree, I placed them into furlough again so I could reduce expenses and pay as much of the tuition out of pocket as possible. That approach definitely helped, but as a homeowner with regular bills, it can still feel like the light at the end of the tunnel is pretty far away.
It does get better over time, but I’ve found that you really have to pay more than the minimum they request; otherwise, you can end up paying on the loans for a very long time. Each year during tax season, I also apply my tax refund toward the balance. Typically, I set aside about $500 in savings and put the remainder directly toward the loans to help bring the balance down faster.