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2/25 Thread (General):
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Is it possible for you to refinance for a lower rate? (Yes, I also feel trapped)
I voted for Bernie both times in part because of his debt write off plan. Biden is committed to a measly $10K write off, but Warren and Shumer are pressuring him very hard to write off $50K. I suspect that at a minimum congress will adjust the interest rates down substantially at some-point in next 4 years, as well. And it’s very likely we will get debt forgiveness before you fully pay them off. For all these reasons I decided to keep mine federal. And if you get laid off in the next recession you can defer payments (unlike with private loans). I’m doing IBR, but if you are in big law that probably won’t give you any reprieve.
As for weddings, a pandemic is a perfect time to get married. You are forced to keep the wedding very small. It’s romantic. As for saving for a house, a house is tangible investment that appreciates pretty well in value(has low interest for mortgages) and you live inside of it. I put that as a higher priority than student loans.
I'll be paying on these loans for 15-20 years with an income based repayment program. As a fellow first gen atty, I'm really taking it one year at a time. Hope that you find your passion while being able to live along the way.
I’m in the same boat. Now I just pay whatever I’m supposed to under IBR and focus on the rest of my life. House, marriage, kids etc. If I pay it off under IBR then that’s great. If not, it gets written off eventually. There’s a good chance Warren a s Schumer will convince Biden to cancel $50k. That would be a whole different conversation. If that happens then I’ll double down and lay it off sooner. If congress slashes my interest rate that will also change my strategy. Biden’s measly $10k haircut won’t change my strategy at all.
I am 3 years out as well. I have approximately 145K left and make 2K monthly payments. I just refinanced and got my interest to around 3%. I do feel trapped, especially with Covid and the lack of jobs out there. During these times need the security so I can make loan and rent payments.
Thank you! I will definitely check those out. With rates that low, it’s worth considering the options.
I’m in the same boat. My wife and I are saving for a home and we both thought to ourselves for a brief moment while looking at our nest egg “what if we just paid off my 6-figures of law school debt?” It’s a sad reality but we think to ourselves that eventually we will be able to pay off my loans if we can save like we have been doing and have a house too.
It’s tough, for sure. I think you have the right mindset, though. Keep on trucking as you have been and I’m sure you will have your home and your loans paid off, someday! I hope you’re able to get your home soon.
I mean, yes. It sucks to have the debt weighing you down. But you might consider whether there are other factors regarding your happiness that you do have control over. For example, maybe the exact job you’re in isn’t a good fit, but that doesn’t mean there’s nothing else out there that would allow you to pay down your loans and be less miserable. I routinely look at job boards and other postings to see what’s out there—it can be liberating to know there are jobs that could work, even if I’m not actively looking to make a change.
Yup. A daily struggle.
Honestly, you knew what you were getting into when you signed up for law school. I’m 8 years removed and still paying on it. It’s not going anywhere. You just got to suck it up.
I’m 9 years out. (I agree with your reply to trial atty.) I am also a first generation attorney (first to graduate undergrad, as well). I graduated during the last recession. Having been through TWO recessions since law school, I definitely don’t suggest privatization of your loans. You never know when the next recession will hit and you’ll be the one laid off. Legal market was absolutely horrible when I graduated. I chose to do IBR because I wanted to buy a house, get married, and have kids. (That’s why IBR exists. So you are able to live a semi normal life.) Definitely keep paying as much as you can now but having the flexibility of fed loans if something bad happens or if you want to buy a house etc is a big benefit. As for your job satisfaction, keep looking elsewhere. I’ve had some very wonderful jobs and I love being an attorney. It’s my passion and I don’t regret going to law school (and the debt it entails ) for a minute. I only regret being born poor. ❤️
Yes. I am trying to find in house but also aware the likely pay cut would result in taking longer to pay off my loans. ($100k left after 9.5 years of paying, about half done). I did IBR for a few years but my big loans were just growing. I only refinanced my law school loans because my interest was insane and left my low interest undergrad loans and paid them off. Some refi companies will also allow you to defer some payments if you lose your job.