I'm a freshman who took out 60k in private loans and 6k in federal. I'm constantly nervous about whether or not I'll be able to pay it off, and I don't want it to affect my studies. What can I do to prepare for paying it all down quickly after graduating?

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Can you transfer to a cheaper school? What profession are you going into? Are you working while in school or living with your parents?

After school, live with your parents and put every penny of your salary into paying those off.

I only had $40k total federal loans and I’m 42 and still have $30k of debt despite never defaulting. It’s a beast and a burden. Life is really expensive.

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It's great that you're thinking ahead! Just make sure to build yourself a budget, explore a side income, and familiarise yourself with the loan terms. Apart from these things, stay focussed after you graduate. It's easy to lose the vigour and focus to pay things off when you have other things on your plate.

It is good to think ahead! Something I didn’t do at all and really regretted it. One of the best things I think you can do is make sure you are budgeting in that student loan payment, can be easier and harder at certain points of life. Try to pay down as much as you can, but now the minimum is also fine too when you need that.

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Additional Posts in Student Loans

In a perfect world how much would you want to make a year to both pay off your loans and live a good life? I think I'd need to make upwards of $200k to pay off my loans, take care of my family and live a fulfilling life.

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SOFI or who else?

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If you could go back in time what would you tell yourself before taking out student loans?

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Does having student loans impact your ability to get a mortgage?

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I have a 25K loan from my MBA. I paid off 100k whole, after graduation. 3 years ago, I moved my loan from federal to private ( SOFI) account. I recently lost my job. I have applied for unemployment, as the severance that I received will only cover for 2 months. Together my husband and I used to make less than 250k after tax. Now, with a loss of pay , we are going to make less. Do you think I will be eligible for Loan forgiveness?

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