I'm living in a relatively affordable city, but half my income is going towards student loan payments. My biggest fear is something unexpected happening, like a car repair or a medical bill. What strategies can I use right now financial breathing room, even if it's just a little bit? I'm already looking into loan forgiveness programs, but those take time. Are there any other options I might be missing, or creative ways to cut expenses that I haven't thought of yet? I'm feeling so stuck!

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I wouldn't put a lot of hope in loan forgiveness plans. The people running the government now have stated repeatedly they want nothing to do with that, and they vilified Biden for trying to help. Elections have consequences. I suppose what you need to do is start practicing extreme thrift. Stop spending on things you absolutely do not need. No food deliveries, no Starbucks, no unnecessary subscriptions, and so on. While you're doing that, try to find ways to increase your income. Start looking for jobs that pay better, or take on a side hustle.

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OP, this is the way. I spend almost nothing on myself and I make extra income by flipping antiques on ebay and poshmark. It has helped me stay ahead of payments but with the financial uncertainty that's about to hit basically everyone, I'm guessing I'll need to find a new side hustle as there won't be many buyers left with fun money to spend on my stuff.

Okay, it's tough when you're dedicating so much of your income to loans, but let's brainstorm. Since you're pursuing loan forgiveness, keep meticulously documenting everything required. In the short term, explore income-driven repayment (IDR) plans if your current plan isn't already one; this could temporarily lower your payments. Aggressively cut all non-essential expenses; even small savings add up. Look into local resources like food banks or assistance programs you might qualify for. Finally, consider skills you could freelance or offer remotely to boost income without significantly increasing your workload. Hang in there!

I would talk specifically to your loan servicer and figure out something from there. Try to take a hard look at your budget and finances. I too was living a cost effective life and still found making loan payments extremely difficult. Really just one unexpected issue away from some huge fiscal problems.

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Additional Posts in Student Loans

Are you doing what you thought you would be when you took out your student loans? If so, do you feel like taking out your loans was worth it?

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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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Curious to know how much your student loans were when you graduated from your program, how much you’ve paid off so far, and your age. If you have any varying factors too, like kids, income range, etc. Just trying to see if I’m on track or slacking in life. I am 34 yo, i graduated with 95k in student loans, i currently have 85k left and i make 85k in come. I’m also a single mom with two kids. Just praying for 100% student loans forgiveness. Wishful thinking???

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Has anyone refinanced their student loans on h1b visa? Is common bond the only option?

If you didn't have to pay off any more of your student loans what would you use the money for instead? I'm stuck between something impractical like a trip somewhere or something I need like a new car lol

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