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$1130/month, I totally feel you PWC. 😑 I try to keep focusing on the fact that the balance is only getting smaller and I'm never going to need to take out more loans for school, and that helps (sometimes).
How in the world is your Payment so high for an in state school? What was your annual tuition and what is your total loan balance?
We all could have done two years at community college and then went to less expensive institutions. We chose to have a college experience that was meaningful to us. Now we are just paying for that meaningful experience.
Seriously. That's nothing. I have a balance of $311,000 for law school and LLM. I'm on the 20 year income based repayment plan. At least in 15 more years I will have basically only paid principal and not the outrageous interest rates the federal government charges for graduate loans.
I remember that hopeless feeling all to well. You will pay them off eventually. Making that last payment is such a huge relief and celebration!! You will also feel like you got a huge pay raise once you free up that cash!
OMG OP!!!
Paying 1.1K a month too 😔
Lol... $311k for law school? Was your diploma made of gold?
How much schooling is that? That's more than double what three years of law school left my friend.
Refi a longer payment term to free up enough to put a little away. The slightly higher interest is well worth the compounded interest you will get in a 401k. Not investing early enough is one of the main downfalls in retirement planning.
I'm in the same boat you can do it . Eventually we will actually have disposable income. In a few yeas!!
Either that or they went to a private school that was in-state or possibly didn't work through college so they have tuition and living expenses both on the loan, which could make it much larger.
I hear you! I'm 5 years out of school and that's where my minimums started. Every little bit you can, throw at highest interest rate to chip them away. My minimums are down to $600 but I still pay around $1,200 a month. Hang in there!
I'm doing 1800 a month towards my student loan. My min payment is 500 a month. If I do 1800 a month for 6 years ill finally be free. Have faith, but seriously I wish I didn't take on so many student loans hahahah
4.5 years undergrad at an in state school 😑
I think he's trying to pay it down faster. I'm doing the same.
Unfortunately my parents aren't super financially savy and neither am I. Used loans for rent and tuition and only worked during summers and during my last 2 semesters. Total cost was about 23k/year. Total balance right now is about 83k
WTF go on an income-based plan
PwC1 law school and LLM plus compounded interest while getting my LLM. $250k principal for both degrees. My current balance is $311k because of compounded interest. Graduate loans SUCK! By the end of 20 years I will have paid roughly $183k and the "forgiveness" will be counted as income the last year so it will come close to just paying principal and no interest - you're just strapped with the payment forever.
Wow and I thought i had it bad at around 100k of debt (80k student loans 20k of car/credit card). Paying about $700 a month right now for the student loan and $2,200 for rent. Sf Bay Area is though. On a 65k salary I get about $3,500 in take home pay. Weak sauce.