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personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 0482eb1127224190b238bcb090aa78ef | 1,493,598,627 | 1,493,644,888 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 46,261 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 982470b76f5a4494822700ef53eda875 | 1,493,598,627 | 1,493,645,577 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 46,950 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 691ef514108440578f882cbecc6d3d12 | 1,493,598,627 | 1,493,646,772 | 6 | 11 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.032609 | 48,145 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 8427e36a20ba49da9f7124cf768ee483 | 1,493,598,627 | 1,493,648,485 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 49,858 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | a072f16c622c43dab5ee1f743539fa83 | 1,493,598,627 | 1,493,651,628 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 53,001 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,598,627 | 1,493,653,839 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 55,212 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 6353e7b4467040bda457987a9f2c2708 | 1,493,598,627 | 1,493,655,165 | 6 | 7 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.034091 | 56,538 | 1.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | 698336b7f47042eab48bff90f5119a88 | 1,493,598,627 | 1,493,655,375 | 6 | 17 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.035294 | 56,748 | 2.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,598,627 | 1,493,657,171 | 6 | 34 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.121495 | 58,544 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4410f7b9a5c443509e8881d5a7bc743e | a11469e5291847f793b7efa41f1e9875 | 1,493,598,627 | 1,493,679,478 | 6 | 187 | Yes, it is realistically possible. But it is going to take a bunch of hard work.
Many people just make the minimum payments and accept that they will be in debt forever. By doing IBR or some of the other payback plans, the debt never really goes down. This will affect your credit score, the amount of money you can get for a mortgage, your ability to pay for healthcare, having a kid or childcare, or vacations or any of the normal milestones that happen in a person's life. Having this much debt reduces your financial flexibility and it sucks.
I would recommend reading Mr. Money Mustache or No More Harvard Debt or r/financialindependence, or r/frugal or any of those types of financial blogs and message boards to get inspiration to buckle down and pay this off before you get old and don't have options.
Because ultimately you have two options, either reduce your expenses (geez, a gym membership and you have $120k of hair on fire debt!) or increase your income. Both are completely realistic, but you have to choose the approach that's best for you.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.124138 | 80,851 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 69b67a7f3557455ea050d3d4c1bac1fe | 1,493,599,172 | 1,493,600,676 | 6 | 11 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.033333 | 1,504 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 0cce499300004bf0915ab17c3c5724d3 | 1,493,599,172 | 1,493,604,982 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 5,810 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,599,172 | 1,493,621,504 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 22,332 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 45dd4809e6b844a38471f07d7da62315 | 1,493,599,172 | 1,493,629,603 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 30,431 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,599,172 | 1,493,629,913 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 30,741 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,599,172 | 1,493,632,506 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 33,334 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | ffac893d387d4a29beb41934d321fd42 | 1,493,599,172 | 1,493,636,053 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 36,881 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 0482eb1127224190b238bcb090aa78ef | 1,493,599,172 | 1,493,644,888 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 45,716 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 982470b76f5a4494822700ef53eda875 | 1,493,599,172 | 1,493,645,577 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 46,405 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 691ef514108440578f882cbecc6d3d12 | 1,493,599,172 | 1,493,646,772 | 6 | 11 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.033333 | 47,600 | 1.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 8427e36a20ba49da9f7124cf768ee483 | 1,493,599,172 | 1,493,648,485 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 49,313 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | a072f16c622c43dab5ee1f743539fa83 | 1,493,599,172 | 1,493,651,628 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 52,456 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,599,172 | 1,493,653,839 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 54,667 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 6353e7b4467040bda457987a9f2c2708 | 1,493,599,172 | 1,493,655,165 | 6 | 7 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.08 | 55,993 | 1.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | 698336b7f47042eab48bff90f5119a88 | 1,493,599,172 | 1,493,655,375 | 6 | 17 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.090909 | 56,203 | 2.833333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,599,172 | 1,493,657,171 | 6 | 34 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.142857 | 57,999 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | e2463fa789a84185ac3b4feb14e9e6f5 | a11469e5291847f793b7efa41f1e9875 | 1,493,599,172 | 1,493,679,478 | 6 | 187 | Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.076087 | 80,306 | 31.166667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 0cce499300004bf0915ab17c3c5724d3 | 1,493,600,676 | 1,493,604,982 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 4,306 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,600,676 | 1,493,621,504 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 20,828 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 45dd4809e6b844a38471f07d7da62315 | 1,493,600,676 | 1,493,629,603 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 28,927 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,600,676 | 1,493,629,913 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 29,237 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,600,676 | 1,493,632,506 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 31,830 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | ffac893d387d4a29beb41934d321fd42 | 1,493,600,676 | 1,493,636,053 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 35,377 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 0482eb1127224190b238bcb090aa78ef | 1,493,600,676 | 1,493,644,888 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 44,212 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 982470b76f5a4494822700ef53eda875 | 1,493,600,676 | 1,493,645,577 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 44,901 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | a072f16c622c43dab5ee1f743539fa83 | 1,493,600,676 | 1,493,651,628 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 50,952 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,600,676 | 1,493,653,839 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 53,163 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | 698336b7f47042eab48bff90f5119a88 | 1,493,600,676 | 1,493,655,375 | 11 | 17 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.035714 | 54,699 | 1.545455 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,600,676 | 1,493,657,171 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 56,495 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 69b67a7f3557455ea050d3d4c1bac1fe | a11469e5291847f793b7efa41f1e9875 | 1,493,600,676 | 1,493,679,478 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 78,802 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,601,426 | 1,493,621,504 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 20,078 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 45dd4809e6b844a38471f07d7da62315 | 1,493,601,426 | 1,493,629,603 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 28,177 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,601,426 | 1,493,629,913 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 28,487 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,601,426 | 1,493,632,506 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 31,080 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | ffac893d387d4a29beb41934d321fd42 | 1,493,601,426 | 1,493,636,053 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 34,627 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 0482eb1127224190b238bcb090aa78ef | 1,493,601,426 | 1,493,644,888 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 43,462 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 982470b76f5a4494822700ef53eda875 | 1,493,601,426 | 1,493,645,577 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 44,151 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | a072f16c622c43dab5ee1f743539fa83 | 1,493,601,426 | 1,493,651,628 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 50,202 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,601,426 | 1,493,653,839 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 52,413 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | 698336b7f47042eab48bff90f5119a88 | 1,493,601,426 | 1,493,655,375 | 11 | 17 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.035714 | 53,949 | 1.545455 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,601,426 | 1,493,657,171 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 55,745 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 027765d2f7664bb19b0e63f935175e83 | a11469e5291847f793b7efa41f1e9875 | 1,493,601,426 | 1,493,679,478 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 78,052 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 10e523d77d904e75a0c3521193d7d012 | 1,493,603,110 | 1,493,604,795 | 2 | 11 | Kind of interested in the school and major that lead you here.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.090909 | 1,685 | 5.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 0cce499300004bf0915ab17c3c5724d3 | 1,493,603,110 | 1,493,604,982 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 1,872 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | d77c36db538c4b4892e8efd0819dea83 | 1,493,603,110 | 1,493,605,550 | 2 | 3 | Kind of interested in the school and major that lead you here.
| This was not well thought out.
| 0 | 0.142857 | 2,440 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | c0763c1f25044e7fbc7317adbc082667 | 1,493,603,110 | 1,493,613,286 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 10,176 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 45dd4809e6b844a38471f07d7da62315 | 1,493,603,110 | 1,493,629,603 | 2 | 34 | Kind of interested in the school and major that lead you here.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 26,493 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,603,110 | 1,493,629,913 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 26,803 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 16004194ee314a2f8eb83c7c744473cf | 1,493,603,110 | 1,493,630,277 | 2 | 6 | Kind of interested in the school and major that lead you here.
| Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| 0 | 0.055556 | 27,167 | 3 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 112ffc60262947348d2a846059721c8d | 1,493,603,110 | 1,493,630,423 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 27,313 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | d76c588b1e2a47d3baddc8014552999a | 1,493,603,110 | 1,493,630,710 | 2 | 3 | Kind of interested in the school and major that lead you here.
| In addition to some of these great suggestions, is it possible to move back in with your parents? Realistically you should have done that while you were going to school as dorm fees are stupidly high, but we're beyond that now, so...
| 0 | 0.05 | 27,600 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,603,110 | 1,493,632,506 | 2 | 34 | Kind of interested in the school and major that lead you here.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 29,396 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 0d2c83dc07bf41f38421a64ece8f670c | 1,493,603,110 | 1,493,634,633 | 2 | 3 | Kind of interested in the school and major that lead you here.
| This was not well thought out.
| 0 | 0.142857 | 31,523 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | ffac893d387d4a29beb41934d321fd42 | 1,493,603,110 | 1,493,636,053 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 32,943 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 5e6c95dc2a26490db47350f25defa01d | 1,493,603,110 | 1,493,641,393 | 2 | 6 | Kind of interested in the school and major that lead you here.
| Two things:
1. Parent PLUS loans are not your loans, they are your Parent's.
2. You should look to get onto Income Based Repayment for your loans.
| 0 | 0.055556 | 38,283 | 3 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 0739e5fc0e444297b8895e5c4a816829 | 1,493,603,110 | 1,493,643,793 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 40,683 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 0482eb1127224190b238bcb090aa78ef | 1,493,603,110 | 1,493,644,888 | 2 | 34 | Kind of interested in the school and major that lead you here.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 41,778 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 982470b76f5a4494822700ef53eda875 | 1,493,603,110 | 1,493,645,577 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 42,467 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 691ef514108440578f882cbecc6d3d12 | 1,493,603,110 | 1,493,646,772 | 2 | 11 | Kind of interested in the school and major that lead you here.
| Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| 0 | 0.090909 | 43,662 | 5.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 4438f3e30522455d9c131d6931585a51 | 1,493,603,110 | 1,493,647,594 | 2 | 3 | Kind of interested in the school and major that lead you here.
| This was not well thought out.
| 0 | 0.142857 | 44,484 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 8427e36a20ba49da9f7124cf768ee483 | 1,493,603,110 | 1,493,648,485 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 45,375 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | a072f16c622c43dab5ee1f743539fa83 | 1,493,603,110 | 1,493,651,628 | 2 | 34 | Kind of interested in the school and major that lead you here.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 48,518 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 15871f9810344e5a81747b55b46ef596 | 1,493,603,110 | 1,493,652,412 | 2 | 3 | Kind of interested in the school and major that lead you here.
| I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| 0 | 0.020408 | 49,302 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,603,110 | 1,493,653,839 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 50,729 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 6353e7b4467040bda457987a9f2c2708 | 1,493,603,110 | 1,493,655,165 | 2 | 7 | Kind of interested in the school and major that lead you here.
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.052632 | 52,055 | 3.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 698336b7f47042eab48bff90f5119a88 | 1,493,603,110 | 1,493,655,375 | 2 | 17 | Kind of interested in the school and major that lead you here.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.0625 | 52,265 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 2e8fb5d877c442f28fe1b095ab89c02a | 1,493,603,110 | 1,493,655,471 | 2 | 5 | Kind of interested in the school and major that lead you here.
| I know all of the details surrounding ATC. I appreciate it though!
| 0 | 0.083333 | 52,361 | 2.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | ee49f2a7c6744924a0969173524b3764 | 1,493,603,110 | 1,493,655,508 | 2 | 17 | Kind of interested in the school and major that lead you here.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.0625 | 52,398 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 7791a80cd4784fa5abbc18a4c6dcb90c | 1,493,603,110 | 1,493,656,039 | 2 | 4 | Kind of interested in the school and major that lead you here.
| Maybe try the airforce or something then? It could help you build real world experience for what you want.
| 0 | 0.0625 | 52,929 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 65f9030559ee4123bb4488f97d5198a2 | 1,493,603,110 | 1,493,656,370 | 2 | 5 | Kind of interested in the school and major that lead you here.
| It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| 0 | 0.071429 | 53,260 | 2.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 8e786000a7e241ea8858584f043e85bb | 1,493,603,110 | 1,493,657,158 | 2 | 3 | Kind of interested in the school and major that lead you here.
| What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| 0 | 0.0625 | 54,048 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,603,110 | 1,493,657,171 | 2 | 34 | Kind of interested in the school and major that lead you here.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 54,061 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 27d904d94d6e4b68a0477b79d4298925 | 1,493,603,110 | 1,493,661,534 | 2 | 3 | Kind of interested in the school and major that lead you here.
| What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| 0 | 0.0625 | 58,424 | 1.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 5e95ac5724454a29baecb43a58f5c38d | 1,493,603,110 | 1,493,662,420 | 2 | 5 | Kind of interested in the school and major that lead you here.
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.016949 | 59,310 | 2.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,603,110 | 1,493,663,080 | 2 | 34 | Kind of interested in the school and major that lead you here.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 59,970 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 5a4b25831afb481e80150aa90f190439 | 1,493,603,110 | 1,493,665,274 | 2 | 4 | Kind of interested in the school and major that lead you here.
| Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| 0 | 0.037736 | 62,164 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | 51bc8624553248d6a9f8502895bd8689 | 1,493,603,110 | 1,493,665,348 | 2 | 4 | Kind of interested in the school and major that lead you here.
| Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| 0 | 0.022222 | 62,238 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 060ed2aa72284d0bb9247fc6e88b5fbe | a11469e5291847f793b7efa41f1e9875 | 1,493,603,110 | 1,493,679,478 | 2 | 187 | Kind of interested in the school and major that lead you here.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 76,368 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 0cce499300004bf0915ab17c3c5724d3 | 1,493,604,795 | 1,493,604,982 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 187 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 8b851f8bd42f427185a70365cd08bbd3 | 1,493,604,795 | 1,493,621,504 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 16,709 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 45dd4809e6b844a38471f07d7da62315 | 1,493,604,795 | 1,493,629,603 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 24,808 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 152c49d3bf8c43c9bd1ebbbf9cc14a07 | 1,493,604,795 | 1,493,629,913 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 25,118 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | a1f1235425bd4608a9b4cdf33a900c2d | 1,493,604,795 | 1,493,632,506 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 27,711 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | ffac893d387d4a29beb41934d321fd42 | 1,493,604,795 | 1,493,636,053 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 31,258 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 0482eb1127224190b238bcb090aa78ef | 1,493,604,795 | 1,493,644,888 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 40,093 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 982470b76f5a4494822700ef53eda875 | 1,493,604,795 | 1,493,645,577 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 40,782 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | a072f16c622c43dab5ee1f743539fa83 | 1,493,604,795 | 1,493,651,628 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 46,833 | 3.090909 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,604,795 | 1,493,653,839 | 11 | 187 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.029703 | 49,044 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | 698336b7f47042eab48bff90f5119a88 | 1,493,604,795 | 1,493,655,375 | 11 | 17 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.035714 | 50,580 | 1.545455 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 10e523d77d904e75a0c3521193d7d012 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,604,795 | 1,493,657,171 | 11 | 34 | Is the 120k debt just from undergrad? You mentioned the field you are in has about a 50k salary cap so I would assume it was just for an undergrad degree. Not trying to be critical but can you explain how you went 120k in debt from an undergrad degree? Did you go out of state for school?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.051724 | 52,376 | 3.090909 | 1 |