Loan repayment advice for $100k+ student loans

[Brolic]

ll be 26 next month and I have 105k in student loans.


I just graduated from grad school. I start working in 2 weeks and I'll be making 73,000 a year. I'm also going try to get a part time/weekend job doing home health to make an extra 10-15k, but it's not guaranteed.

My bills will be less than a $1000 a month because I'm still living with my parents.

I'm hoping to make at least $90,000 a year in 2-3 years.

Is anyone here in a similar situation? What are you doing?
Should I pay 10k a year? 10% of my salary? 500 a month? or do an extended payment plan?

 

[JT-Money]

Are the interest rates fixed on these loans?

 

[Tom Foolery]

I would suggest you aim to pay off 40-50% in 2 years. If you start off aggressive, it will allow you to relax a bit after 4 years..

 

[NZA]

take advantage of living with parents and pay that debt as aggressively as possible.

 

[princeofhaiti]

use that money ur saving on rent by putting 800-1k every month, the sooner the better so interest doesn't accumulate and you can attack the principal

 

[Brolic]

Are the interest rates fixed on these loans?

Yea, and the loan groups range from 3% to 6.6%.

 

[Tom Foolery]

To add, I'm not big on part-time work. I'd rather get the rest.

But if you do want to do it, I'd recommend getting paid cash as it won't push you income up for taxes.

 

[Brolic]

To add, I'm not big on part-time work. I'd rather get the rest.

But if you do want to do it, I'd recommend getting paid cash as it won't push you income up for taxes.

It's a legit company. They'd only do checks or direct deposit

 

[ThaBronxBully]

I’m Assuming It’s A Bunch Of Loans Adding Up To That?

I’d Do The Dave Ramsey Thing Where You Throw The Biggest Amount At The Smallest Loan And Get It Out Your Face

Let’s Say You Have 6 Loans And You’re Willing To Pay 1K A Month Toward Them

Pay The Minimum On The Others (Lets Say It’s $40) And Throw The Rest ($800) At The Little One Till It’s Done

Then Attack The Next Smallest One With A $840 Payment Till Its Done, Then The Next Smallest One With A $880 Payment, When They’re All Knocked Out And You’re Left W The Biggest One You’ll Be Making $1000 Payments On It

I Don’t Know Your Exact Numbers On Everything But Just A Suggestion

 

[Brolic]

I’m Assuming It’s A Bunch Of Loans Adding Up To That?

I’d Do The Dave Ramsey Thing Where You Throw The Biggest Amount At The Smallest Loan And Get It Out Your Face

Let’s Say You Have 6 Loans And You’re Willing To Pay 1K A Month Toward Them

Pay The Minimum On The Others (Lets Say It’s $40) And Throw The Rest ($800) At The Little One Till It’s Done

Then Attack The Next Smallest One With A $840 Payment Till Its Done, Then The Next Smallest One With A $880 Payment, When They’re All Knocked Out And You’re Left W The Biggest One You’ll Be Making $1000 Payments On It

I Don’t Know Your Exact Numbers On Everything But Just A Suggestion

Yea, I have 10 groups of student loans that range from 2,400 to 33,000.

That's a good idea. I think I'm gonna do the graduated payment plan with the an initial payment of $657, and pay at least an extra $400 a month to get he smaller loans out the way.
My total amount paid will be $147,062 at year 10.

 

[ThaBronxBully]

Yea, I have 10 groups of student loans that range from 2,400 to 33,000.

That's a good idea. I think I'm gonna do the graduated payment plan with the an initial payment of $657, and pay at least an extra $400 a month to get he smaller loans out the way.
My total amount paid will be $147,062 at year 10.

You’ll Eventually Make More So You’ll Beef Up Your Monthly Payment, If You Get A Tax Refund Throw That At It Too Every Year, Get That shyt Out Your Life

 

[King_Sage]

Yea, I have 10 groups of student loans that range from 2,400 to 33,000.

That's a good idea. I think I'm gonna do the graduated payment plan with the an initial payment of $657, and pay at least an extra $400 a month to get he smaller loans out the way.
My total amount paid will be $147,062 at year 10.

if you do the minimum payments on term, be committed to not letting the loans mature.

if you pay off 25k a year, you'll be in good shape when you're 30..

stay away from expensive fancy cars for now..

matter of fact pretend and base your living budget on 50k. throw the rest at debt and you'll be wealthy by 40-45 by investing correctly after paying of debt

 

[Sugarbush]

1) Like what other ppl have said if you’re staying at home pay off your loans aggressively

2) If you do pay the bare minimum make sure you save enough more to pay the tax bomb at the end of your loan agreement (20-25 years)

3) Public Service Loan Forgiveness, if it’s available in your field

 

[Dr. Fauci]

Stay strong, be disciplined, and realize that this isn't great right now but ull be in a great position down the road if u can be disciplined now and suck it up

 

[MoneyTron]

Good advice in here. Obviously the smartest place to be on this board.