Loan repayment advice for $100k+ student loans

[ultraflexed]

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

This is the best advice if possible to do

 

[Renkz]

Question is most of the loan from your undergrad or occupational therapy school?

 

[Skooby]

Any chance your employer pays some of it off?

 

[BigMoneyGrip]

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


I just graduated from occupational therapy 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?

Hold that L

 

[Brolic]

Any chance your employer pays some of it off?

Mine doesn’t.

Question is most of the loan from your undergrad or occupational therapy school?

78k is from grad school.

 

[dterpsss]

I had 40K in loans, I put every other paycheck on it and was done quick, just commit to paying off

 

[Brolic]

Senate Minority Leader Charles E. Schumer (D-N.Y.), along with Sens. Patty Murray (D-Wash.), Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio) have submitted a plan to bailout student loan borrowers who are struggling with job loss, reduced income, and long-term uncertainty. The bill proposes the following:

• $10,000 in immediate, tax-free student loan cancellation.
• For student loan borrowers in good standing, the U.S. Department of Education would assume borrowers’ monthly payments. In other words, payments would not be suspended — rather, the government would make the payments on borrowers’ behalf, so borrowers don’t have to.
• Since payments would still be made, borrowers on track for Public Service Loan Forgiveness or 20-year or 25-year income-driven repayment plan forgiveness would continue to make progress. Government-made payments would count. And for borrowers not in those programs, their overall balance would continue to be paid down.
• For borrowers in default on their federal student loans, the U.S. Department of Education will suspend all wage garnishments, Social Security offsets, and seizures of federal tax refunds.
• The above measures would be implemented for the duration of the national emergency related to the Coronavirus pandemic.
• The bill would also codify President Trump’s interest rate freeze into federal law.

If this passes I'll have $20,000 paid off this year.

 

[Astroslik]

If this passes I'll have $20,000 paid off this year.

fukk a check, wipeout 10k of debt and I’m Gucci

 

[Atlrocafella]

Put it in forbearance, no interest will accrue at the moment, save your money, and when the interest waiving period is over, drop a huge payment on it.

 

[Serious]

Hold that L

@HoldThisL

 

[Brolic]

Put it in forbearance, no interest will accrue at the moment, save your money, and when the interest waiving period is over, drop a huge payment on it.

I'm already in forbearance until July 26th, so this loan repayment suspension doesn't affect me. I need that 10k loan cancellation proposal to pass.

 

[Brolic]

I finally finished saving for my emergency fund.
I'll have 8k to drop on student loans by December.
Then I'll have 98K in loans left with Nelnet and the interest rate is at 6%.


Earnest is offering to refinance for $797.07 a month for 15 years at 4.26%.
Should I wait until forbearance ends in December and refinance while the rates are still low? or should I stick with Nelnet and wait and see if Biden wins and passes some loan forgiveness bill?

 

[Skooby]

I finally finished saving for my emergency fund.
I'll have 8k to drop on student loans by December.
Then I'll have 98K in loans left with Nelnet and the interest rate is at 6%.


Earnest is offering to refinance for $797.07 a month for 15 years at 4.26%.
Should I wait until forbearance ends in December and refinance while the rates are still low? or should I stick with Nelnet and wait and see if Biden wins and passes some loan forgiveness bill?

I don't know but I have no faith in Joe Biden passing shyt.

 

[Brolic]

I finally have 40k saved sitting in Ally. I plan on paying off 37k at the end of September.

 

[Skooby]

I finally have 40k saved sitting in Ally. I plan on paying off 37k at the end of September.

Paying it all off at once isn't a bad way to go. Even though you'll hate seeing 37k disappear out of your account.