R/student loans has a nice breakdown of why you should be paying off those loans ASAP. This is a forum for those who are coming to the realization that there may never be relief for student debtors, and that the time has come where we need to take matters into our own hands. I [26F] am trying to do my best to be financially responsible in my young adult life. I have no options but to default or spend the next 10-15 years struggling to do anything with my life. It doesn’t give America the full bleak picture to count us as “current.” I haven’t defaulted yet, but I will depending on this election cycle. The hardest thing about an IRA is the money isn't liquid, and if you ever need to pull from it you will do so at a huge financial hit for early withdrawal, as well as taxes. Currently, I have my whole budget mapped out in excel and have an allowance I give to myself every paycheck. The ABA’s 2020 Law School Student Debt Survey Report found that more than 75% of the roughly 1,000 respondents had at least $100,000 in student loans, with more than half amassing at least $150,000 and more than a quarter graduating with at least $200,000 of debt. Step 3-Build a 3-6 month emergency fund.

Right now, the loan forgiveness program has an acceptance rate of 1%; meaning 99% of all the people who have applied, are denied. They will have to force me to pay a dime from here on out. It sure doesn’t seem that way. I have almost 10k saved in retirement accounts and almost 10k in emergency savings. New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. No. Whats the point of even trying to make it for all those years? I’m at about $80k feds and $40k in private. I would think you can realistically get through the first 3 steps in 5-6 years.

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning.

For me, that means my student loan debt, a whopping $113k. I know of no other options, so fuck it all. Start now and don’t wait. Took out just over $131,000. I am sure by then you would have no less than 50K in your savings. Not sure what your credit is like but fixing anything that could need to be fixed or just building your credit up more. This is for the public service program they highly advertise ?! My $128k became $165k after interest compounded in college. Nobody cares about your credit, nobody gives a shit if you have judgments against you. This is a place for discussing student loan noncompliance tactics with other debtors. You could risk it and take it all the way to that point, make your payments until someone magically dies and leaves you a ton of money, or leave the country and never come back...I'm paying it until someone dies and leaves me some money to make a dent in my student loans but it will never happen...my mom is Asian so she's guaranteed to live for a billion more years. news@globallegalpost.com, The Global Legal Post Paying down six-figure student loan debt. There isn’t much they can do. The media portrays students with over $50k in debt as the outliers, while I truly believe it’s the norm. Your student loans will lower your buying power. New comments cannot be posted and votes cannot be cast, More posts from the studentloandefaulters community, Continue browsing in r/studentloandefaulters. Should I try to completely elimate the loans before I start saving for a home? A third of US law school graduates are having to pursue different career paths to pay off debts. Press J to jump to the feed. Keep doing that to the smallest remaining loan, rinse and repeat.

You have to weigh that against the rest of your financial situation to determine what’s best. We have a great relationship so I'm not in any rush to get out but I would like to buy my own home as quickly as possible so they can retire and not have to think about supporting me in any way. Email: news@globallegalpost.com, E: subscriptions@globallegalpost.com

Since your current company does not match your retirement contributions, I think it's wise to redirect those funds towards debt repayment instead. I would say buying a home right now is probably not a good idea. When all my loans were current right after college, I was facing $2400.00 in monthly payments. Discretionary spending = $850(groceries, gas, shopping, etc.). For an $80k income, you would want $20-40k. Editorial: +44 (0)20 7193 5370 It's a shame that leaving the US is often the only way to get relief, but interest rates are too high across the board and private loans are extremely inflexible. Many factors affect your FICO Scores and the interest rates you may receive. Share your student loan breakdown in the comments! My fiance and I are considering waiting until next spring when our emergency funds are a little more robust, might be a good way to go for now.

Further, I don’t like this continued tampering with the data wherein they don’t count those of us in IBR/PAYE/REPAYE as defaulters. Step 2-pay off your debt using the snowball method. I was put into forbearance (of course) before being offered any other types of repayment options on all of my loans. This is a forum for those who are coming to the realization that there may never be relief for student debtors, and that the time has come where we need to take matters into our own hands.

My payments have totaled $50k but only $5k went to principal. If you include grad loans...it's way higher, so it's always misleading, and using old data too. Beto’s plan is even worse - it cancels debt only of public servants!

Paid $60k plus in 10 years of various repayments.

In response to the findings, the ABA has set out a number of recommendations to help ease the debt burden for law students, including lowering the cost of a legal education to improve diversity, exploring the impact of debt on mental health and removing the stigma of discussing financial hardship. but also have no idea how that would factor into paying down debt / our financial portfolio. Sure enough, they weren't.

2. Maybe 20% or 30% go for free or pretty cheap. Hey has anything happened with the defaulted private since then? As far as when/if you should consolidate, we would need to know more about your student loans. At your age, compounding and growth are going to turn 25k into a quarter million in 30 years. Stephanie Jones chronicles her family’s journey to repay over $130,000 in student loan debt in a compelling blog titled Six Figures Under. From there my expenses will be almost non-existent as my parents are much more than understanding of the amount, of money I owe and willing to help me in any way possible. To hell with that. Side Note: I fully understand that I should never have taken so many loans for my undergrad. Again: That’s six grand a month, just for student loan payments. Once it is transferred you can bolt. Sure, the method is a bit gimmicky but when you look at the actual steps, it makes perfect sense.

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