Sometimes I just need to vent. I’m 23, just finished school, and I’m already sitting on $80,000 in loans. Every month I make the minimum payment, and it feels like nothing changes — like I’m just throwing money into a hole.
I see friends moving forward, getting apartments, traveling, saving for the future… and I can barely keep up with rent and groceries. I try to remind myself that I’m not alone and that this debt is just part of the system, but it’s so heavy to carry at this age.
I don’t even know if I’m looking for advice or just for people who get it. Does anyone else feel like this? Like no matter how much you try, the numbers barely move?
I’m 23, buried in student loans, and I feel like I’ll never get out.
byu/Altruistic-Sky-3528 inStudentLoans
Posted by Altruistic-Sky-3528
7 Comments
By just paying the minimum you are throwing money into a hole. You need to be paying more than the minimum so you can get to the principal and not just the interest.
Get a job that offers loan repayment.
I’m 10 yrs down the line. Do your best to find a way out, paying minimums just keeps you in the hole. However some of this shit is not designed for you to get out, but for banks to make money. Just try to find a mentally healthy place to be with your debt and focus on good life and career. Get co.fortable with hopelessness lol
That’s nothing
80k isn’t too awful. What’s your degree?
Yup. Welcome to life kid. Gonna have to learn to live with it. I was exactly there 10 years ago and now I have a mortgage payment and a car payment.
The majority of your payments you’re making right now, if you’re only making the minimum, is going straight towards interest that accrued that month. Your principle might only go down a few dollars, if at all. If you want to really make a dent, you gotta pay more than the minimum. There are calculators online that can show you exactly how much of your minimum payment is going towards the principle, how long it’ll take if you continue just making payments, and how long it’ll take if you pay even $50-100 more each month. Make a plan, make a budget. That’s all you can do. You can do it. Sorry you fell victim to one of the biggest rackets the US has to offer.
Will trade my 150k for your 80k. Unless the police are showing up at your door saying pay it, you’ve got time. Make a plan and follow through