I never post but let’s just say my friend is in depression as they only have 11k in cc debt but the student loan is like a mortgage. Be kind in the comments. They graduated in 2020. Went to school, god good grades and did everything right. The system is totally fuducked. All government loans. Mind you he does have a grad degree. Undergrad was barely 30k but no one prepared them for the expenses for grad school. How can cc debt be so low compared to the cost of greeting a ducking education. FYI- west coast and top schools, family made less than 30k when the were attending undergrad. Came from dirt, it seems this debt will put him into the ground.
SAVE would have literally saved him. 😔
11k in credit card debt but almost 300k in student loans
byu/laughingpanda232 inStudentLoans
Posted by laughingpanda232
7 Comments
What degree? What’s the income?
If your credit card debt is more than your student loans, you’ve got big problems!
> SAVE would have literally saved him.
RAP will cap his payments at 10% of his adjusted gross income if he earns $100k or more a year (it’s 1% per 10k, so 6% for $60k, and so on until you get to 10%).
If the 10% payment is lower than his monthly interest (which it will mostly likely be), the unpaid interest is subsidized so his total debt doesn’t balloon.
It’s not as good as SAVE, but it’s still so much better than I was expecting from Republicans.
300k & 11k is a death sentence
PSLF and a return to the dirt until the CC debt is gone. This isn’t impossible, but it won’t be comfortable. Your friend will need to resist the “I worked hard, I deserve this” mindset. Their life won’t look like their peers. Help them swallow that.
10 years will go by regardless.
If these are all federal loans then this friend of yours needs to get on an IDR plan and go for forgiveness. And then they need to get out of depression and the government should be the one to get depressed because these loans are never going to get paid back in full
What are your schools and degrees?