Literally freaking OUT about the SAVE plan ending. I’m at a loss on what to do. I work for a non profit so thankfully as of now the PSLF still stands, but even with a dependent my loan estimation is 667$ a month and i absolutely CAN NOT pay that. Me like many others when accepting these loans were stupid and young and didn’t fully understand the weight it would carry and the cost of living is 5x the amount as it was in 2014 when I took these out. Also for social work a masters is unavoidable I make about 83,000$ gross but after taxes and health insurance I take home about 4200$ monthly after rent groceries and other mandatory living expenses I’m barley scraping by now. How in the world can I pay this the save plan made my life stress free and so manageable! I just don’t know what to do besides get a second job just to afford that 😭😭😭
Is anyone else freaking out???
byu/Old-Butterfly-1915 inStudentLoans
Posted by Old-Butterfly-1915
8 Comments
I just got the email also..
Where are you calculating your payments? How did you find out what your new monthly bill is
Are you using your AGI or just income?
Whoa how do you take home 4200 after rent and all bills? What is your take home salary per month? Asking because I make about $74k and my take home (before rent and bills are paid) is about what you take home after all your bills
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The only silver lining of this whole thing is my Trump supporting “friend” is impacted way worse than me. I went to community college and transferred to university. He didn’t. Don’t get me wrong, we’re both in dire situations, but I’m getting some solace in him absolutely freaking out. Dude was shaking.
I think you can file for a hardship, I may be wrong considering the changes from this administration. You can also contact them directly and work out a better payment plan but again that was when Biden was still in office so that may not be reliable 🫠 worth a try though
Not helpful but i swear to God, almost every time i hear people with $100k+ loan balances and <$100k income, seems like 9 times out of 10 it is a masters’ in social work.
That modern society takes advantage in this way of people doing SOCIAL WORK of all things makes me so mad. I really wonder how these university admins sleep at night.
As for your loan payment…
You are a prime candidate for RAP which will be available in a few months.
You qualify for old IBR only (15% of discretionary) i am assuming hence your $667 payment
On RAP, with your income and one dependent, your payment should be about $550 or so, so you’ll get a bit of a break. You can decrease it further by contributing more to a 401k, Fsa Or Hsa but obviously those will decrease your take home check