These are the facts for my loans:

    Federal Loans:

    • Total principal remaining: $24,696.78
    • Total paid so far (princ + int): $750
    • Average Interest Rate: 4.3%
    • Interest Rate Range: 2.75% – 5.50%

    Private Loans:

    Loan #1 — (Consolidated majority of private loans)

    • Total principal remaining: $24,317.38
    • Total paid so far (princ + int): $4,000
    • Interest Rate: 7.64% (effectively 7.14% w/ rate discounts)
    • Current Monthly Pmt: $250

    ————-

    Loan #2 — Remaining private loan I couldn't consolidate

    • Total principal remaining: $11,944.37
    • Total paid so far (princ + int): $3,200
    • Interest Rate: 8.90% (effectively 8.65% w/ rate discounts)
    • Current Monthly Pmt: $126

    Current Salary: $72k (Just received a raise from $65k)
    No guarantees, but there's potential I could receive an additional raise by EOY to $80k/yr.
    I've also picked up a part-time job that nets me ~$400/month & have been making ~$150/month donating plasma.

    Right now, I'm in a position where I don't know what the future holds with regards to the SAVE litigation (like everyone else). My life was saved by that Administrative Forbearance. I have credit card debt I've been fighting like hell to pay off from bad choices I made when I was younger and not having to worry about my federal loans for a bit allowed me to keep my head above water while I paid down the credit cards and my other bills.

    Ever since they started accruing interest again, I've felt like I'm drowning. I'm making $250 payments that feel like they're going into the ether while I'm still thousands of dollars in credit card debt (though thankfully thousands less than I used to be).

    The Loan Repayment Simulator is recommending I take the Graduated Repayment Plan, and it's pissing me off that the DOE is gassing up these new repayment plans in that letter two weeks ago but they're not even available on the page to compare against. I know I can always overpay further down the line when I'm in a better spot, but between living expenses and all my other debts, I can't afford to sock $250/month at my Federal loans, even with my recent income increases. It just doesn't make sense to continue accruing credit card interest just to pay down Student Loans.

    What should I do? Try to wait out the legal bullshit & do the beans + rice thing until that gets figured out? Hop on the Graduated Repayment Plan now? Some other option I'm not even considering?

    Don't know the right move to make towards fed loan repayment
    byu/Skandoit0225 inStudentLoans



    Posted by Skandoit0225

    3 Comments

    1. AffectionateRole7059 on

      nah fed loans can wait

      tackle those credit cards first – that interest is brutal compared to your 4.3%

    2. No advice here but I’m in a similar situation. Good luck and I’ll be checking in on this post. Seriously stay strong buddy

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