I’ve been trying to better understand how to manage student loans effectively, especially with changing repayment plans and interest concerns. For those who’ve already gone through this, what strategies helped you stay consistent and avoid falling behind? I’m particularly interested in budgeting tips or repayment approaches that actually worked in real life. Any advice or lessons learned would really help.
How are you all handling student loan repayment right now?
byu/Elegant_Frame5870 inStudentLoans
Posted by Elegant_Frame5870
4 Comments
i did my budget and took a reasonable portion of the remainder (a tad of wiggle room but the grand majority) and called that my “minimum payment”. with this, i pay minimum payments on all but the smallest loan and put all the rest of that in until it was gone. rinse and repeat. fall into some money? goes directly in. it builds up like a snowball and goes faster every time you knock a loan out.
Still on the SAVE plan until I get the letter. So, forbearance.
Plan is to go for the 20 year forgiveness and possibly start donating plasma again just for the payments so long as it’s enough. Good news is apparently I got enough of a raise to offset the additional loan payment costs once they start again.
Otherwise, the moment my father passes and things don’t properly get fixed or changed with how student loans are handled by the next administration and no class action lawsuit is done over the fact the cancellation of the plan doesn’t pan out, I’m bailing.
I am fully willing to abandon all this BS and either go somewhere else and be on the foreign work pay plan where I pay nothing OR just outright not paying anything at all. Rather move somewhere the government isn’t so corrupt that our “representatives” are either too corrupt or just don’t care enough to properly fight back and represent the people who voted them in.
It’s rough, I’m paying what I can each week. I have a ways to go but I just want them paid off and the h*ll out of my life once and for all. I was on the SAVE plan, I got kicked off the IDR by MOHELA, the ones with Aid antage are still on IDR but I think the Dept. of Education is phasing out IDRs this July.
Earn 60k a year, and max out HSA and trad 401k contributions and you’ll be paying <40 bucks a month if you file single. Let the remaining balance be forgiven in 20 years under IBR.