Hi all, I’m an almost lawyer, bar results come out in 3 days. I have an offer for an attorney job that will pay $87.5k per year, with a move to $92.5 at a year and 100k the next year. I have the opportunity to live with family and pay around $700 a month for rent and utilities. I’m currently on an ICR plan paying $0 because I’m unemployed.
I have about 190k in loans between undergrad and law school with varying interest rates from 7%-10%. The 10% loans are pretty small and I want to try and pay them off quickly.
My plan right now and please tell me if this is dumb, I’m a lawyer not an accountant 😂 I’ll be taking home about $5500 a month in my state, and I’ll have medical and dental and vision insurance fully paid for. my plan is to try and throw $2500 at my loans a month at least. I also do a few side hustles that generate a few hundred a month that I’m planning on throwing at loans.
Should I stay on ICR? Should I move plans? My plan if I stay in my job for three years is to increase my monthly payment everytime I get a raise
I have the crazy dream of getting these bad boys paid off in 10 years or under.
JD grad about to start making $87.5k
byu/Violet818 inStudentLoans
Posted by Violet818
2 Comments
You’ve got a decent strategy. Follow [the avalanche method](https://www.reddit.com/r/StudentLoans/comments/15ts3uv/repaysave_vs_idr_what_should_i_do_is_there_a_way/jwlhcm4/) as part of your overall financial plan to pay off the debt as quickly and cheaply as possible.
You can do it, brother.
Set up your plan and stick to it ✊🏻