I’m 28F with my Master’s in Counseling Psychology and am working in private practice! I currently owe $140,000 (3.7%-7.5%). My take home pay is $4,300/month. My monthly expenses are $4,000/month (HCOL area). I’m approved for $0/monthly payment PAYE plan through March 2027. The $22.16 in daily interest is so intimidating. 😭
Should I aggressively pay this off or ride it out for 20 years and seek forgiveness? I can’t tell where to confirm when the 20-year clock began?
I’m not currently saving anything for retirement… which I know needs to change. I need help with financial planning… I feel so confused and overwhelmed by it all. Any help would be greatly appreciated! 🙏🏻
Posted by Waffleboat_
4 Comments
Seek Forgiveness how, under what criteria? You borrowed $140k dollars.
You should leave private practice and work for a PSLF eligible employer.
I borrowed $120,000 but never paid more than $90 per month over the last 10 years on PAYE/SAVE. I just hit my 120th month of public service. Im also paying into a pension plan to help with retirement.
Listen to this. You’ll burnout in private practice someday anyway
We are in the same boat, I am equally as confused.
Ignoring a valid loan for 20 years is a terrible idea. Your credit will be absolute garbage.