Am I f’d? I have $100k in student loan debt. $25,000 are in my own subsidized unsubsidized loans. $80,000 is in parent plus loans. My parents cant and will never be able to afford to help me with either. I recently got a job thats paying me a $110,000 salary but I have to move across the country. With that being said I now have to pay rent. I know that I’m getting paid a lot but it still feels like after tax, rent, and all other bills and expenses theres hardly enough room to get this debt cleared. Id love to be able to pay off $50k in a year I just dont know how to do it or if its even possible
Posted by ChirpingBird01
4 Comments
Your starting salary is 110K. Stop whining.
Its SO SO much easier to manage 100K debt with 100K salary than 40K debt with 40K salary.
Also there’s no reason to pay it off that fast. Sacrificing a lot in the next few years for what later?
I’m planning on graduating with 70k in debt. Ur more than ok if ur making over $100k salary. You’ll get it paid off easily as long as you don’t live lavishly
You can probably ignore the Parent Plus loans. They are the parents responsibility and if they don’t pay them it will come out of their estate when they pass or the loans will be discharged.
Your expectations are too high.
You make 110k – great, you clearly know you can work through the debt – but to expect to pay off 50k in a year on 110k is way too high of a bar.
Even in a no state-tax state, you’d only be taking home 85k a year. You’re describing living off of 35k a year – and considering you’re moving cross country, likely to at least a MCOL city, that seems fairly unlikely to live off of 35k a year.
If you want a realistic number 20% of your income is realistic to be going towards the debt, so that would be 22k a year, or so. Yes, if you budget well you could do more, but setting the bar so high is gonna make life hard.
Your plan shouldn’t be to clear the debt in 2 years, it should be to clear it in 4, realistically.