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    Any advice would be appreciated

    I went into law school under the impression a family member would pay my loans off. However, said family member reneged on their offer and now I’m stuck with this.

    Obviously had I known I would have never gone to law school.

    Here’s my current situation:

    Total: $264,455.42 – Aidvantage
    Current job: $75,000

    1. $64,944.58 – 8.05%
    2. $66,417.78 – 9.08%
    3. $64,532.07 – 8.94%
    4. $24,132.29 – 7.05%
    5. $23,055.30 – 8.08%
    6. 21,373.40 – 7.94%

    They are estimating my standard plan monthly payment to be over $2,000 and possibly closer to 3k. I live in upstate New York and the cost of living is just impossible to afford rent and that kind of payment. However, the IBR plans just feel like theft.. I will end up paying more than what I originally owe after the payment and the tax bomb of the forgiveness.

    Please, if you have any tips or tricks I’m at a loss and just crying everyday over this.

    Any advice would be appreciated
    byu/CharmingMammoth8304 inStudentLoans



    Posted by CharmingMammoth8304

    6 Comments

    2. The_Bees_Knee6 on

      At least you have all federal loans.

      I would strongly recommend that you consider getting a PSLF eligible position.

    3. DazzlingPeace906 on

      Maybe ask the relative if they mind if you live with them while you work to pay off your loans? Thats a way that they can help you without paying. And who knows, maybe that might help them change their mind?

      All things considered, is there a way you can pick up a side hustle? You’re a lawyer, can you do something in the local community (wills, trusts, etc) that won’t eat up tons of your time but could help make extra money?

    5. Significant-Track797 on

      PSLF. I also have a ton of loans from law school. Luckily there are a ton of PSLF positions for lawyers. Yes the pay is below private practice, but unless you are big law, you’ll probably make out better in government or public interest and then move after your 10 years. 

      Edit: coming from someone who did private practice first and recently moved to a PSLF position. It’s better. And I don’t have to bill time anymore. 

    6. RoundChampionship840 on

      Get on income-based repayment and just pay the minimum until you either are making a lot more money or you qualify for loan forgiveness.

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