After being pressured by my boomer mother I finally graduated in 2023 with a Bachelor’s in Science in Business Administration. I am now around 41k in student loan debt with Mohela. I have a job as a surgery scheduler that makes only $15 an hr, but I’m blessed enough to live with family. I hear there’s some new repayment plan options, but I’m not sure what plan would help me in the long run. I have applied to higher paying jobs for years, but I feel like I am drowning. Currently, I don’t have anyone knocking down my door for payments as I was under forbearance. Recently, somehow I got under a plan that wants me to pay $17 a month for 1 year and $447 a month the next. I try to pay as much as I can since I have to option to input whatever amount I’d like to give for that month. I can post images here, but maybe though DMs? I’m not sure what all details I can provide, but I’ll try and answer the best I can.
Posted by Sissy_Marie
2 Comments
Are these federal or private student loans?
95% of choosing a plan is figuring out which payment you can afford. The main exception would be if you’re going for forgiveness, in which case, you generally just want whatever the lowest payment is that qualifies for forgiveness.
It’s unclear why you feel like you’re drowning. The standard repayment plan of 10 years for $41k is probably like ~$500 a month. While your income is low, presumably your expenses are as well?