Not here to be harped on so please don’t do that, I know it’s a lot for a field that doesn’t pay the best.
I’ll be graduating with my masters this year and between my undergrad and graduate degrees will have about $100k. I am looking now at the best way to tackle it so I’m not paying on it forever. I won’t qualify for loan forgiveness programs in my state until I become a clinical worker.
My loans will be the only debt I’ll have at the end of this year since my car and credit cards will be paid off, and my rent will be being paid for.
I was thinking of working another job and just using that income to go solely to loans + a chunk of my current job. All loans are federal.
$100k loans with mental health masters
byu/SomethingBlue123- inStudentLoans
Posted by SomethingBlue123-
2 Comments
Great plan.
My daughter has an MFT, but had low loans $50K in 2012– so at the time it was a lot. She worked at Penny Lane to get experience and the hours to test for the license. As soon as she got the license, she got a different job making more money. Loans paid in 5 years.
She lived with me, and had a car that her late dad gave her. She got married and bought a house with her husband months before getting married. She bought a new car about 3 years ago.
My daughter and husband don’t have major debt other then the house and the car is almost paid off. Now my daughter is doing a doctorate degree pay 75% by her job.
Limit your debt and increase your income.
If you will work for an eligible employer for PSLF later, that’s definitely worth considering doing. That would mean 120 qualifying payments made while working for an eligible employer followed by total forgiveness.
If not seeking a forgiveness pathway and you plan to actually pay them off, then you’ll need to budget for payments of around $1200/month to pay it off in 10 years or around $950/month to pay off in 15 years or around $830/month to pay off in 20 years.
Either way, you should go onto an income driven plan like PAYE or RAP, even if you do plan to pay them off.