Federal Loans: $89k; unsubsidized; spread across four $20,500 loans; at 4.3, 5.28, 6.54, and 8.08 interest rates; from 2020, 2021, 2022, and 2024; currently in SAVE forbearance.
Credit Card Debt: $7k.
Degrees: BS Chemical Engineering (2013); JD (2025).
Credit Score: 700.
Assets: house (no mortgage); car (no liens). Both via inheritance.
Taxable income in the last 20 years: $1,000 (2021); $750 (2025).
Projected taxable income in the next 5 years: $3,000.
With SAVE ending on July 1, I need to make a decision:
(a): pick a payment plan and pay it off until forgiveness… although I'm unsure which plan would be best for me.
(b): declare bankruptcy, get loans discharged**, take the credit hit for 7 years, and hopefully start making real money by then.
**please just assume my situation would allow for a discharge rather than tell me how it's impossible.
Posted by Capco420