Hello all,
I would like to figure out and setup a game plan for myself with the goal to wipe my ~$32k federal loans.
Interest rates on my groups range from the following: 2.75%, 3.73%, 4.53%, 4.99% and 5.5%
My AGI was 83,500 in 2025.
My minimum payment is $340 (I make a $350 payment every month paying by account**. It it weren't the lack of my emergency funds/savings – I would like to be more aggressive
I would love advice from the subs veterens. Such as, Is my minimum $350 payment digging myself in a bigger hole? Should I budget to pay X more than minimum?
What also confuses me is if I should I pay by account or by group?
Trying to set up a game plan for myself
byu/XchowCowX inStudentLoans
Posted by XchowCowX
2 Comments
Just an eyeball but if you threw ~$800/mo at it you would still have an AGI above the national median income and live very comfortably while hitting payoff in under 4 years. Personally I would go more aggressive than that but I think it’s reasonable. $350 would drag it out to almost a decade which is ridiculous at your loan amount and income.
Don’t pay extra on federal student loan if you are planning on borrowing for grad school. Don’t pay extra on federal student loans at the expense of an emergency fund and retirement savings.