I have been paying these grad loans since 2023 – my current balance is still around 160k. Dept of Education doesn't take into account that some of us have a mortgage, kids, health insurance, car insurance, etc. I can't even afford the income-driven payment they're asking me to pay. Any insight? Advice? Tips? All would be appreciated. I swear, I feel like I will never see the end of this! This is my only debt.
Posted by psl_lover116
7 Comments
IDR plans determine monthly payment amount based on AGI and household income. If you are married, you can exclude spousal income from consideration if you file taxes separately.
Get a second job. Or refile taxes as MFS and do an income driven plan and pursue PSLF.
Have you compared to all IDR plans that you’re eligible for as well as any other repayment options?
If that isn’t manageable then unfortunately it’s more of a personal finance question and you’ll want to review income/expenses and determine where you need to increase income or cut expenses since the IDR theoretically is based on income and ability to pay.
Should have thought about that when you took out $160K in student loans. Who do you think was going to make those payments for YOU?
Its not the department of educations job to ensure you can afford your loans. That’s your job.
What I’m going to say will likely get criticized n bashed, if u have any money in retirement or 491k cash out n pay the student loan off, its the only debt I would do that for! Get a second job n put on money u make at it!
I make small payments twice a week to equal what my monthly bill is now, and I also pay by group and do more $ to the higher interest rates. If you’re one to go out to eat a lot or make other small ‘fun’ purchase throughout the week, it is something that you can justify like one of those ‘fun’ purchases- then of course cut back on those.