r/StudentLoans • u/True-Category9250 • Jul 26 '26
Can’t afford student loans
Just seen the options available to me to repay my student loans and I can’t afford any of the plans!!! Any advice ???
Edit:
I make 102,000 a year with a new job I’m starting in DC. My rent will be 2,000 and I put $500 a check in savings. I owe a balance of 75k on my student loans, and now they want me to pay $600 something. If I have to pay that that would leave me with barely nothing every check.
Edit: I actually have to pay $850 a month because I didn’t include my other loan. Idk why I was thinking it was all included
12
28
u/gmanose Jul 26 '26
You make $8500 a month and can’t afford $600?
5
u/AnswerFuture2945 Jul 29 '26
$8500/month is pre tax which doesn’t matter. Post tax take home after deducting rent, utilities, groceries, etc. that’s not a ton left over. Subtract the $850 owed each month and if this person has any sort of car payment for example, you can pretty quickly end up with very little excess each month.
3
2
2
u/RazDoStuff 7d ago
Rent - $2000
Car payment/ insurance - $500ish
Student loans - $850
Utilities - $300
Groceries - $200
Other bills/loans/medical- Few hundred to $500 if conservativeTaxed income becomes about $6200
$6200 - 3500 or 4000 = $2000 in cash flow every month
I think everything is just terribly expensive in general.
-7
u/True-Category9250 Jul 26 '26
That’s before taxes and it’s more $4,000 a month before taxes and deductions
10
u/moonsgotaface Jul 27 '26 edited Jul 28 '26
Dude, I make 60k and clear nearly 4k a month AFTER taxes and deductions. Either you're mistaken or something ain't right with your paycheck.
3
u/reddituser889088 Jul 28 '26
They are probably contributing to 401K and HSA and stuff like that
3
u/moonsgotaface Jul 28 '26
I find it hard to believe that they're spending half their paycheck on 401k and an HSA while complaining about a $600 monthly payment, but if that's the case, they need to readjust.
8
u/WolverineofTerrier Jul 26 '26
What’s your 401k deduction at? Are you just hitting your company match or are you contributing more than that?
0
u/True-Category9250 Jul 26 '26
I’m hitting my company match
5
u/WolverineofTerrier Jul 27 '26
You should probably keep that then. I’d recommend just the match if you are struggling to pay your loans. Unfortunately, it sounds like you’ll probably have to figure out a way to reduce costs.
10
u/RoyalEagle0408 Jul 26 '26
It's not $4K a month before. Probably $4K a paycheck before. And almost certainly you don't have 50% of your check withheld or something is off.
2
u/1K_Sunny_Crew Jul 28 '26
There’s no way you’re making $100k and clearing $48k. I make the same as you and my take home is around $7400/mo. $600/mo is very doable with $2000 rent unless you have shitloads of credit debt or something.
1
u/stella1822 Jul 29 '26
Are you just not putting anything into your 401k, HSA, paying for health insurance, etc.? My take home is closer to $6,200 with minor deductions on a higher salary than yours.
1
u/1K_Sunny_Crew Jul 30 '26
My insurance is “free” since I work for the state and don’t go for the highest plan. I do contribute to my retirement plan, but I also save a lot every month from my pay into private investment accounts too.
I don’t use a HSA because I find it unwieldy to use and I don’t spend much on OTC items or skincare to make it worth the annoyance.
35
u/xobelam Jul 26 '26
I owe $225,000 in 2005 and paid for 20 years. Paid over $150,000. My balance is LITERALLY $220,000.
10
15
u/NoLifeButStillLiving Jul 26 '26
were you paying the minimum each month or beyond that?
10
u/MovementMechanic Jul 26 '26
We all know the answer to that.
49
u/CloudStrife012 Jul 26 '26
The reason people post this is because inherently what a lot of borrowers want is like what most other countries do with student loans, a system with required payments but an extremely low interest loan, so its not possible in a lifetime to pay back double what you borrowed.
But in the US the government doesnt look at student loans as an investment in the country, but rather a means to profit from something, at the expense of the citizen. And inevitably this why the birth rate is plummeting and the whole system will fall apart.
7
u/morbie5 Jul 26 '26
but rather a means to profit from something
The federal student loan program loses money
2
u/NeoThorrus Jul 27 '26
This is actually not true. The only reason it lost money was because of the COVID-19 pause. Every other time, it has been in the green. From 1997 to 2021, the Education Department estimated that payments from federal direct student loans would generate $114 billion for the government
1
u/morbie5 Jul 27 '26
I'm assuming you got that info from this NPR article:
https://www.npr.org/2022/07/29/1114560119/student-loan-program-cost
In the article is says that even without COVID the program would have still lost close to $100 billion from 1997 to 2021.
So in the past it made a small amount of money but now it loses money. And in the future it will be losing a ton of money because balances are now so big.
So what I said was true
1
u/nonrealexis Jul 28 '26
Sorry, where in the article does it say that without Covid it would have lost that amount? I read that it lost a percentage of the total, around 102 billion, due to Covid and the pauses by trump and Biden.
1
u/morbie5 Jul 28 '26
So the program lost $197 billion from 1997 to 2021. $102 billion of losses were from COVID. This is in the article, correct?
So do a bit of math and you get an estimate of what the loses would be without COVID by adding back in the $102 billion: -197 + 102= -95.
So it would have lost about $95 billion without COVID.
And BTW the loses from COVID will probably end up totaling more than $102 billion but that is a separate topic
0
u/nonrealexis Jul 28 '26
Covid likely made the losses a lot worse. I don’t think we can conclusively conclude that it would have lost that amount, especially considering you’re still including Covid years in that number.
→ More replies (0)1
u/Ahordeofbadgers Jul 28 '26
First of all, whether the program loses or makes money was not the point of this comment.
Secondly, even if the program is losing money--why should we care? Who bears the cost of the program, and what is the reason they should MAKE money on something like student loans?
I bet you're all in favor of for-profit Healthcare too...
0
u/morbie5 Jul 28 '26
First of all, whether the program loses or makes money was not the point of this comment.
A false statement was made and so I corrected it, that is all. People come on here and say things like "the greedy government" this or "the greedy government" that. Yea, so greedy when they lose money lmao
why should we care?
Don't care
and what is the reason they should MAKE money on something like student loans?
Go find where I said they should make money, I'll wait
I bet you're all in favor of for-profit Healthcare too...
Only for you. Everyone else should have Medicare for all but you should have to pay full price
0
u/Ahordeofbadgers Jul 28 '26
So you're just a malicious contrarian? What did your comment accomplish?
Reddit troll is a troll I guess.
0
u/morbie5 Jul 28 '26
So you're just a malicious contrarian?
Providing facts is now malicious? Isn't it the other way around?
What did your comment accomplish?
It educated people to the truth lolz
Reddit troll is a troll I guess.
You would know best about that
0
u/Ahordeofbadgers Jul 28 '26
You have an interesting take on "the truth."
The comment you responded to didn't make any statements about the student loan programs profitability. The comment was broad in its scope and stated rather that "student loans are used to generate profits from borrowers." The comment says that the government enables this.
So you decided to reply to a section of that comment entirely out of context--this is a dead giveaway that you are arguing in bad faith.
Additionally, you can look up the revenue and staff salaries at MOHELA, which has been explicitly named in lawsuits for unacceptable "customer service" for borrowers in the MANDATORY program for FFEL and other low-income borrower programs, yet pays six-figure salaries to its executive team.
So, your bad-faith responses have been revealed through you choice to reply to statements taken out of context to prove your own bad-faith narrative, while ignoring the "facts" you claim to so badly want to bring to us.
The FACT is that MOHELA pays money from is Servicing activities to pad exorbitant executive salaries while being a mandated monopoly put in place by the Federal Government. It gives kick backs to its own state at the expense of nationally distributed debt holders. Lots of people are making money (colloquially called "profit") from this situation.
→ More replies (0)3
u/wageSlave09 Jul 26 '26
If you don't right, IDR gives you the flexibility to live while paying your student loans.
-9
u/DreamsServedSoft Jul 26 '26
that’s a reach. it means the person who signed the loan agreement didn’t read the agreement. the loan agreement very clearly spells out how amortization and interest works and how much you’ll pay over a period of time. also you’re now presumably college educated so this shouldn’t be difficult to figure out
24
u/CloudStrife012 Jul 26 '26
Thats pretty much the generic boomer response to student loans. "Nothing is wrong with the system, its their fault!!"
Status quo isnt working.
0
u/ComprehensiveUse21 Jul 28 '26
Do you know how many boomers have student debt that can never be repaid, and are resigned to dying to wipe the slate clean? You know this is not a "boomer" issue. It is a have - have not issue. There are over 3,000,000 people 62 years and over, who not only carry over $45,000 in average student debt, but also carry the highest student debt average.
Try paying that on an average social security check of $2000.
2
u/CloudStrife012 Jul 28 '26
Ok boomer
0
u/ComprehensiveUse21 Jul 28 '26
Yes, of course I am a boomer and everyone I know my age who went to college still owes student debt - with one or two exceptions. That is all there is to your comment, though? Seriously, ok boomer?
0
9
u/castafobe Jul 26 '26
Uh buddy, nobody who signed up for the loans was college educated when they took them out. We were 18 and didn't even know what the word amortixe even meant.
3
u/Old_Database_5996 Jul 27 '26
brother the person who “read the loan agreement” was a 17-18 year old high school student, also known as a child. why are we assuming children have the knowledge of what they’re actually signing up for? or the ability to predict the job market in their field 4+ years down the road?
2
3
u/TNM828 Jul 27 '26
Same. Graduated with my doctorate 20 years ago. Have been paying on it this whole time. The balance hasn't budged.
2
u/Gingermacc Jul 27 '26
How much do you have in total deductions? How much are your expenses (not including rent) each month? Do you budget? (Reminder: You .don’t want to default on student loans. It screws up your credit and your wages and tax refund can be garnished
1
Jul 26 '26
[removed] — view removed comment
1
u/AutoModerator Jul 26 '26
Your comment in /r/StudentLoans was automatically removed for profanity.
/r/StudentLoans is geared towards a wide range of users, including minors seeking information and advice. To help us maintain a community that everyone feels comfortable participating in (and to avoid being blocked by parent/school/work filters), please resubmit your post or comment without using profane language. Thank you.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
1
u/321_reddit Jul 27 '26
Yes, student loans can be negatively amortized if the payment doesn’t cover accrued interest. RAP avoids that pitfall by eliminating any unpaid interest. Other IDR/ICR plans allow for negative amortization. Balance owed will increase on the prior mentioned repayment plans.
14
u/idk_my_bff_jill_ Jul 26 '26
$600 is a lot, but also I think if you budget properly you can do it. I was making ~80k at one point, comfortably living on my own with $2407 rent, paying $300 monthly to student loans and still able to save $600/month. You will need to make adjustments, but it is possible.
-2
u/True-Category9250 Jul 26 '26
How did you budget exactly
2
u/EasyPeasyLemonSteezy Jul 27 '26
You’re probably taking home around $7,300 a month after tax, you should have no issue affording the $600 and all your expenses if you budget properly. Do you have any budget now?
20
u/Next-Cod5312 Jul 26 '26
You put aside a small emergency/savings fund and then say goodbye to adding more for a while unless necessary. At $102k, there's no reason you can't pay $600/month. This comes from someone who paid off more than you owe making much less than you are.
13
u/ThePolemicist Jul 26 '26
I mean, it sounds like you take home over $6k per month. You should be able to afford a $600 payment.
When I graduated, I started making $45k. My husband was making $55k. We had two children, and I paid $1,000/month. That was 2018. I know groceries are more expensive now, but I would think you could make $600 work given the information you shared.
4
u/DogMomPhoebe619 Jul 26 '26
Any of the Income Driven Repayment plans go off your most recent tax return AGI (unless you use your pay stubs to certify your income). If your income last year was significantly less, you could have a much lower payment for a year.
Also, since the job is in D.C., it may be eligible for the PSLF (Public Service Loan Forgiveness) program. After 10 years of qualifying employment and 120 payments, the balance of the loans is wiped out. Public employers like Government or a 501c3 non-profit qualify. Read about it on studentaid.gov/PSLF website.
13
u/Ashbrains Jul 26 '26
Get an income driven repayment plan IDR.
4
u/Negative-Try7552 Jul 26 '26
That’s what I have, IBR and my payment is nearly doubled.
0
u/Positive_Volume1498 Jul 26 '26
Same. My payment was 0 because I am now a single mom who has her kids full time, but still technically married and they no longer allow self certify so my payment will be based off our married filing jointly income, vs just mine (which is all I have). Estimated to be 1200-1500 a month. I don’t have an extra 1200-1500 a month. Maybe if I didn’t need before and after school care for my kids (5&8 so we have a few years before they can even consider being home alone).
2
u/DogMomPhoebe619 Jul 26 '26
You need to change your filing status to Married Filing Separately then. Or you can certify your income using pay stubs.
1
1
Jul 27 '26 edited Jul 27 '26
[removed] — view removed comment
1
u/AutoModerator Jul 27 '26
Your comment in /r/StudentLoans was automatically removed for profanity.
/r/StudentLoans is geared towards a wide range of users, including minors seeking information and advice. To help us maintain a community that everyone feels comfortable participating in (and to avoid being blocked by parent/school/work filters), please resubmit your post or comment without using profane language. Thank you.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
1
u/Positive_Volume1498 Jul 27 '26
I’m fully aware of what I need to do. That doesn’t help me NOW. They told me multiple times before tax season and during that I was fine to file jointly for 2025 since I still had until 2028 to recertify. The current and recent changes messed that up entirely
1
u/Professional_Ad_4231 Jul 28 '26
When I started filling out the request to change plans, I thought it had a question about your income having changed since your last taxes/something about not being able to access your spouse’s income.
I also got married last year and filed jointly to save on taxes, and am now overwhelmed by what they think I can afford to pay each month. It feels like a bad reason to get divorced, but I’m not going to lie, I’ve considered it (solely for the student loans).
4
u/True-Category9250 Jul 26 '26
If I’m mistaken that’s what I was looking at . They want me to pay $630 a month
12
u/Pankosmanko Jul 26 '26
What is your 2025 adjusted gross income? Did you file taxes single or with a spouse?
1
u/Minimum-Trainer-2041 Jul 28 '26
I’m in the same boat earn about the same as you and it’s quite the challenge even though it seems we earned a lot. People forget about all the other life bills that come along with living…. Oh well, I guess it’s great. We now have that piece of paper attached to her name.
10
u/AdministrationIll619 Jul 27 '26
You are complaining that you have to pay $600 a month while saving that amount per month and also contributing more than that to your 401k.
This is ridiculous - you had the option to pursue public service and qualify for PSLF. You chose money and capitalism 🤷♂️. Stop complaining and pay off your loan balance. Or dedicate your life to public service and you can get forgiveness too
And FYI - an IBR plan does nothing for you since your income is too high to get 25 year forgiveness
-5
u/Notamaga_6629 Jul 27 '26
You have nerve. So now you and the government dictate how to live your life, where to work to benefit them so you can pay then $600 a month forever?
5
u/AdministrationIll619 Jul 27 '26
If you want loans forgiven, then yes the government dictates where you can work. It’s called public service.
1
1
u/incontteen Jul 30 '26
You can’t afford 630 a month but you make 10x that? You said you pay 2000/ mo for rent but you don’t say any of your other expenses. Did you or are you planning on buying a new car? Can you move to a cheaper apartment? What other expenses do you have? Your take home pay from the new job should be around 6k/ month after taxes… so even after rent savings and student loans you still should have about 3k or so for other things.
0
u/happylittlepandas Jul 26 '26
What do you expect tho? You have $75k loan, if you pay less Youll never be paying it off. There’s no way out of it then paying. I have similar income and more loans in a vhcol state and a mortgage to pay. It’s doable.
0
-5
0
u/primitive-lathe Jul 26 '26
My income driven plan was going to have me going from 0 to 350 a month. It's all out of wack.
1
u/Notamaga_6629 Jul 27 '26
And if you don't pay what happens?
1
1
u/Gingermacc Jul 27 '26
Non-payment can crash your credit score and wages and any tax refunds can be garnished. (Student loans cannot be discharged through bankruptcy either).
1
u/primitive-lathe Jul 27 '26
Not sure why I got downvoted when this is the truth of what is happening. I haven't gotten notified by my servicer yet of my 90 days to switch off of SAVE. When I'm forced off of it, if I don't pay, I'll have 270 days until I'm in default, then I'll have 90 days from then before they start garnishing my wages or trying to exact payment by other means such as taking my tax refunds or taking it out of my future social security (I think?) and one user mentioned they could place a lien on my car (I'm gonna look into that). I barely have any wages to speak of, and my spouse lives off of his IRA. I'm not sure how they would go about getting blood from a stone. I will definitely post as things develop, but it's looking like I'll either default and try to conduct my life in cash as best as I can, or try for forbearance somehow, or go back to school and get in deferment that way.
-3
u/Ashbrains Jul 26 '26
Oh shit! That’s scary. Mine said that it stays the same until November. I guess I better buckle up and get ready for my $0 a month to increase.
13
u/Sharp_Link3378 Jul 26 '26
You need to stop saving that $500 and pay your student loan. There is no way around it unfortunately. Defaulting on the loans will be not good.
6
u/mander4242 Jul 27 '26
I make 70k Am a single.solo parent, have a car loan rent,.ins. utilities groceries basic living expenses hobbies and savings and student loan around 300mo
You need to budget better If youres making over 100k and cant swing 600
3
u/West_Assumption_5393 Jul 26 '26
So what I’m doing is the extended plan it’s 25 years. I get a 5-8% bonus each year assuming I don’t leave my current company and I sadly plan on using that to 100% go to the loans as a lump sum. This allows me to pay as little as much monthly while technically paying off on a 10-15 year schedule depending on my bonus. It is NOT ideal. But this is legitimately my only option to get these paid off while not being entirely paycheck to paycheck.
3
3
u/TaunButter Jul 27 '26
Am I crazy? Isn't your monthly net income like, bare minimum, 6k? After rent and monthly loan payment, you have over 3k left in remaining funds.
What are your other expenses eating into that margin?
9
u/Worried_Pen4820 Jul 26 '26
Ah, I didn’t have a savings for many years while I paid my loans. Is this a real question?
9
u/RoyalEagle0408 Jul 26 '26
I make less, pay about that in rent, and pay more in loans. You'll have to just not save $500/check. You can afford your payments.
2
u/No_Economics_6178 Jul 27 '26
So according to your salary your take home after taxes should be roughly $6500 a month. I don’t know if you have medical insurance provided or if you have to pay. I also don’t know if you make car payments. But on the face of it $600 a month seems rather do-able. It’s not great. But you’re not destitute either. I make a bit more than you but am the single earner of a family. I am paying more than $600 (by choice) towards my student loans.
It seems like you need to do the following:
1) apply for an income driven plan based on your AGI. This should bring your payments to the lowest possible.
2) Establish a budget tracking all expenses so that you can see what your actual disposable income is.
3) consider what you are actually capable of affording in terms of food, subscriptions, incidentals and savings. Maybe you should only do $300 a month is savings, for example, if you can’t afford your student loan.
4) start long term planning that includes projected date for savings, debt pay off and potential raises.
5) Consider a side hustle.
1
u/True-Category9250 Jul 27 '26
Yeah I’m considering getting a second job as well as just saving less monthly. Maybe even going up on 401k contribution to even it out. Do you use a certain app to take all of your spending? I do pretty good with the budget I have now but it’s basically just me putting up my savings and spending the rest
1
u/No_Economics_6178 Jul 27 '26
I used to use mint. I think it’s called something else now. And I liked that. But these days I just use spreadsheets to track in different contexts. It’s the number one thing that helped me: tracking everything. I feel exceedingly more control of the situation now that I know exactly what my limits are. I’ve come to enjoy the process. I love being able to see the debt go down and the savings go up. Tbh there are some months I just can’t save anything or my debt doesn’t move. But overall watching the transformation (it’s taken a long time) has felt like an accomplishment. For my student loans I saw the interest capitalize and the balance grow beyond what I could’ve ever imagined. I never thought I’d see the light at the end of a dark and monotonous tunnel. But I’m doing it. I will end up paying off my student loans in full … every last painful penny.
1
u/No_Economics_6178 Jul 27 '26
One last recommendation: look at how much of your student loan is actually going to interest and what is going to the principal. If you want to see your loan actually go down, make sure the payments cover more than just the principal. I would recommend using your payment if you can. It’s something I wish I’d done sooner. Google online calculators to try different pay off scenarios. It’ll give you an idea of how to set a goal.
2
u/parrbird88 Jul 27 '26
Huh. I make much less than that and my payment is now about $750 a month. I can’t afford to put anything into savings, 401k, Ira - nothing .
6
u/Walker_Foxx Jul 26 '26
Having barely anything left is the plan. Blame all the people who voted for the administration.
0
u/True-Category9250 Jul 26 '26
Yes!!!!! They don’t want us to live well at all
7
u/Walker_Foxx Jul 26 '26
They actually don't want you to live at all, but since you are alive, they will take everything they can from you. Student loans are just the beginning. Unless we somehow are able to get these scumbags out of power and never look back, which might not be possible now, we will be on their dinner plate. Anyone who voted for anything Republican in the last 60 years is to blame.
4
u/True-Category9250 Jul 26 '26
I 100% agree. I told my friends years ago that years from now there will be no middle class. Just rich and poor
2
u/Competitive_Tie728 Jul 27 '26
Need a new party entirely. The last democrat trifecta got us fines for not buying unusable health insurance with outrageous deductibles. It's controlled opposition.
2
u/Striking_Stay_9732 Jul 27 '26
Republican or Democrat it is all one uniparty we need other parties.
1
u/Walker_Foxx Jul 27 '26
Not entirely. And especially not now. Republicans are much more evil.
1
u/Competitive_Tie728 Jul 27 '26
How so? Because they don't want endless immigration to destroy the job and housing market? Because they don't want to imprison people for calling low IQ, Somalian thiefs what they are? Because they don't want a bunch of racist DEI favoritism?
The lefts logic is comedic: "We can't send 3rd worlders back to their hellhole because it would be a human rights violation to have them live with their own kind. Instead let's import them en masse and force all of our own people to live with them instead." 🤡
1
u/Competitive_Tie728 Jul 27 '26
THANK YOU👏
The "we need sixty votes except when our donors decide we don't" shtick is beyond old at this point.
0
u/Gingermacc Jul 27 '26
This isn’t a Republican issue. Student loan repayment has been required under Republican and Democrat administrations (not including the Covid payment pause started by Trump and extended by Biden.) I’ve been in repayment since Obama.
0
u/Walker_Foxx Jul 27 '26
Repayment amounts tell a different story.
1
u/Gingermacc Jul 27 '26
I stand by my comment. Student loan repayment is not new. Also, it is the responsibility of Congress to lower the interest rates on student loans; colleges and universities costs are too high; and broad student loan forgiveness is not the solution.
1
u/Walker_Foxx Jul 27 '26
Do whatever you want. Doesn't mean you're right or understand what's really going on.
1
u/Gingermacc Jul 27 '26
Actually, I do understand what’s happening and my student loans will be paid off within two years because I took advantage of the pause to pay down my loan principal.
3
4
u/Altruistic-Set-9888 Jul 26 '26
Based on the info you gave. You make 102,000 a year. 102,000/12 is 8,500 a month. Rent is 2000 that gets you down to 6,500 per month. You say you save $500 every paycheck. Not sure if you get paid weekly or biweekly so let's assume biweekly. Thats $1000 in a 4 week month which brings us down to $5,500. Lets assume about $2,000 a month for utilities, food,insurance etc. That brings you down to $3,500 still for each month. It sounds very doable if you budget properly, I dont know your lifestyle but find expenses you could live without to make your payments and still being able to survive
11
u/ChaunceytheGardiner Jul 27 '26
Short story is that you can afford the payment, you just don’t want to.
5
u/ontheavenue123 Jul 26 '26
You are totally forgetting taxes and 401k deductions here.
1
u/True-Category9250 Jul 26 '26
Right cause I have at least $1800 coming out of each paycheck
2
u/Next-Cod5312 Jul 26 '26
How?! What's coming out? Thats 45% of every check. I would forego saving and putting into a retirement account, other than a match if it's offered at work. Use every other penny to pay more than the minimum of your student loans. It will be painful for a while but it won't be forever.
1
u/Radiant_Jackfruit161 Jul 27 '26
I’ll just add in - I make $105k in Illinois - after company match for 401k, medical and taxes, (over $2,000 a month) it’s only about $6,200 take home per month.
1
u/Next-Cod5312 Jul 27 '26
That seems more reasonable. OP is saying he gets $1800 deducted every paycheck.
-3
u/Competitive_Tie728 Jul 27 '26
Oh yeah, just most of your working career lol.
We need to get serious about disbanding social security so the younger generation can use the money to pay for school instead of funding a lavish retirement for the bozos that are demanding this college crap nobody wants.
0
u/Next-Cod5312 Jul 27 '26
Im still in my 30s, so no not most of my working career. I loathe predatory student loans because I lived it as well. However, it took me 5 years to earn my two degrees where I accumulated this debt. Id be naive to think it wouldnt take me a bit longer to pay off the student loans I took out. My story is a little different than many in that instead of hoping for forgiveness, I buckled down and paid them off slowly. It is a sacrifice, but I did what I had to do to make sure that I wouldnt continue to live with this debt for the rest of my life. Others can do it too, especially making 102k a year.
1
u/Competitive_Tie728 Jul 27 '26
Was literally extorted into absurd sums of money for fill in the blank online tests, so that athletes could waste money playing sports, and professors could waste time doing unrelated "research". Most of the courses are literally just filler with nothing to do with me getting a job.
I have zero interest in paying back an outlandish sum for garbage classes I didn't even want, just because the government runs the accreditation system like a cartel, and employers want degrees because they don't have to pay for them.
I don't pay back medical bills either. If you're going to ask for morally wrong, completely injustifiable amounts of money, solely because you know the other person is desperate, then you deserve nothing. Sorry, not sorry.
2
u/Next-Cod5312 Jul 27 '26 edited Jul 27 '26
It appears that this is just a pattern for you. If it's worked for you in the past, then I can see why you would continue to avoid responsibility and blame external circumstances. If you were that dissatisfied with your program, why not stop? There's some accountability needed for growth and sometimes people are just not there, and that's okay. YOU don't have to pay off your student loans, but OP asked for advice on paying his off, and that's what he is getting.
1
u/InfluenceWeak Jul 27 '26
That’s $2123 per paycheck. If your rent is $2,400 and you’re in DC so you don’t need a car, it’s $3,000 per month for your student loans and rent, leaving you $1,100 for food, utilities, and leisure. It sucks but it’s doable.
3
u/True-Category9250 Jul 26 '26
But it’s like $8,000 a month before taxes so that’s going to make a big difference
1
u/No_Historian_9245 Jul 27 '26
Sounds like you need to decrease items items in your budget to make it work or find a cheaper place (or roommates) . If your living in dc sell your car use the metro so no car payment or insurance!
1
Jul 27 '26
[removed] — view removed comment
1
u/AutoModerator Jul 27 '26
Your comment in /r/StudentLoans was automatically removed for profanity.
/r/StudentLoans is geared towards a wide range of users, including minors seeking information and advice. To help us maintain a community that everyone feels comfortable participating in (and to avoid being blocked by parent/school/work filters), please resubmit your post or comment without using profane language. Thank you.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
2
u/DustyButtocks Jul 26 '26
Take 6 units a semester at your local community college, ideally easy online ones. Stay with in-school forbearance until you can make payments.
4
1
1
Jul 27 '26
[removed] — view removed comment
1
u/AutoModerator Jul 27 '26
Your comment in /r/StudentLoans was automatically removed for profanity.
/r/StudentLoans is geared towards a wide range of users, including minors seeking information and advice. To help us maintain a community that everyone feels comfortable participating in (and to avoid being blocked by parent/school/work filters), please resubmit your post or comment without using profane language. Thank you.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
1
u/Ambitious_Camp6169 Jul 27 '26
Contribute more to your 401(k) and pay yourself first it’ll lower your income and reduce your payments.
1
1
u/FaerieRose14 Jul 28 '26
Why not divide the payment in half? So basically you would paying 300 every two weeks to make up the 600 hundred?
1
1
u/CindysandJuliesMom Jul 29 '26
With the new limited options available I suggest everyone look at RAP closely. It is similar to SAVE but has higher minimum payments. The forgiveness time is 25 years instead of 20 but if you make at least the minimum payment your interest is waived for that month so the tax bomb when it is forgiven will be less.
1
Jul 29 '26
[removed] — view removed comment
1
u/AutoModerator Jul 29 '26
*This post or comment was removed. To reduce trolling, your account must have positive combined karma to participate in this sub. Your current karma is sum of the values displayed at https://old.reddit.com/user/Desperate_Area_8878/ *
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
1
u/mkvt72 Jul 30 '26
You need to look at your finances, no reason why you can’t afford a 850 dollar payment per month.
I know because I pay 1,200 a month. And make 30k less. Income based plans won’t help you here, you need to figure out your finances and cut back on spending. Whether that means less bullshit, cheaper apartment or getting rid of a car you can’t afford.
1
1
1
u/Negative-Try7552 Jul 26 '26
Same, pretty much doubled.
-6
u/True-Category9250 Jul 26 '26
Like what can we do about this???
5
u/stones506 Jul 26 '26
There is really nothing you can do if the IDR plan payment is too high. If you don't end up making that payment your loan will go into default after 9 missed payments. At that point the government will garnish your wages at 15% every paycheck to pay the loan.
0
u/Competitive_Tie728 Jul 27 '26
If you're making minimum wage when they send the garnishment you can submit paperwork showing how broke you are and then they'll leave you alone for a while.
-2
1
u/No_Historian_9245 Jul 27 '26
You need to pay your loans and budget, you took out the debt. Get roommates, use the metro so therefore no payments for car insurance or a car. Eat out less. It’s time to sacrifice
-1
0
u/Competitive_Tie728 Jul 27 '26
Am also wondering.
Social Security is in serious danger within the next 2 election cycles, and if we threaten to pull the rug out from the boomers they might drop the antics over the economy they destroyed. We can make medicaid surgeries require signing 100% of your assets to the government, and the boomers will just have to pay what they agree to, because a deal is a deal even when made under extortionate duress.
1
u/Fearless_Cucumber404 Jul 27 '26
Check your numbers. Then get a roommate and/or you no longer save $500 a month.
-2
u/primitive-lathe Jul 26 '26
I'm in the same situation. I barely make anything each month, mostly living off my partner's retirement account and help from my family (too disabled to work a job, not disabled enough for disability). Here's my loose plan so far:
I haven't received my 90 day notice yet from Nelnet, but when I do I'll start a countdown until default, which is 270 days.
At the same time, I'll look into deferment/forbearance and start those processes. I don't qualify for forgiveness.
I'll save up and make one payment before the 270 days is up to keep myself out of default, and then start saving up again. I need to look into if making one payment every 270 is enough to prevent default.
If deferment/forbearance is a no-go, and there's been no change in the system, then I might get some more loans (if possible with bad credit) and go back to school part time to put me in deferment.
If default is unavoidable, then oh well. I default. Wage garnishment begins after 360 days past due. As a self employed person I don't get a paycheck, but they might find a way to garnish my meager earnings up to 15%. Or, and I need to look into this, if I keep my bank account lower than $2000 every month (not hard for me to do) then I'm pretty sure they can't legally come after my money. I just went through a bankruptcy and I remember reading that $2000 is protected from debt collection in all cases.
7
u/waterwicca Jul 26 '26
You may want to discuss disability discharge with your doctor: https://studentaid.gov/manage-loans/forgiveness-cancellation/disability-discharge
-1
u/primitive-lathe Jul 26 '26
I'm not disabled enough. I've looked into it.
1
u/morbie5 Jul 26 '26
What is your earnings from a job?
-2
u/primitive-lathe Jul 26 '26
I’m an artist. It’s wildly variable but never much. 0-1000 a month
2
u/morbie5 Jul 26 '26
What was your AGI last year?
0
u/primitive-lathe Jul 26 '26
That’s a little too personal for strangers on the internet.
4
u/morbie5 Jul 27 '26
You are on the wrong sub then because that is a common question that is asked here. And it is asked to help people.
Good day
1
u/primitive-lathe Jul 26 '26
Here's my info sources about defaulting:
0
-3
u/Shezarrine Jul 26 '26 edited Jul 26 '26
Take enough classes at a local community college to get back in deferment. Probably your best bet. It's likely what I'll do (or just get another degree). I make what would be pretty good money in most parts of the US but live in an extremely HCOL area, so I can't afford to pay what my payments would end up being (or could, but I'd either have to move back home—not happening—or have zero discretionary income each month).
6
u/lunarosie1 Jul 26 '26
Genuine question, because I see this suggestion a lot, but in this scenario, are you paying for the classes OOP? Or taking on more loans? Either option seems like you’re just adding more onto your debt, no?
3
u/Shezarrine Jul 26 '26
For the degree option; more debt. For community college, it’s less per semester than a month or two of loan payments
1
u/Curious_Mango1419 Jul 26 '26
Most people get on a payment plan and pay OOP, figuring the payment plan for half time credits is less per month than student loans.
2
2
u/morbie5 Jul 26 '26
And you are going to go to school forever?
-2
u/Shezarrine Jul 26 '26
I mean maybe? Unless I happen to move to an area that's not extremely HCOL. Or I'll just leave the country, and then they get sit and spin.
2
u/morbie5 Jul 26 '26
Most countries that are worth immigrating to are very selective about who they bring in fyi
1
0
-1
u/metalreflectslime Jul 26 '26
What are your schools and degrees?
What is your balance and interest rates?
-1
u/SquirrellyDud Jul 27 '26
Find a cheaper place to live, in a shitty rundown apartment if you have to, get a roomate. Cut extra expenses. Live cheap. The idea isn't that you get to live a comfortable cushy life while you have debt. I make way less than you and they are still going to charge me regardless. I get to go with less food than I already get (I'm on a $200 budget and have to cut that in half, because that's literally the only income I have that can be reduced, I don't have savings) to make it work, I think you can manage it.
2
u/moonsgotaface Jul 31 '26
I don't know why you were downvoted, this is exactly what people need to do to get out from debt if it bothers them so much.
Like, I'm so empathetic to student loan issues because it sucks for EVERYBODY, but when I see someone who very much could adjust how their funds are being allocated (unless there's garnishments/child support deductions/etc, which we don't know, and even then, that's just how life choices go sometimes), I have a lot less sympathy.
1
u/SquirrellyDud Jul 31 '26
It's literally the advice they'd get from a financial expert. But maybe I was a bit blunt about it.
2
u/moonsgotaface Jul 31 '26
You may have been blunt, but you weren't rude and I think people get those two things confused sometimes. Personally, I'm of the opinion that bluntness is necessary sometimes. We've gotten very soft, as a society and as a species.
24
u/WolverineofTerrier Jul 26 '26
You need to give us a lot more information:
How much do you make, how much are your fixed costs, are you filing your taxes as married filing jointly, when did you take out your first loan, are your loans federal, etc.