I am graduating with roughly 100k of tyro loan debt, as well as NOT starting be to creation large bucks to compensate it off. we bewail all a loans we took out, though right away I’m stranded with a debt. I’ve been requesting to loan amends programs with no luck. I’m unfortunate as well as do not know what to do. How can we compensate off my loans with a income of k a year??? And what is a most appropriate converging module out there?
 |
|
|
I recommend listening to Dave Ramsey. He has great financial advise. The short answer is: you’re screwed for a while. Even with a consolidation program, you are going to have to pay the debt back. Best of Luck!
$40,000/year is good income. You should have no problem making your loan payments. That income means you’re grossing about $3,334/month. Your loan payments should be around $1,000/month (depending on the interest rates you’ve gotten they may be more). You may have to live with roommates or back in with your parents, or just rent a cheap, studio apartment (basically you’ll have to live inexpensively for awhile). If you have a car payment (shame on you adding more debt), then you’ll need to plan on driving that car for a long time. You may be able to look at trading it in for a cheaper model (and pay cash), or use public transportation (then you’ll save on car payment, gas, insurance, maintenance, etc). If you bought your car with cash (great for you). Call around for cheaper insurance quotes and only drive when it’s too far to walk. Eat at home instead of going out, and rent movies instead of hitting the theater. You may not be able to afford cable and internet… you’ll have to make choices. Basically, you’re not making anywhere near minimum wage, you’re making a great income. That being said, according to the IBR income calculator, you should qualify for the IBR plan and your payment would be approximately $300/month. This will spread your payments over 25 years, instead of the usual 10 and if your income goes up, your payments do as well. This is only for federal student loans though, so if you have a lot of private student loan debts, you won’t qualify (which is why private loans aren’t recommended). Good luck to you, but sit down and make a budget with your money. Start with everything you have to have, such as: food, housing, utilities, student loan payment, health insurance, and any other debts you have (credit card, car payment, etc.). Your list may have other items that are necessary, such as medical bills, life insurance, etc. You may also need to find a second job (even part-time) if you still can’t make your budget work. You either have to decrease your expenses or increase your income.
Hi Hockey Fan
I completely understand the way you feel right now. However, I believe with a little discipline you can pay off your debts. With $40k a year it will not be too difficult for you to pay back your loans. It will only take a little longer to pay off. You may seek loan consolidation, but there is less chance that you will get a consolidation loan with a low interest. Also if you can join AmeriCorps or Teach for America and become eligible for grants, it may assist you in paying off your loan. You may also seek loan forgiveness. Try and reduce your expenses. Prepare a monthly budget and stick to it until you pay off your loan.
I was in a similar situation that you where in, i put all my debt in one bill and paid it off in a year, some of my debt came off after they challenged it.
Here is the place that helped me, try them:
http://consolidatestudentloans.yolasite.com/
Hope this helps:)