What’s your student loan payment

[Anonymous]

Anonymous wrote:

Anonymous wrote:Everybody set up your auto-pay for .25% interest reduction.

We didn’t do this for the last 7 years (well 2 years of it was the National forbearance, so 5 years).

I always thought it didn’t make a difference, was afraid of setting it automatically, meaning we wouldn’t pay the extra we really need to pay. We always pay like 2000 extra monthly because the minimums make it rise.

But that was stupid, I don’t know why we didn’t do it the first 5 years.

I set it up last week. Doesn’t make a massive difference, right?, but I’ll keep every dollar I can. Or maybe it does add up.. I’ll go do some math

You aren't exactly keeping money given the interest you are paying over the years and then having to pay them off when your kids are in college makes it even harder.

You’re right. I was interested in the math as well. For my own loans, it is $430 savings over 3 years.

But there is zero downside. So… do it. Set up auto pay. Failing to do it would be like me willingly losing $430.

[Anonymous]

Anonymous wrote:[

At your income level, that's really gross you are getting loan forgiveness. That's not exactly a real non-profit salary.

LOL has anyone told you about doctors and loan forgiveness?? If you think this is gross…

[Anonymous]

HHI 400k. I’m a teacher and my loan balance (78k) was forgiven during the pause. (I also had a 100k private loan balance that I paid off before we got married.) We paid off my husband’s loans the last day of the pause (62k). He left government after 9 years, so we paid the loans instead of doing forgiveness for him. The salary difference was substantial enough that it made sense.

So, $0. But a long road to get here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:[

At your income level, that's really gross you are getting loan forgiveness. That's not exactly a real non-profit salary.

LOL has anyone told you about doctors and loan forgiveness?? If you think this is gross…

Please, do tell. I'm fairly sure most docs working full time would not qualify for loan forgiveness.

Would it have the unintended consequence of encouraging more docs to work less hours to lower their salaries and qualify for forgiveness?? Not sure. That sounds like additional disaster zone for the medical system...

[Anonymous]

Paid off 30k by age 24 from my first job.

[Anonymous]

Right outta law school 17 years ago around minimum $1800/ month on around $150k ish balance. Paid about $2500 per month + bonuses while in big law before getting laid off in '09. Now I'm at about 11K balance after PSLF and pay about $300/month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How do undergrads borrow more than the maximum that a student loan will allow? I thought the max was around $28k over four years.

That's federal loans for undergrads. More than that would be private loans, usually co-signed by a parent, parent loans that the parents are expecting the student to pay, and/or grad school loans.

I generally think if you borrowed money you should pay it back. We made choices to go to lower cost schools to avoid loans so I don't have a lot of sympathy for those who took the line that you should just take out loans to go to a higher ranked school. Or, in the last couple years, said just borrow money because it will be forgiven.

But, I also think there should be resources for bankruptcy or resetting to a lower interest rate and those who qualify for public service forgiveness should absolutely get that. I know a lot of people were screwed over by that process.

I agree. And while I felt the Biden loan forgiveness attempt was well intentioned it seemed ham handed. Had I graduated from grad school five years after I did I could have received loan forgiveness under the plan but because I made too much money five years out I couldn’t. It was very arbitrary. Who should be getting help at this point are the seniors who still have loans. I just read an article about people who are 60+ who feel they can never retire despite years of paying loans. Those people I feel for. But I don’t think someone who just randomly happened to graduate from college in 2020 with loans should receive blanket forgiveness.

[Anonymous]

PSLF came through for me a few months ago - so $140k zeroed out! No more payments for me.

[Anonymous]

$300/mo on 55k AGI with a dependent...doesnt make sense to me but it is what it is. Been paying for 8 years and balance is 51.5k. Original loan amount 40.5k. Ill pay for 10 more years and then it will be over.

[Anonymous]

Anonymous wrote:Balance is now 13k. I paid while interest free during the pause ( savings account has gnats- oh well).

Beginning October - I’ll be paying $205. What about you?

Extra points ( what’s your gross income?) mine: $119k

6k (post tax) on a 10 year note, 220k income as a dentist. Terrible earnings prospects, do not recc anyone going into med/dent.

[Anonymous]

Anonymous wrote:HHI 400k. I’m a teacher and my loan balance (78k) was forgiven during the pause. (I also had a 100k private loan balance that I paid off before we got married.) We paid off my husband’s loans the last day of the pause (62k). He left government after 9 years, so we paid the loans instead of doing forgiveness for him. The salary difference was substantial enough that it made sense.

So, $0. But a long road to get here.

On that income you can easily afford to pay it off.

[Anonymous]

$100 a monthly income is $3300

[Anonymous]

My balance is $50,000 (which is sad because I basically paid interest only for the past 10 years and just started paying off the principle 3 years ago) on a $60,000 graduate student loan. My payments are $500 a month and I make $140,000.

DH has a balance of $50,000 on an original loan of $180,000 for law school. He pays $2100 a month. He will be done in 2 years paying off his loan. His salary is $400,000.

[Anonymous]

Anonymous wrote:HHI 400k. I’m a teacher and my loan balance (78k) was forgiven during the pause. (I also had a 100k private loan balance that I paid off before we got married.) We paid off my husband’s loans the last day of the pause (62k). He left government after 9 years, so we paid the loans instead of doing forgiveness for him. The salary difference was substantial enough that it made sense.

So, $0. But a long road to get here.

Why in the world would you take on that much debt to be a teacher?

[Anonymous]

Balance is now $28k. I also paid during the pause.

I pay $270/mo.

HHI - appx. $300K and I'm starting to make moves to completely pay off the debt in the next 4 years.