Reply to How to minimize monthly interest ($550/month) accruing on student loans?

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[quote=Anonymous][quote=Anonymous]OP here - it's law school (HYSCCN) debt.  Three years of loans to cover tuition only with interest accruing before I went into repayment.  I took out $150k, [b]decided not to do big law[/b], and graduated with $175k because of interest.  I'm a government attorney now making very low six figures with a combined HHI around $250k.  My consolidated interest rate was about 7.5% before I refinanced with SoFi and the interest was just making it impossible to put a dent in the principle.

Yes, the extra payments go toward the principle.  I spoke to Mohela (SoFi) today and they gave me instructions for spreading out the additional payment.  They have to be individual payments, so I'll set up a weekly auto bill through my bank and have already designated that all payments go to the principle.[/quote]

I hate to say it, the various ideas kicked around won't really allow you to make much of a dent or cut interest owed.  The only real way to do that is to make more money to be able to pay things back much sooner.  With that kind of debt, I can't imagine deciding not to do big law at least for a while.

Would you have ability to move into big law now?  How about something else that pays more than very low six figures?  There is no other magic bullet, unless you want to try your luck at the Mega Millions. [/quote]

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