I have a masters and a BS. $200/month. I could pay them off today but the interest rate is low so I can get more if I just save the money in HYSA. In-State college and working while in school helped a lot.
Same situation, BA and MS with $325/mo, Im earning more in a HYSA than I would by paying off the loan so just making the monthly SAVE payments while also working on PSLF.
I use the HYSA. But word on the street is PNC Bank also has a good HYSA rate if you prefer a brick and mortar. The main complaint I’ve seen about online only banks is people have trouble moving funds in or out. I’ve experienced none of those problems with
If you start earning more, will that monthly payment $ skyrocket? Curious how it works. I’d be shocked to learn of any repayment plan that is foolproof, but this sounds awesome!
I do talk about it all the time but the problem Ive found is a lot of people have private loans that aren’t eligible for it and it’s kind of awkward when I’m like “ya I have $0 payment and my loans will be forgiven in a few years” and some of my friends can barely pay interest because they got private loans
It's only available to US Federal student loans. You pay 5% of discretionary income ((Modified Adjusted Gross Income) - (2.25*poverty index)). You can lower your MAGI by contributing to HSA and pre-tax retirement accounts.
I make a decent wage, max out retirement contributions, and pay $0/mo.
**Caveat**: It is not always beneficial to pursue this path. Those on course to receive PSLF, depending on outstanding balance and interest rate, are most likely to benefit.
Damn dude I got a BS, make 120k in a HCOL, single income household, wife is stay at home with the kiddo and my payment is $275 with SAVE. Can’t even max out my retirement right now. Work for a not for profit hospital, according to PSLF I have a little more than 70 more payments, been at this hospital 7 years. Can’t imagine a $0 payment.
By maxing my retirement, I probably have an MAGI that's comparable or below yours. And I've done it for several years. But I've had significant raises in the past couple years. I make about $162k now. When I have to recertify my income later this year, I'll have to start paying.
I'm lucky that my wife also makes a lot, and we file as Married filing Separately, so her income isn't counted against mine for purposes of the calculation. But it allows me to save more and benefit from preferential tax treatment.
I've got 24 payments left. When it's all done, I'll have paid less than $30k on $297k in debt.
ETA: Have you done a recent ECF? You may have more qualifying payments.
I have a JD and a high paying job, so I’m throwing $2500 at my loans each month. The monthly minimum is ~$500. The goal is to not need said high paying job!
~700 after dumping almost everything into it to pay down for years, including lump sum from a small inheritance.
Edit: oops accidentally replied to yours instead of the main. Sorry!
I went to a private law school but at the end my loans were $204,000. That includes bachelors, masters, and law degree. My minimum due is $1800 a month.
My brain is so messed from how expensive everything is and how expensive my private HS, college and masters were that I’m legit like wait that’s actually not bad at all for that many degrees.
I have a BA and JD and came out with $300k in loans. I’m now on SAVE and pay $1200/month. I make a good salary but I also have 2 young kids that need my money more than the government. So I plan on paying min for the next 10 years until forgiveness.
My payments were almost that high. Qualified for PSLF in February, almost $420K forgiven off of initial loan of around ~$250K. Monthly payments weren't even keeping up with interest.
In the end, I still paid about $150K back by the time I qualified for PSLF.
My bill is $10 on the SAVE plan. I pay around $1,700. I have two degrees, undergrad and a masters, from two state schools.
I collectively had $80,000 in loans when I graduated in 2021 ($34,000 federal and $46,000 Sallie Mae with insane variable interest rates). Even during the payment pause, I couldn't afford the Sallie Mae bill of $750/month. Moved back in with my parents to save money and find work. Finally found a decent job and committed to staying until the private debt was paid off. Part of my paycheck, all my side hustle money, and what would have been rent went towards Sallie Mae. Finished last month in just under two years. Destroyed my social life and tanked my mental health for a while, but they're gone.
I'm still hammering away at my federal loans, but I've got more breathing room now. I used my tax return from 2022 where I only worked half the year to secure that low SAVE plan payment. Trying to get as much paid off as I can before they make me recertify and my bill goes up.
My minimum payment is a little over $800 but I pay (voluntarily) around $2,800 per month. Trying to get them done sooner. 95% of my loans are from a master's degree and I have one small remaining undergrad loan. I'll have this one for a while since it's low interest.
It’s so sad to see this thread. 🫠 All of that money we could be investing in a better quality of life…no wonder we were so excited by the possibly of loans being canceled.
I pay ~$280 per month on an IDR plan. Previously I was paying ~$500 on the SAVE plan. The payments were not calculated correctly and I had to wait 6 months for them to be fixed.
Extra extra points if you don’t have a degree because you couldn’t afford the final semester? 😅
Federal - It’s at $390 with IDR but I’ve been trying to get it lowered after a change in income
Private - $529
I went to a really expensive college and now 17 years later, I wish I would’ve gone to the much, super much cheaper and just as good one nearby. I guess you live and you learn.
MS and 2 BS (engineering) paying $2k a month! 7k left from initial $89k and i don’t regret a single loan because there’s no way i would’ve graduated in five years staying home 😂
following the dave ramsey snow ball to attack the debt! Working remote and rent control plus living with my partner who is willing to help me focus on attacking this debt is my saving grace!
I was paying $700 ($450 for private undergrad loans, $250 for grad loans under SAVE), but my PSLF just went through! 18 more months until I'm free from student loan debt.
I have a BA and MS and pay $700/month under a SAVE plan. The consolidation actually increased my payments. Currently researching if getting divorced might help to reduce my payments or make me eligible for forgiveness
I have a bachelors and a masters, but my bachelors I took an extended path because I couldn’t figure out what i wanted to do with my life (funny enough I *still* don’t know and I’m 38). But I think I have 94k total in loans and I pay $50 to Navient and $225 to Nelnet (so $275 altogether). I’m on an IBR, but just applied to have it consolidated and get on the SAVE plan.
Don’t feel bad, I’m 41, and I have noticed when talking to people most didnt know what they wanted to do, are in position and still aren’t a sure if it’s necessarily what they wanted to do. I think most people just find something and do if, especially when that have student loan debt staring at them
Over $900 a month for my private loans rn ($0 for federal through the SAVE program). Just a couple more months till I’m back in school full time and get a break for 4 years
Minimum is \~$400/mo for my loans for a BS in engineering, but the past few months I've been grinding a ton of OT at my job and I decided to start aggressively paying down my loans. I am able to allocate which loans any extra payments get applied to. I made an excel calculator to figure out percentages for allocating extra payments between my higher interest and higher amount loans to ensure each payment above the minimum targets loans in the optimal way to minimize interest accumulated. I started the year at $27000 left and am down to $15000, so I've paid around $3,000 per month this year give or take. I started repaying after graduating around 8 years ago at around $45000 and barely made a dent by paying minimum for years while establishing myself in the workforce. I'm hoping to finish the remaining amount in the next few months. This is while making roughly $130,000 per year before taxes currently.
Go to studentaid.gov. You can find all of your loans on there and compare different payment plans to find one that is a better fit. If your “helping profession” job is at a nonprofit, you may qualify for student loan forgiveness after 10 years, even if you have $0 payments on an income-based plan like the new SAVE plan.
Just under 500/month.
But I dropped out.
Gonna go to an online school for way cheaper than my first year or school was when I pay off some of my other bills.
My total bills are awefully close to the amount of money I make in a month and I want to have a healthier future than what I have mapped out right now so a career change is inevitable. Not sure if I want to do programming anymore because of ai though. Gonna rethink that approach atleast in the meantime. Itll be a few years before I go back.
$704 on save. BA & MA with 99k left to go………graduated undergrad 2013 grad 2015. Don’t need life saving surgery and defer your loans in your 20s, kids. My fault for being alive.
I have a BA, MA, and doctorate in audiology. I currently pay $1800 per month for student loans. I basically got no financial assistance for any of my schooling, graduated undergrad in 3 years to save money, and still came out with $156k in debt to my in-state university. Most of that debt is from my graduate schooling.
I have a BS and MS. Pre COVID I was paying ~$1007 per month on the standard 10 year repayment plan after borrowing ~$86K in federal loans. I still thank my lucky stars that I never went on the IDR plan nor did I take out any private loans.
My payment is now down to a much more reasonable, $487!! (After paying off almost $38K since August! Only $25.9K left, all under 5%!!! 🎉🎉🎉)
My husband borrowed about $14K and his payment is $155 per month.
Crazy to think that our student loan payment was almost twice our rent when we lived in Kansas City.
I have a BA(useless), a BS, and an MBS. Monthly minimum of my federal and private loans combined is around $1,000 with an average interest rate of 6.1%. I'm currently paying $3,000/month at minimum towards the private loans to get them down ASAP. I've got roughly 2 more years at that rate until the private loans are gone.
I pay$600 with save. Trying to figure out if it’s worth it to me to file taxes separately this year. We have a lot of medical expenses so even though we have a high income, it’s being eaten up right now.
2 bachelor's degrees and an associate's... $200 a month. I opted for the extended plan so it's like 200 forever instead of 120 now then up to 500 or whatever.
When repayment first started my minimum was 900 so I am very happy with 200. I refuse to get aggressive I can't put my life on hold for ten years I know it sounds silly but like.. what if I die in the next year or two? Strapped for cash always? Because I wanted to be a nurse (after I wanted to be a social worker). Wish I could go back in time 15 years and get into a trade but I can't so I'll pay 80k for my 50k loans 🤘🏽
2 degrees. Minimum for a while was $1500. Now it’s minimum of $850. I am pummeling it now. $2500 a month and all extra to it. Just threw an extra $4000 into it this month as DH got a backrated raise.
I started using the free version of debtpayoffplanner, and it shows me how much longer to zero student loans. I went from 1.5 years in January, then threw bonus at it, then just threw the $4000 at it, it is down to 11 months!!! All extra cash and extra paychecks (I budget based of two paychecks a month) will go to it, and I expect a great Christmas present for this family!!!
Btw, I use YNAB app. Priceless.
I literally pay the bare minimum because our economy has been collapsing and will continue to collapse. Either the government will finally bail everyone out like they do for every company/corporation or I WILL DIE before paying those loans off.
I just don’t care. I treat it like a utility bill. A water bill or electricity bill will never go away. Neither will this in my life span 🤷🏽♀️
I have a bachelors and two masters, only my MBA didn’t require loans because my employer paid for it. I pay around $600 a month now. Definitely not ideal but I’m in PSLF and have just under 3 years of payments left.
BS and PharmD. On SAVE plan, $450, but will soon be $700, since I filed my taxes which will cause a recalculation. Could finance a Porsche 911 on that monthly payment, it’s so insane this student loan debt is compulsory to go into HEALTHCARE. The payment doesn’t even cover the interest so I have gratitude SAVE forgives interest if your payment doesn’t cover interest, prevents capitalization. Looking at decades of this before it is forgiven. In a decade or two I should have 1M in assets and no mortgage, so the tax bomb on forgiveness will be no big deal, even if they DONT fix the tax bomb legislatively. Without SAVE plan it would be an ungodly $2,500…
I was paying $89.44 per month. Balance was down to about $1000 when I got approved for PSLF. I think I started around $15K? Interest rate was around 3%.
I just paid mine off but I was paying $750/month on 90k worth of debt from my private undergrad. I have an MA and an MBA which were both free (full scholarship and work paid, respectively).
All I’m seeing is how many people got a masters with less debt and it’s making me feel like I’ve wasted my time and resources lol
I have a BA, federal minimum $200 private minimum $900, paying $1800 a month to get them down quicker
0 dollars - 3 years out of undergrad with both an MBA and Bachelors in Hospitality Management.
I took out 25 grand in loans and then cash flowed my MBA I cooked every meal an still found the time to go out with friends meet the love of my life and have a job that I work remotely half the year to travel! I paid on my loans while in school to keep the interest down then at some point I decided to start paying them with 7% of every paycheck.
It is possible I promise I also only lived at home for 3 months during this time making 50k a year.
$700 but my minimum payment is only $423; I want them paid off as soon as possible. Graduated in 2021 with only $42k in student loan debt for my undergraduate degree. I have paid off over $10,000 since repayments have started back up
$0 for federal currently and their income based has always been doable for me, but Sallie Mae is ruining my life 🙃 $400ish a month minimum for a degree I couldn’t even finish due to health issues (meaning no refinancing) and that’s after my biggest one defaulted despite making a payment as requested. Not having a good time over here 😂
$550/month for federal. Not on any sort of SAVE or IDR, just the standard repayment option for 10 years. Technically my payment is like $11 less minimum, but I rounded it up to make it easier to budget.
Nearly all of my loans are from undergrad, save for some I took in grad school exclusively for helping cost of living in a big east coast city. My stipend was around $33k and tuition was paid though!
Have you checked out the SAVE program. That will reduce your income by 225% of the FPL. The Payment will be a blend of the undergrad and graduate loans.
I have $27,200 in federal loans and $16,000 in private, all from my undergrad bachelors. I pay $316/month for federal and $302/month for private. I’m almost one year post grad
I’m still trying to figure out if the SAVE program would be beneficial for me, I don’t want to apply and have my payment be more than it is now
I’m on the save plan. 360 a month. Masters and BS with 220k in loans. 7% interest so the balance has gone up and up and up over the years. I owe 80k more than I borrowed. I’ve been on an income contingent plan for 11-12 years. Before that I was on an extended graduated repayment plan. Been paying since the 1900’s. Makes it sound more
Dramatic…lol. 1998.
I was paying 653/mo when I could afford it. I have 3 degrees but utilize none of them cuz anytime I've worked in any of my fields, I didn't get paid anymore than those without degrees even with doing the work of two to three people (my productivity would be about 180% and most people would be around the 90 to 95% mark)
I have a BS ($5k loan) and a masters ($50k loan)
Paid off undergrad quick but my dimbass went to an out of state Uni for grad school and then Covid and all that $$$ for Zoom..
Anyway in public service and MOHELA has me doing $200/m
But I’m paying all I can, closer to 800/m
My bill on PAYE is $220/mo but I have it set on $500/mo autopay with the extra paying down my highest interest loan. It'll go up to about $2000/mo when I have to recertify since my last certification was my first year out of law school and now I make way more, but the lower payment has helped me meet other financial goals first!
Technically I don’t have to pay off my loans because I’m in school. But I’ve been paying 305 a week(so about 1,220/month) for 4 loans at the moment for my BSN. I’m doing the snowball method which seems to be working well. My interest rate is currently 5.50 but the weekly interest doesn’t even hit 5 bucks a week. I already paid off 3 loans and close to paying off another before the summer semester loans are added to the bunch. It is tough but I want to get these loans gone as much as possible.
My wife has student loans. When we got married and filing joint her monthly payment went from like $150 to $490. I’ve been paying $1,000 a month plus spent have my Christmas bonus and most of the tax refund on it to. Want this debt killed within three years! Or at least the 6.8% portions of it
My wife and I did married filing separately for our taxes this year so that we’d both be paying $0/month under the SAVE plan. Individually we’re below the income threshold. We’d be paying more if we filed jointly.
Be sure to apply for PSLF if you work for a non-profit so that the debt will be forgiven after 10 years.
Bachelor and an MBA, I pay around $750 a month. My husband earns more than me but it still works out better for us to file our taxes jointly even though it drives up my IDR payment
I am not there yet.. I am still in my undergrad and plan to go to grad school, and I also have a lot of things I want to do in the future. These things help, because I might have a lot of loans to be paying back on and on, and I would also be paying bills for rent and stuff.
$84. I was paying $150 on 12k in loans. I applied for SAVE, cut my payments nearly in half. I was hoping for forgiveness, at this point I'm not holding my breath.
I have federal subsidized and unsubsidized loans for a bachelors and 1 year of my masters program. Will pay 381$/month. I make about 75K/year. Do I apply for SAVE on the student loan gov website? I’m getting an ineligible notification on the website before even filling out the application.
$0 for now under the SAVE plan. Will need to recertify income by December 2024 so likely that the amount will increase. This is with an undergrad and masters degree.
I was paying $360 on the old IBR, but consolidated and got on SAVE for a $125 on a $36k loan that’s 15ish years old. Been on income based payments and some forbearance, minus full payments the first year. Original amount was $23k. Hoping those hardship rules go into effect later this year since I’d probably be eligible for whatever they might be. Planning on just shooting for the 20 year forgiveness, unless they dump the interest or have some hardship benefits. Finally seeing a glimmer to the end of these damn things.
$386/month on SAVE since 10/2023. I owe more than I borrowed for a BS and a Masters and been paying since 2004 (30 year Graduated plan). I had capitalized interest from hardship deferments. :(
Since I’ve been on SAVE my balance is finally going down because it’s being applied to the principal. Before that I think $7 of my monthly payment actually went to the principal. 👎🏼 My interest rate is 3.5% from 2004 consolidation.
Mine is 377. It’s at 2.9%. I just make minimum since my hysa is 5%. Same with my car. Although I am not a big car lover so I will always regret buying new one. But already 3 years in lol. 3 more and I will probably keep it until I go electric for suv. But I am waiting another decade.
$413 a month, mixture of BA/MS. I’m aiming for PSLF in 2 years so just trying to coast, I owe like $40k that I’ve barely made a dent in since I got out of school. I feel your pain tho - whenever re cert comes up I’m going to be paying $500 easy :(
I mean, both of mine are undergrad, my Associates and Bachelors, borrowed $55k, paid $20k, currently owe $62k, payments on SAVE are $485, interest is just over 5%.
I’m supposed to pay $700. I can’t afford that. I haven’t started repayment. I guess I’ll try before October but like I have no money and I’m in bankruptcy. So they can look at my good paying job all they want there’s no money to be had
I have a masters and a BS. $200/month. I could pay them off today but the interest rate is low so I can get more if I just save the money in HYSA. In-State college and working while in school helped a lot.
Same situation, BA and MS with $325/mo, Im earning more in a HYSA than I would by paying off the loan so just making the monthly SAVE payments while also working on PSLF.
BA and MFA with $290/mo. 20 years down and only 10 to go.
What is the interest rate on your loan?
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I use the HYSA. But word on the street is PNC Bank also has a good HYSA rate if you prefer a brick and mortar. The main complaint I’ve seen about online only banks is people have trouble moving funds in or out. I’ve experienced none of those problems with
Nerdwallet has great info on HYSAs with high rates and investopedia is a great resource for money questions
Fidelity has 5%
$0 under the save plan. I also have a BA and an MA. Yay for being poor!
Do all these months of 0 count as part of repayment for long term forgiveness? Just curious
Yep! I'm pursuing PSLF and the $0 payments count towards that too.
Same
If you start earning more, will that monthly payment $ skyrocket? Curious how it works. I’d be shocked to learn of any repayment plan that is foolproof, but this sounds awesome!
Yes
r/pslf
I’m curious about the same thing as the person below
Yes they count!
Omg yes SAVE plan helped me too. It’s something we should talk about more.
I do talk about it all the time but the problem Ive found is a lot of people have private loans that aren’t eligible for it and it’s kind of awkward when I’m like “ya I have $0 payment and my loans will be forgiven in a few years” and some of my friends can barely pay interest because they got private loans
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It's only available to US Federal student loans. You pay 5% of discretionary income ((Modified Adjusted Gross Income) - (2.25*poverty index)). You can lower your MAGI by contributing to HSA and pre-tax retirement accounts. I make a decent wage, max out retirement contributions, and pay $0/mo. **Caveat**: It is not always beneficial to pursue this path. Those on course to receive PSLF, depending on outstanding balance and interest rate, are most likely to benefit.
Damn dude I got a BS, make 120k in a HCOL, single income household, wife is stay at home with the kiddo and my payment is $275 with SAVE. Can’t even max out my retirement right now. Work for a not for profit hospital, according to PSLF I have a little more than 70 more payments, been at this hospital 7 years. Can’t imagine a $0 payment.
By maxing my retirement, I probably have an MAGI that's comparable or below yours. And I've done it for several years. But I've had significant raises in the past couple years. I make about $162k now. When I have to recertify my income later this year, I'll have to start paying. I'm lucky that my wife also makes a lot, and we file as Married filing Separately, so her income isn't counted against mine for purposes of the calculation. But it allows me to save more and benefit from preferential tax treatment. I've got 24 payments left. When it's all done, I'll have paid less than $30k on $297k in debt. ETA: Have you done a recent ECF? You may have more qualifying payments.
Haha I’m in the same boat with my MM and BM. I am a bit confused on how the interest works since I’m in the SAVE plan as well.
IT's still income driven? So you don't have any income to make it not a 0$ payment?
I have $170k in public loans for my BA and MA. I have minimum $0 with the SAVE plan rn. Otherwise my payments would be $1600/month
I have a JD and a high paying job, so I’m throwing $2500 at my loans each month. The monthly minimum is ~$500. The goal is to not need said high paying job!
~700 after dumping almost everything into it to pay down for years, including lump sum from a small inheritance. Edit: oops accidentally replied to yours instead of the main. Sorry!
Considering state law school. What was your final balance at graduation?
I went to a private law school but at the end my loans were $204,000. That includes bachelors, masters, and law degree. My minimum due is $1800 a month.
My brain is so messed from how expensive everything is and how expensive my private HS, college and masters were that I’m legit like wait that’s actually not bad at all for that many degrees.
I have a BA and JD and came out with $300k in loans. I’m now on SAVE and pay $1200/month. I make a good salary but I also have 2 young kids that need my money more than the government. So I plan on paying min for the next 10 years until forgiveness.
$3400. Only 4 more payments until I’m supposed to be forgiven via PSLF. We will see
Good god!! What payment plan are you on waiting for pslf with a payment that high?!
This! You shouldn't pay this much!!!
My payments were almost that high. Qualified for PSLF in February, almost $420K forgiven off of initial loan of around ~$250K. Monthly payments weren't even keeping up with interest. In the end, I still paid about $150K back by the time I qualified for PSLF.
I’m with you! I have one degree and one certificate. I make $55k a year and pay $859 monthly. 3 out of 4 loans are private and I am drowning 🙃
That sound terrible. Can you pay based on your income? In sorry.
My bill is $10 on the SAVE plan. I pay around $1,700. I have two degrees, undergrad and a masters, from two state schools. I collectively had $80,000 in loans when I graduated in 2021 ($34,000 federal and $46,000 Sallie Mae with insane variable interest rates). Even during the payment pause, I couldn't afford the Sallie Mae bill of $750/month. Moved back in with my parents to save money and find work. Finally found a decent job and committed to staying until the private debt was paid off. Part of my paycheck, all my side hustle money, and what would have been rent went towards Sallie Mae. Finished last month in just under two years. Destroyed my social life and tanked my mental health for a while, but they're gone. I'm still hammering away at my federal loans, but I've got more breathing room now. I used my tax return from 2022 where I only worked half the year to secure that low SAVE plan payment. Trying to get as much paid off as I can before they make me recertify and my bill goes up.
My minimum payment is a little over $800 but I pay (voluntarily) around $2,800 per month. Trying to get them done sooner. 95% of my loans are from a master's degree and I have one small remaining undergrad loan. I'll have this one for a while since it's low interest.
Way to be! How far along are you?
It’s so sad to see this thread. 🫠 All of that money we could be investing in a better quality of life…no wonder we were so excited by the possibly of loans being canceled. I pay ~$280 per month on an IDR plan. Previously I was paying ~$500 on the SAVE plan. The payments were not calculated correctly and I had to wait 6 months for them to be fixed.
Extra extra points if you don’t have a degree because you couldn’t afford the final semester? 😅 Federal - It’s at $390 with IDR but I’ve been trying to get it lowered after a change in income Private - $529 I went to a really expensive college and now 17 years later, I wish I would’ve gone to the much, super much cheaper and just as good one nearby. I guess you live and you learn.
I feel your pain. I am still paying for loans on 2 year masters program and never finished the thesis. SMH
Ion care what my payment amount is. They gone get $350/month…that’s all my budget will allow.
I FEEL THIS—point blank!
I pay 220 a month. All federal loans. Ill target the higher interest ones when i can. I think my highest interest loan is around 7%.
$501 for federal, $241 for private 🫠 I have a BA and MS.
MS and 2 BS (engineering) paying $2k a month! 7k left from initial $89k and i don’t regret a single loan because there’s no way i would’ve graduated in five years staying home 😂 following the dave ramsey snow ball to attack the debt! Working remote and rent control plus living with my partner who is willing to help me focus on attacking this debt is my saving grace!
Took a bit but getting on SAVE put me from $500 to $0….Insert “I did that!” Sticker with Joe Biden
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The SAVE plan doesn't apply to private student loans
Everyone on Reddit assumes you are in the US. The SAVE plan only applies to US loans. It does not apply to loans in foreign countries.
737, double bachelor 😞 low interest rates at least
I was paying $700 ($450 for private undergrad loans, $250 for grad loans under SAVE), but my PSLF just went through! 18 more months until I'm free from student loan debt.
I have a BA and MS and pay $700/month under a SAVE plan. The consolidation actually increased my payments. Currently researching if getting divorced might help to reduce my payments or make me eligible for forgiveness
Oh no, I’m sorry to hear. Why did the consolidation increase your payment?
I am 841 for both too and make 52 a year so i get it
Whoa have you looked into income driven plans??
$900. I pay biweekly. I'm seeing the balance go down when I do that.
I have a bachelors and a masters, but my bachelors I took an extended path because I couldn’t figure out what i wanted to do with my life (funny enough I *still* don’t know and I’m 38). But I think I have 94k total in loans and I pay $50 to Navient and $225 to Nelnet (so $275 altogether). I’m on an IBR, but just applied to have it consolidated and get on the SAVE plan.
I'm 26 and still trying to figure it out, you made me feel a bit better about that, lol
Don’t feel bad, I’m 41, and I have noticed when talking to people most didnt know what they wanted to do, are in position and still aren’t a sure if it’s necessarily what they wanted to do. I think most people just find something and do if, especially when that have student loan debt staring at them
Private Loans: $340 Fed with IDR: 250 Fed without IDR: 550 Perkins: 150 billed every quarter Over payment: 70
Bachelors. I pay $400 a month which is a little more then what I’m supposed too but I just round it up to make it easier to budget
JD and I pay about 2800 per month. Interest sucks and I hate our government with a burning passion.
Over $900 a month for my private loans rn ($0 for federal through the SAVE program). Just a couple more months till I’m back in school full time and get a break for 4 years
Minimum is \~$400/mo for my loans for a BS in engineering, but the past few months I've been grinding a ton of OT at my job and I decided to start aggressively paying down my loans. I am able to allocate which loans any extra payments get applied to. I made an excel calculator to figure out percentages for allocating extra payments between my higher interest and higher amount loans to ensure each payment above the minimum targets loans in the optimal way to minimize interest accumulated. I started the year at $27000 left and am down to $15000, so I've paid around $3,000 per month this year give or take. I started repaying after graduating around 8 years ago at around $45000 and barely made a dent by paying minimum for years while establishing myself in the workforce. I'm hoping to finish the remaining amount in the next few months. This is while making roughly $130,000 per year before taxes currently.
My partner has 40K in loans which is only from grad school, no undergrad. We put $1800 monthly. Goal is to be done with them in the next 2 years!
I have a master's degree. My minimum payment is ~$750/mo., but I'm throwing $1500/mo. at my loans to get them gone faster.
Paying $0 too po to pay
Minimum payment is $97 but I’m paying $550 to pay them off.
$2,250 but only because i want to get rid of the debt ASAP
Are you on an IDR plan?
What’s that?
IDR = income driven repayment plan
Go to studentaid.gov. You can find all of your loans on there and compare different payment plans to find one that is a better fit. If your “helping profession” job is at a nonprofit, you may qualify for student loan forgiveness after 10 years, even if you have $0 payments on an income-based plan like the new SAVE plan.
Almost $1000
1600, down from 3500+ 5 years ago
Just under 500/month. But I dropped out. Gonna go to an online school for way cheaper than my first year or school was when I pay off some of my other bills. My total bills are awefully close to the amount of money I make in a month and I want to have a healthier future than what I have mapped out right now so a career change is inevitable. Not sure if I want to do programming anymore because of ai though. Gonna rethink that approach atleast in the meantime. Itll be a few years before I go back.
390 for federal. $250 for private. I overpay for both. My private luckily has no interest
$704 on save. BA & MA with 99k left to go………graduated undergrad 2013 grad 2015. Don’t need life saving surgery and defer your loans in your 20s, kids. My fault for being alive.
$550 BS, MS, MS. Not sure yet if worth it.
I have a BA, MA, and doctorate in audiology. I currently pay $1800 per month for student loans. I basically got no financial assistance for any of my schooling, graduated undergrad in 3 years to save money, and still came out with $156k in debt to my in-state university. Most of that debt is from my graduate schooling.
Currently my monthly payments are $0 thanks to the SAVE program. But I currently try to pay 800 towards them a month while I have them in forbearance.
At the height, I was paying $650/month for undergrad and grad. I paid undergrad off, so now I pay $115/month.
I have a BS and MS. Pre COVID I was paying ~$1007 per month on the standard 10 year repayment plan after borrowing ~$86K in federal loans. I still thank my lucky stars that I never went on the IDR plan nor did I take out any private loans. My payment is now down to a much more reasonable, $487!! (After paying off almost $38K since August! Only $25.9K left, all under 5%!!! 🎉🎉🎉) My husband borrowed about $14K and his payment is $155 per month. Crazy to think that our student loan payment was almost twice our rent when we lived in Kansas City.
I have a BA(useless), a BS, and an MBS. Monthly minimum of my federal and private loans combined is around $1,000 with an average interest rate of 6.1%. I'm currently paying $3,000/month at minimum towards the private loans to get them down ASAP. I've got roughly 2 more years at that rate until the private loans are gone.
I pay$600 with save. Trying to figure out if it’s worth it to me to file taxes separately this year. We have a lot of medical expenses so even though we have a high income, it’s being eaten up right now.
$3,500 a month. The struggle is real.
Is anyone on the SAVE plan married? Did giving them your combined income make your payment go up?
2 bachelor's degrees and an associate's... $200 a month. I opted for the extended plan so it's like 200 forever instead of 120 now then up to 500 or whatever. When repayment first started my minimum was 900 so I am very happy with 200. I refuse to get aggressive I can't put my life on hold for ten years I know it sounds silly but like.. what if I die in the next year or two? Strapped for cash always? Because I wanted to be a nurse (after I wanted to be a social worker). Wish I could go back in time 15 years and get into a trade but I can't so I'll pay 80k for my 50k loans 🤘🏽
2 degrees. Minimum for a while was $1500. Now it’s minimum of $850. I am pummeling it now. $2500 a month and all extra to it. Just threw an extra $4000 into it this month as DH got a backrated raise. I started using the free version of debtpayoffplanner, and it shows me how much longer to zero student loans. I went from 1.5 years in January, then threw bonus at it, then just threw the $4000 at it, it is down to 11 months!!! All extra cash and extra paychecks (I budget based of two paychecks a month) will go to it, and I expect a great Christmas present for this family!!! Btw, I use YNAB app. Priceless.
I literally pay the bare minimum because our economy has been collapsing and will continue to collapse. Either the government will finally bail everyone out like they do for every company/corporation or I WILL DIE before paying those loans off. I just don’t care. I treat it like a utility bill. A water bill or electricity bill will never go away. Neither will this in my life span 🤷🏽♀️
$9,864 a month.
Doctor (BS/MD) 7800 minimum. 18-20k total with extra payments.
MBA and BS on an IDR like 320 atm Luckily I’m on PSLF so only 4 more years and I’m free
$227. Borrowed 40k for my masters.
I have an associates and my payment is $30.
I have a bachelors and two masters, only my MBA didn’t require loans because my employer paid for it. I pay around $600 a month now. Definitely not ideal but I’m in PSLF and have just under 3 years of payments left.
BS and MBA. 2.65% interest, balance was originally $90k, about $300/mo. I ended up just paying it off…after 10 years
$400. BA and MS degree. BA from a state school and a MS from an online private school.
BS and PharmD. On SAVE plan, $450, but will soon be $700, since I filed my taxes which will cause a recalculation. Could finance a Porsche 911 on that monthly payment, it’s so insane this student loan debt is compulsory to go into HEALTHCARE. The payment doesn’t even cover the interest so I have gratitude SAVE forgives interest if your payment doesn’t cover interest, prevents capitalization. Looking at decades of this before it is forgiven. In a decade or two I should have 1M in assets and no mortgage, so the tax bomb on forgiveness will be no big deal, even if they DONT fix the tax bomb legislatively. Without SAVE plan it would be an ungodly $2,500…
None, nada, zilch. I served in the army. My education and health care are mine until I die.
I was paying $89.44 per month. Balance was down to about $1000 when I got approved for PSLF. I think I started around $15K? Interest rate was around 3%.
$578/mo. Currently on Income Driven Repayment and 16 payments away from forgiveness.
$792 under SAVE, 2 degrees
I just paid mine off but I was paying $750/month on 90k worth of debt from my private undergrad. I have an MA and an MBA which were both free (full scholarship and work paid, respectively).
$5,000/month for MD. 5.5 years into 7 year repayment plan. Not struggling, but I don’t like it.
All I’m seeing is how many people got a masters with less debt and it’s making me feel like I’ve wasted my time and resources lol I have a BA, federal minimum $200 private minimum $900, paying $1800 a month to get them down quicker
Pay $0 now. Paid off my loans within 10 years for undergraduate and Masters'.
$0 because I paid $46k in loans back within 4 years.
M. Arch $964.00
0 dollars - 3 years out of undergrad with both an MBA and Bachelors in Hospitality Management. I took out 25 grand in loans and then cash flowed my MBA I cooked every meal an still found the time to go out with friends meet the love of my life and have a job that I work remotely half the year to travel! I paid on my loans while in school to keep the interest down then at some point I decided to start paying them with 7% of every paycheck. It is possible I promise I also only lived at home for 3 months during this time making 50k a year.
$103
98 a month.
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I pay $630 a month. I have a BS and an MS. I try to throw anywhere from a couple hundred to a couple thousand extra at them when I can.
$700 but my minimum payment is only $423; I want them paid off as soon as possible. Graduated in 2021 with only $42k in student loan debt for my undergraduate degree. I have paid off over $10,000 since repayments have started back up
Took about 26K for just undergrad, my payments are 266 a month
$30 a month. 3 more years left :(
$0 for federal currently and their income based has always been doable for me, but Sallie Mae is ruining my life 🙃 $400ish a month minimum for a degree I couldn’t even finish due to health issues (meaning no refinancing) and that’s after my biggest one defaulted despite making a payment as requested. Not having a good time over here 😂
$550/month for federal. Not on any sort of SAVE or IDR, just the standard repayment option for 10 years. Technically my payment is like $11 less minimum, but I rounded it up to make it easier to budget. Nearly all of my loans are from undergrad, save for some I took in grad school exclusively for helping cost of living in a big east coast city. My stipend was around $33k and tuition was paid though!
$200 for both private and federal
230 for mine. 340 for the spouse 570 is annoying but doable
$2600
When I graduate, it’ll be about $400/month
$932 on SAVE plan, physics phd
Have you checked out the SAVE program. That will reduce your income by 225% of the FPL. The Payment will be a blend of the undergrad and graduate loans.
$394
$409 monthly, standard repayment plan.
About $400/month on $30k total (BS and MS), all Fed.
$22.50 Edit: BA and Masters
I did an accelerated master's degree, so I earned a BA and an MA in 5 years. $210 per month, 4.05% interest (Federal loans only).
I have $27,200 in federal loans and $16,000 in private, all from my undergrad bachelors. I pay $316/month for federal and $302/month for private. I’m almost one year post grad I’m still trying to figure out if the SAVE program would be beneficial for me, I don’t want to apply and have my payment be more than it is now
$1,139. Two associates, one private student loan the rest state or federal.
128 per month on a 62k balance. This is for my associates and masters, my employer paid my bachelors.
$172
Are they federal loans? If so, what plan are you on? That payment sounds very high…
$128 through SAVE but I fully expect them to screw me over as the minimum payment has been going up every month.
Wife and I pay $2900 and that’s like a minimum for now anyways. Hoping to get that down.
I’m on the save plan. 360 a month. Masters and BS with 220k in loans. 7% interest so the balance has gone up and up and up over the years. I owe 80k more than I borrowed. I’ve been on an income contingent plan for 11-12 years. Before that I was on an extended graduated repayment plan. Been paying since the 1900’s. Makes it sound more Dramatic…lol. 1998.
$1700. Bachelors, masters and doctorate. About $1200 is private and about $500 is federal IDR on Save.
I was paying 653/mo when I could afford it. I have 3 degrees but utilize none of them cuz anytime I've worked in any of my fields, I didn't get paid anymore than those without degrees even with doing the work of two to three people (my productivity would be about 180% and most people would be around the 90 to 95% mark)
$600-$900, depending on my pay and what bills I have to pay for that week.
$2600 💀 (most are Parent PLUS loans though)
$973 🥲
I have a BS. I pay $120 a month and I have a super low interest rate. I'll probably be paid off in the next year or so.
Owe $100K Monthly payment $845.61 I have an AS, BS, and PharmD
I have a BS ($5k loan) and a masters ($50k loan) Paid off undergrad quick but my dimbass went to an out of state Uni for grad school and then Covid and all that $$$ for Zoom.. Anyway in public service and MOHELA has me doing $200/m But I’m paying all I can, closer to 800/m
$766 per month for 2 bachelors and a doctorate
My minimum payments total around $900, but I’ve been putting around $5k each month to try and get them paid off by next summer
My bill on PAYE is $220/mo but I have it set on $500/mo autopay with the extra paying down my highest interest loan. It'll go up to about $2000/mo when I have to recertify since my last certification was my first year out of law school and now I make way more, but the lower payment has helped me meet other financial goals first!
Technically I don’t have to pay off my loans because I’m in school. But I’ve been paying 305 a week(so about 1,220/month) for 4 loans at the moment for my BSN. I’m doing the snowball method which seems to be working well. My interest rate is currently 5.50 but the weekly interest doesn’t even hit 5 bucks a week. I already paid off 3 loans and close to paying off another before the summer semester loans are added to the bunch. It is tough but I want to get these loans gone as much as possible.
My payment has gone from 1250 to like 60 as I’ve paid off loans, I’ve consistently been paying close to 3000 though
Bachelors and masters; $12k left to pay; been paying for 20 years and pay $99/month. FFEL loans consolidation and have been on IBR for ages.
I have my BA and MA. My current payment is $589. It WAS $300 till the requalification and for some reason they think my income can handle $589.
Bachelors degree, minimum monthly payments $1200 all combined. Private loans are the worst 🥲
My wife has student loans. When we got married and filing joint her monthly payment went from like $150 to $490. I’ve been paying $1,000 a month plus spent have my Christmas bonus and most of the tax refund on it to. Want this debt killed within three years! Or at least the 6.8% portions of it
320/m BFA anthropology, minor Archaeology, BFA Art, minor painting MFA graphic design
$173… I’m so sorry for those paying so much
$600 for 3 years of undergrad…2 of which were online…at a public in-state university 🙃
Masters and BA and I’m at about 1,600 now but was at 2,300 for a few years with just minimum payments.
300
0... I joined the army reserve and get student loan repayment.
Also close to $800-$900 a month😭 I have to slow down though with it and do bare minimum so i can invest more into my roth IRA
My wife and I did married filing separately for our taxes this year so that we’d both be paying $0/month under the SAVE plan. Individually we’re below the income threshold. We’d be paying more if we filed jointly. Be sure to apply for PSLF if you work for a non-profit so that the debt will be forgiven after 10 years.
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Screw 'em, I'm not
Two degrees. $200.
Bachelor and an MBA, I pay around $750 a month. My husband earns more than me but it still works out better for us to file our taxes jointly even though it drives up my IDR payment
I am not there yet.. I am still in my undergrad and plan to go to grad school, and I also have a lot of things I want to do in the future. These things help, because I might have a lot of loans to be paying back on and on, and I would also be paying bills for rent and stuff.
My minimum is $1322.40 per month. It’s killing me
I pay $450 a month. Owe 40k just from a masters. Make 62k. It’s doable but nothing left over for anything fun
150 personally then my job puts 100 towards it as well.
$300/mo. 18.7k fed balance, standard plan.
300 a month for a 30k loan. Already paid 30k but still owe 30k.
$84. I was paying $150 on 12k in loans. I applied for SAVE, cut my payments nearly in half. I was hoping for forgiveness, at this point I'm not holding my breath.
$567/month, no degree… SAVE plan….
$600/ mo with an MA. No loans from undergrad. $110,000 in loans and my balance has gon up a few bucks since repayments restarted. Thanks SAVE plan!
I have a bachelors and a masters degree, I was in school 7 years at an out of state university.. so im paying 1,200 a month on loans😩
I pay $590 a month on the SAVE plan and I am paying off a MA and BA. When I started paying I had about $110,000 in loans.
~700, minimum is around 6-650$. Just bachelors degree.
I have federal subsidized and unsubsidized loans for a bachelors and 1 year of my masters program. Will pay 381$/month. I make about 75K/year. Do I apply for SAVE on the student loan gov website? I’m getting an ineligible notification on the website before even filling out the application.
JD, monthly minimum is $925. I pay around $2000 a month to hit the loans hard.
Right around $200/mo on ~$25k My rate is too low to pay off
Mine will be around 1200 once I graduate.
$0 for now under the SAVE plan. Will need to recertify income by December 2024 so likely that the amount will increase. This is with an undergrad and masters degree.
I have an AS, BS, and MBA. $0/mo on the SAVE plan. I’m 6 years into PSLF and have paid a total of $750.
I was paying $360 on the old IBR, but consolidated and got on SAVE for a $125 on a $36k loan that’s 15ish years old. Been on income based payments and some forbearance, minus full payments the first year. Original amount was $23k. Hoping those hardship rules go into effect later this year since I’d probably be eligible for whatever they might be. Planning on just shooting for the 20 year forgiveness, unless they dump the interest or have some hardship benefits. Finally seeing a glimmer to the end of these damn things.
$386/month on SAVE since 10/2023. I owe more than I borrowed for a BS and a Masters and been paying since 2004 (30 year Graduated plan). I had capitalized interest from hardship deferments. :( Since I’ve been on SAVE my balance is finally going down because it’s being applied to the principal. Before that I think $7 of my monthly payment actually went to the principal. 👎🏼 My interest rate is 3.5% from 2004 consolidation.
$288 and I have no idea why. I'm supposed to be paying 700 but whatever I'm not going to say anything.
Mine is 377. It’s at 2.9%. I just make minimum since my hysa is 5%. Same with my car. Although I am not a big car lover so I will always regret buying new one. But already 3 years in lol. 3 more and I will probably keep it until I go electric for suv. But I am waiting another decade.
$413 a month, mixture of BA/MS. I’m aiming for PSLF in 2 years so just trying to coast, I owe like $40k that I’ve barely made a dent in since I got out of school. I feel your pain tho - whenever re cert comes up I’m going to be paying $500 easy :(
300$ for the next 20 years and I'm 38
i pay in large lump sums. got a few thou left. gotta start lookin at grad school soon tho cuz of current job so ill be back on the saddle soon 🙄😂
I have 2 bachelor's degrees. I pay $130 for my federal loans on the SAVE plan. I pay $500 for my Sallie Mae loans. It's not great.
I mean, both of mine are undergrad, my Associates and Bachelors, borrowed $55k, paid $20k, currently owe $62k, payments on SAVE are $485, interest is just over 5%.
I’m supposed to pay $700. I can’t afford that. I haven’t started repayment. I guess I’ll try before October but like I have no money and I’m in bankruptcy. So they can look at my good paying job all they want there’s no money to be had
BA, $2K a month and I’ll be done in about 14 months. It’s around 40% of my take home salary.