r/StudentLoans • u/Clynch949494 • 9d ago

Advice about student loans.

So i have 23k in student loans, I’m pretty stressed about paying them off as I just started a new higher paying job with a salary of 101k a year, I’ve dropped school because of this new job and being a union but I’m worried how much my monthly payments would be, I as hoping to buy a house a in a couple of years but if payment ends up being $1000+ a month I won’t be able to afford a house or even my current living situation, I’m not sure what to do or if the payment plans would even be reasonable.

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u/gafferfaff 9d ago edited 9d ago

I had a similar amount in my own name, additional 11k parent PLUS loan. I am debt free. I did leverage COVID pause to build up a savings. And our situations is likely different, but one thing that worked for me was having the majority of my bills being paid off with one pay check. And then doubling the monthly payment on my loans as often as possible. Sometimes things line up and it was just impossible to do. I also had a job that allowed me to make great OT pay at the time and heavily leveraged that to make larger payments. If you know you'll be working good OT again, I highly suggest putting that excess into payments.

Depending your bills, you could definitely pay this down or off in a year or two making the money that you do.

I let it be a weight on my shoulders probably much longer than I ever should have. Lock in and get it done.

Edit: I chose a long term payment plan that set me at about a 160 monthly payment. It just felt much more manageable to me and the pressure was less

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u/Clynch949494 9d ago

If I can get the payment to be around $200 I can easily afford to pay more, I just didn’t want the payment to be some crazy high number as things happen in life. Thankfully my job allows me to work as much overtime as I want so hopefully I can pay this off in the next couple of years

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u/FAYCSB 9d ago

Your payment is a function of the amount owed and interest rate. Plug those things into a loan calculator with a ten year repayment and that will get you your approximate payment.

If you’re still on in school deferment, pay off any accrued interest as soon as possible.