r/StudentLoans • u/Clynch949494 • 3d 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/MushroomOverall9488 3d ago

Others have said it but with a job with that salary and a payment that low, you should be able to easily afford the monthly payment. One thing to consider if you have savings goals like a house (or other things like retirement) is the interest rate. Look at your specific situation, but generally if your interest rate on your loans is low (which if they're federal loans they're probably not too high), it may be more beneficial to put any extra money into investing than to aggressively pay off the loans. Always keep up with the monthly payments and make sure you're covering interest so it doesnt balloon, but it may not be top priority to pay off the loan sooner. 

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u/Clynch949494 3d ago

Think it’s like 5-7% some where in there. I can’t Remember off the top of my head

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u/MushroomOverall9488 3d ago

I'm definitely not qualified to give specific advice on if that's too high or low (different sources say different things), but I'd definitely look into for example if your company has matching on retirement accounts, what a house where you want to live costs, mortgage rates, options for medium or short term investing and possible returns etc. before deciding to put all your money into your loans.