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BrokeBoi99_

2024-01-30 00:31:44

300K in Student Loan Debt

BrokeBoi99_

2024-01-31 15:42:09

300k in Student Loan Debt - National Debt Relief / Bankruptcy / Settlement Options

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My husband was in a similar situation (BA loans + MA Arch degree from a private school and graduated w/ masters at 26). I’m not sure what the starting amount was initially, but it was well over 100K. It took 10+ years to pay off. We made many sacrifices in order to do so (+ the student loan pauses brought about by covid certainly shortened our timeline), but we also lived in HCOL areas and only got serious about paying loans off in the last four years. We were even able to buy a house, travel, and have good quality of life along the way. The pressure of a large loan repayment hanging over your head is intense and architecture is a hard industry, but a lot happens as your career progresses and you can and will pay it off if you’re savvy and motivated (it sounds like you are!)

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Thank you for sharing this journey. Very inspirational. I'll be trying to use a lot of this advice.

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Regarding the SAVE plan, no. Your eligibility has nothing to do with any prior forbearance. Your eligibility is solely tied to your income and family size (e.g., if your income is high enough that 10% of your discretionary income, as calculated by the govt, is actually more money than the 10-year standard repayment plan - they’d just put you on the standard plan because you don’t need income-based repayment). Your monthly payment doesn’t change as your balance increases, it only changes as your income or family size do. You recertify your income once per year, so that is what triggers your repayment amount changing. So for example, say you get a sick raise or a new job earning $100K - the next time you are required to recertify your income is when your monthly payment will change. But keep in mind for these federal loans you do not have to recertify your income until you are required to do so, which often can buy you some time if you were to get a raise. You also recertify using the most recently available tax return. So say your recertify date is Jan 1, 2025 - you’d use the prior year’s tax data (covering 2023 earnings) since you haven’t filed yet.

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That makes a lot of sense. Thank you so much for your explanation.

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