Income:
Annual Base: $75k
Annual Bonus: $15k
Additional income from second job: $18k
I've made some poor decisions and stayed in school entirely too long, leaving my debts as follows:
$115k Federal loan (consolidated a bunch into one at 5.8%. Currently on IBR at $460/month; this payment will go up significantly next year as it's currently based on last year's income of around 50k)
$51k Navient/Sallie Mae loans at 9-12%, $860/month
$35k Lawsuit judgement against me from a private student loan @ 9%, I am not currently making payments. Should I attempt to settle this? If so, what's a reasonable amount to offer?
$13.5k Auto Loan @ 16%, $350/month
$150/month insurance, $340/month rent, $200/month utilities. I've been maxing out my 401k (1500/month), but maybe that's unwise right now.
No savings.
Credit: Very Poor (580)
My earning potential will continue to increase (probably 5-10% per year), possibly with similarly sized increases in my second job income. I'd love to consolidate my Navient loans, but I believe my credit is too poor.
Any suggestions on how best to tackle this?
Submitted June 30, 2018 at 07:27PM by throwaway917231 https://ift.tt/2MDCTIh
