I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures; Rent - $175 Car Insurance - $156 Gym Membership - $65 Pandora - $7 Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans.
Submitted April 30, 2017 at 07:24PM by clarade77 http://ift.tt/2oNlup3
