Back when I was starting college, I didn't pay attention to financial details. I was convinced I would get a great career out of college, so I didn't really care what debt I would accrue. Consequently, my mother - an accountant - set up everything.
Little did I realize that my mother thought it was a great idea to get a private loan that has a short payback period so you can avoid "all that interest." This has resulted in my total private and government loan payments equating to approximately $800 a month - so high that I was forced to move back in with my parents after living with some friends for 8 months, because car insurance and groceries tip me over $1000/month.
I'll soon have a job that pays $30,000 a year, but once rent and other necessities become a factor again, the payments will be crippling, and make it almost impossible to move out of my parents' house and start planning for my future.
As far as I can tell, the best option is to refinance the loans, cut the payments in half, and simply accrue higher interest until a few years from now when I secure a higher salary and can start making substantially higher payments so I don't end up paying too much interest in the long term.
Is there anything wrong with this plan?
Submitted June 13, 2017 at 12:17PM by CosmicShenanigans http://ift.tt/2soLDMy
