Hi all,
I would like to know what my best possible options are to pay off my student loans. I am currently working full-time with a salary of $43,000. I graduated with a bachelor's degree in finance in May, and my student loan repayments start in November. I have a whopping $125,000 in student loan debt. Roughly $95,000 of these are in parent plus loans with an interest rate of close to 7%. The other $30,000 is in Stafford loans with an interest rate of 3.80%. If I were to use a payment schedule of 10 years for each, the payments would be close to $1,300 a month, which I simply can't afford at this time. $30,000 of the parent plus loans are in my mother's name, and $65,000 of the loans are in my father's name. Do I have any options to lower my monthly payment? I expect my salary to increase at a comfortable rate each year, to a point where I will be able to handle the $1,300 payment within ~5 years. I know that I have a ton of debt, so please give me advice on my best course of action to relieve this burden while getting rid of the loans as soon as possible. Thanks in advance!
Submitted July 16, 2017 at 03:01AM by opqpq11 http://ift.tt/2urqxNA
