So after having received my first few paychecks, and my student loan payments are now due every month, I end up making ~2800 a month after taxes, and owe ~2500 a month in student loan interest. I also have car payments of 230 a month and cellphone / cable payments of $220 a month. I live with my girlfriend, she makes much more than me, but she already pays for just about everything in the house. Gas, water, electric plus her own student loans and credit card bills.
I don't make enough money to cover my student loan debt. I don't know what to do. I have ~50,000 in gov't loans and ~150,000 in private loans. Gov't loans are around 6-8%, private loans vary from 6-13%. I know I probably need to consolidate loans to be able to pay them off, I just have some questions. Are my monthly payments ever going to go down if I attack the principle? Or should I expect to pay this much every month until they're paid off? I'm just feeling really demoralized that I'm working almost 70 hours a week (it's busy season at the moment) and I end up not getting any money out of it. I was hoping to make a fairly big purchase soon, (4k or so) and was hoping to be able to go on vacation with my girlfriend this summer, now I'm not sure I can do either. The vacation normally costs us ~3k between the both of us. Now I just don't know what to do, and any help, suggestions, advice is greatly appreciated as I know nothing about this and kind of don't even know what step 1 is. Feel free to treat me like a 5 year old because I feel stupid as is.
Submitted December 18, 2017 at 10:55AM by be_audit_you_can_be_ http://ift.tt/2CAZznI
