Long story short, I started with a massive amount of loans (just shy of 200k) for grad school. After graduation I had a severe prolonged depressive episode, became unemployed, defaulted, and now after consolidating most of my loans (one is still with a collection agency but I'm trying to get that one in too) I have a balance of about 350k. I did the math and if I paid nothing but my interest I'd be giving them half my pay every month, about 2100. My minimum monthly payment is only 183, though. I might be able to pay the interest but not much over, certainly not enough to make a dent in the balance during my lifetime, and my partner does shift work so as of now I'm the main earner. Is is even worth trying to pay off my loans, knowing that short of a miracle I never will, or should I just pay the minimum? How would doing the latter impact my ability to one day buy a home? (I know that may never be possible.)
Submitted February 21, 2019 at 08:21AM by Hraefn_Wing https://ift.tt/2tvnbHw
