All! I am struggling and seeking advice. I have 150k in student loans and I'm drowning. 120k is private, and I refinanced them to a much lower interest rate, but its adding $20 a day ontop of the principle. I'm currently getting my masters and I'm working almost full time. I just got a bump yesterday so now I will make 3000 a month before tax, and I pay about 650 in rent plus car insurance, a car loan payment, utilities, transportation when I take the metro, etc. My loan payments come out to about 1500 a month between private and federal which is what I was making post tax before my bump. Im in deferment but still not ideal.
I also have $5000 left on my car loan. I have done a crazy amount of budgeting and if I eat cheap with groceries and literally only spend money on bills and put the rest towards my car, I could pay it off in 7 months from now if I paid $600 a month.
My question is, what do I prioritize? If I pay off my car that's normally 160 a month that could then go towards student loans. Im assuming this is the route to go?
I'm feeling really lost and struggling. How did everyone else was an insane amount of debt tackle it? Any tips? How frugal did you get? I have this impending doom over me that even If I eat rice and beans for the rest of my life I will never be able to pay this off. Many people just say "get a better job" which isn't helpful and I'm still working on my masters which I need to get better pay in my field. I genuinely like my job and its paying for my masters so its worth it for me.
Thank you in advance
Submitted September 15, 2020 at 08:36PM by esmith28 https://ift.tt/33wTGGX
