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personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 698336b7f47042eab48bff90f5119a88 | 1,493,652,412 | 1,493,655,375 | 3 | 17 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.018519 | 2,963 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 2e8fb5d877c442f28fe1b095ab89c02a | 1,493,652,412 | 1,493,655,471 | 3 | 5 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| I know all of the details surrounding ATC. I appreciate it though!
| 0 | 0.02 | 3,059 | 1.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | ee49f2a7c6744924a0969173524b3764 | 1,493,652,412 | 1,493,655,508 | 3 | 17 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.018519 | 3,096 | 5.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 7791a80cd4784fa5abbc18a4c6dcb90c | 1,493,652,412 | 1,493,656,039 | 3 | 4 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Maybe try the airforce or something then? It could help you build real world experience for what you want.
| 0 | 0.037736 | 3,627 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 65f9030559ee4123bb4488f97d5198a2 | 1,493,652,412 | 1,493,656,370 | 3 | 5 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| 0 | 0.06 | 3,958 | 1.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,652,412 | 1,493,657,171 | 3 | 34 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.074074 | 4,759 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | b72aebcdb0d241a9a40872385a6a09a6 | 1,493,652,412 | 1,493,657,430 | 3 | 4 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Quick question, what exactly is your field?
| 0 | 0.020408 | 5,018 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | bb33a4d4a2d44c8a86cc07121618d6f4 | 1,493,652,412 | 1,493,658,001 | 3 | 34 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.074074 | 5,589 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 5e95ac5724454a29baecb43a58f5c38d | 1,493,652,412 | 1,493,662,420 | 3 | 5 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.053763 | 10,008 | 1.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,652,412 | 1,493,663,080 | 3 | 34 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.074074 | 10,668 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 5a4b25831afb481e80150aa90f190439 | 1,493,652,412 | 1,493,665,274 | 3 | 4 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| 0 | 0.094118 | 12,862 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | 51bc8624553248d6a9f8502895bd8689 | 1,493,652,412 | 1,493,665,348 | 3 | 4 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| 0 | 0.037037 | 12,936 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 15871f9810344e5a81747b55b46ef596 | a11469e5291847f793b7efa41f1e9875 | 1,493,652,412 | 1,493,679,478 | 3 | 187 | I make more than you and have less than 6 thousand left in loans and I would never pay that much for a gym in my current position. I pay $15 a month for a 24 hour gym and have Project Fi for phone service. My bill is around $35 a month right now using 1 GB. (easier than it sounds if you are connected to WiFi a lot and just save your video watching etc for when you have WiFi. Then again where the hell are you living with rent under $200? I share rent with my fiance in a kinda cheap place and it is $600 each
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.065574 | 27,066 | 62.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | 862d4c01012c4c28a303f4cb9606f9e9 | 1,493,653,634 | 1,493,653,839 | 4 | 187 | Quick question, what exactly is your field?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 205 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | 6353e7b4467040bda457987a9f2c2708 | 1,493,653,634 | 1,493,655,165 | 4 | 7 | Quick question, what exactly is your field?
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.111111 | 1,531 | 1.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | 698336b7f47042eab48bff90f5119a88 | 1,493,653,634 | 1,493,655,375 | 4 | 17 | Quick question, what exactly is your field?
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.0625 | 1,741 | 4.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,653,634 | 1,493,657,171 | 4 | 34 | Quick question, what exactly is your field?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 3,537 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | 5e95ac5724454a29baecb43a58f5c38d | 1,493,653,634 | 1,493,662,420 | 4 | 5 | Quick question, what exactly is your field?
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.034483 | 8,786 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,653,634 | 1,493,663,080 | 4 | 34 | Quick question, what exactly is your field?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 9,446 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 3e9affb365bd42aba03ed6dace889ed8 | a11469e5291847f793b7efa41f1e9875 | 1,493,653,634 | 1,493,679,478 | 4 | 187 | Quick question, what exactly is your field?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 25,844 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1321dc94e6574c33813b1d819429deeb | 6353e7b4467040bda457987a9f2c2708 | 1,493,654,475 | 1,493,655,165 | 4 | 7 | Quick question, what exactly is your field?
| End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| 0 | 0.111111 | 690 | 1.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1321dc94e6574c33813b1d819429deeb | 698336b7f47042eab48bff90f5119a88 | 1,493,654,475 | 1,493,655,375 | 4 | 17 | Quick question, what exactly is your field?
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.0625 | 900 | 4.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1321dc94e6574c33813b1d819429deeb | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,654,475 | 1,493,657,171 | 4 | 34 | Quick question, what exactly is your field?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 2,696 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1321dc94e6574c33813b1d819429deeb | 5e95ac5724454a29baecb43a58f5c38d | 1,493,654,475 | 1,493,662,420 | 4 | 5 | Quick question, what exactly is your field?
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.034483 | 7,945 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1321dc94e6574c33813b1d819429deeb | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,654,475 | 1,493,663,080 | 4 | 34 | Quick question, what exactly is your field?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 8,605 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1321dc94e6574c33813b1d819429deeb | a11469e5291847f793b7efa41f1e9875 | 1,493,654,475 | 1,493,679,478 | 4 | 187 | Quick question, what exactly is your field?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 25,003 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6353e7b4467040bda457987a9f2c2708 | 698336b7f47042eab48bff90f5119a88 | 1,493,655,165 | 1,493,655,375 | 7 | 17 | End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.086957 | 210 | 2.428571 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6353e7b4467040bda457987a9f2c2708 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,655,165 | 1,493,657,171 | 7 | 34 | End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.036364 | 2,006 | 4.857143 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 6353e7b4467040bda457987a9f2c2708 | a11469e5291847f793b7efa41f1e9875 | 1,493,655,165 | 1,493,679,478 | 7 | 187 | End goal is air traffic control with the FAA, I majored in Air Traffic Management. Currently I work in the aviation field.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.020408 | 24,313 | 26.714286 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 698336b7f47042eab48bff90f5119a88 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,655,375 | 1,493,657,171 | 17 | 34 | Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.038462 | 1,796 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 698336b7f47042eab48bff90f5119a88 | a11469e5291847f793b7efa41f1e9875 | 1,493,655,375 | 1,493,679,478 | 17 | 187 | Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.043011 | 24,103 | 11 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 2e8fb5d877c442f28fe1b095ab89c02a | ee49f2a7c6744924a0969173524b3764 | 1,493,655,471 | 1,493,655,508 | 5 | 17 | I know all of the details surrounding ATC. I appreciate it though!
| Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| 0 | 0.2 | 37 | 3.4 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 2e8fb5d877c442f28fe1b095ab89c02a | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,655,471 | 1,493,657,171 | 5 | 34 | I know all of the details surrounding ATC. I appreciate it though!
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020408 | 1,700 | 6.8 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 2e8fb5d877c442f28fe1b095ab89c02a | a11469e5291847f793b7efa41f1e9875 | 1,493,655,471 | 1,493,679,478 | 5 | 187 | I know all of the details surrounding ATC. I appreciate it though!
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.01087 | 24,007 | 37.4 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ee49f2a7c6744924a0969173524b3764 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,655,508 | 1,493,657,171 | 17 | 34 | Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.038462 | 1,663 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ee49f2a7c6744924a0969173524b3764 | a11469e5291847f793b7efa41f1e9875 | 1,493,655,508 | 1,493,679,478 | 17 | 187 | Perhaps you know this, but competition for ATC jobs is fierce, and you have to be less than 31 years old to even apply.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.043011 | 23,970 | 11 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 7791a80cd4784fa5abbc18a4c6dcb90c | 65f9030559ee4123bb4488f97d5198a2 | 1,493,656,039 | 1,493,656,370 | 4 | 5 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| 0 | 0.052632 | 331 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 7791a80cd4784fa5abbc18a4c6dcb90c | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,656,039 | 1,493,657,171 | 4 | 34 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.018868 | 1,132 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 7791a80cd4784fa5abbc18a4c6dcb90c | 5e95ac5724454a29baecb43a58f5c38d | 1,493,656,039 | 1,493,662,420 | 4 | 5 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.031746 | 6,381 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 7791a80cd4784fa5abbc18a4c6dcb90c | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,656,039 | 1,493,663,080 | 4 | 34 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.018868 | 7,041 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 7791a80cd4784fa5abbc18a4c6dcb90c | a11469e5291847f793b7efa41f1e9875 | 1,493,656,039 | 1,493,679,478 | 4 | 187 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010417 | 23,439 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 95d8cbdd75bd453db00ed71a4c384ce9 | 65f9030559ee4123bb4488f97d5198a2 | 1,493,656,102 | 1,493,656,370 | 4 | 5 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| 0 | 0.052632 | 268 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 95d8cbdd75bd453db00ed71a4c384ce9 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,656,102 | 1,493,657,171 | 4 | 34 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.018868 | 1,069 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 95d8cbdd75bd453db00ed71a4c384ce9 | 5e95ac5724454a29baecb43a58f5c38d | 1,493,656,102 | 1,493,662,420 | 4 | 5 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.031746 | 6,318 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 95d8cbdd75bd453db00ed71a4c384ce9 | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,656,102 | 1,493,663,080 | 4 | 34 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.018868 | 6,978 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 95d8cbdd75bd453db00ed71a4c384ce9 | a11469e5291847f793b7efa41f1e9875 | 1,493,656,102 | 1,493,679,478 | 4 | 187 | Maybe try the airforce or something then? It could help you build real world experience for what you want.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010417 | 23,376 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 65f9030559ee4123bb4488f97d5198a2 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,656,370 | 1,493,657,171 | 5 | 34 | It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.019608 | 801 | 6.8 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 65f9030559ee4123bb4488f97d5198a2 | a11469e5291847f793b7efa41f1e9875 | 1,493,656,370 | 1,493,679,478 | 5 | 187 | It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.021505 | 23,108 | 37.4 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | d327940ec4bd42abaac04307e0a75df5 | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,657,031 | 1,493,657,171 | 5 | 34 | It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.019608 | 140 | 6.8 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | d327940ec4bd42abaac04307e0a75df5 | a11469e5291847f793b7efa41f1e9875 | 1,493,657,031 | 1,493,679,478 | 5 | 187 | It's not a bad route if you are okay with the military lifestyle. I'm not really in a position to go that route with my current situation.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.021505 | 22,447 | 37.4 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | ac78a2c5d11e42babcb9c439bb79c673 | 1,493,657,158 | 1,493,657,171 | 3 | 34 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.058824 | 13 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | b72aebcdb0d241a9a40872385a6a09a6 | 1,493,657,158 | 1,493,657,430 | 3 | 4 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Quick question, what exactly is your field?
| 0 | 0.133333 | 272 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | bb33a4d4a2d44c8a86cc07121618d6f4 | 1,493,657,158 | 1,493,658,001 | 3 | 34 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.058824 | 843 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | 5e95ac5724454a29baecb43a58f5c38d | 1,493,657,158 | 1,493,662,420 | 3 | 5 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.065574 | 5,262 | 1.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,657,158 | 1,493,663,080 | 3 | 34 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.058824 | 5,922 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | 5a4b25831afb481e80150aa90f190439 | 1,493,657,158 | 1,493,665,274 | 3 | 4 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| 0 | 0.071429 | 8,116 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | 51bc8624553248d6a9f8502895bd8689 | 1,493,657,158 | 1,493,665,348 | 3 | 4 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| 0 | 0.085106 | 8,190 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 8e786000a7e241ea8858584f043e85bb | a11469e5291847f793b7efa41f1e9875 | 1,493,657,158 | 1,493,679,478 | 3 | 187 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.043011 | 22,320 | 62.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ac78a2c5d11e42babcb9c439bb79c673 | a11469e5291847f793b7efa41f1e9875 | 1,493,657,171 | 1,493,679,478 | 34 | 187 | I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.121739 | 22,307 | 5.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | b72aebcdb0d241a9a40872385a6a09a6 | bb33a4d4a2d44c8a86cc07121618d6f4 | 1,493,657,430 | 1,493,658,001 | 4 | 34 | Quick question, what exactly is your field?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 571 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | b72aebcdb0d241a9a40872385a6a09a6 | 5e95ac5724454a29baecb43a58f5c38d | 1,493,657,430 | 1,493,662,420 | 4 | 5 | Quick question, what exactly is your field?
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.034483 | 4,990 | 1.25 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | b72aebcdb0d241a9a40872385a6a09a6 | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,657,430 | 1,493,663,080 | 4 | 34 | Quick question, what exactly is your field?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.020833 | 5,650 | 8.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | b72aebcdb0d241a9a40872385a6a09a6 | a11469e5291847f793b7efa41f1e9875 | 1,493,657,430 | 1,493,679,478 | 4 | 187 | Quick question, what exactly is your field?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.010989 | 22,048 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | bb33a4d4a2d44c8a86cc07121618d6f4 | a11469e5291847f793b7efa41f1e9875 | 1,493,658,001 | 1,493,679,478 | 34 | 187 | I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.121739 | 21,477 | 5.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 27d904d94d6e4b68a0477b79d4298925 | 5e95ac5724454a29baecb43a58f5c38d | 1,493,661,534 | 1,493,662,420 | 3 | 5 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.065574 | 886 | 1.666667 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 27d904d94d6e4b68a0477b79d4298925 | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,661,534 | 1,493,663,080 | 3 | 34 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.058824 | 1,546 | 11.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 27d904d94d6e4b68a0477b79d4298925 | 5a4b25831afb481e80150aa90f190439 | 1,493,661,534 | 1,493,665,274 | 3 | 4 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| 0 | 0.071429 | 3,740 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 27d904d94d6e4b68a0477b79d4298925 | 51bc8624553248d6a9f8502895bd8689 | 1,493,661,534 | 1,493,665,348 | 3 | 4 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| 0 | 0.085106 | 3,814 | 1.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 27d904d94d6e4b68a0477b79d4298925 | a11469e5291847f793b7efa41f1e9875 | 1,493,661,534 | 1,493,679,478 | 3 | 187 | What does that mean?
Not that you have to join the military, but your current situation is that you are $120k in debt.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.043011 | 17,944 | 62.333333 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4677a2c692ce4cf293c4d01aa505603d | 5e95ac5724454a29baecb43a58f5c38d | 1,493,661,759 | 1,493,662,420 | 2 | 5 | Well going overseas and/or having to move somewhere completely different isn't something I want to do. I live with my fiancé currently and also close to family. Sacrificing 3-4 years of my life in active duty is simply something I don't want to do. I do agree however, that if my situation were different, it would be a great avenue to have some of my debt forgiven and to decrease my expenses.
| Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| 0 | 0.197183 | 661 | 2.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4677a2c692ce4cf293c4d01aa505603d | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,661,759 | 1,493,663,080 | 2 | 34 | Well going overseas and/or having to move somewhere completely different isn't something I want to do. I live with my fiancé currently and also close to family. Sacrificing 3-4 years of my life in active duty is simply something I don't want to do. I do agree however, that if my situation were different, it would be a great avenue to have some of my debt forgiven and to decrease my expenses.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.057143 | 1,321 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4677a2c692ce4cf293c4d01aa505603d | 5a4b25831afb481e80150aa90f190439 | 1,493,661,759 | 1,493,665,274 | 2 | 4 | Well going overseas and/or having to move somewhere completely different isn't something I want to do. I live with my fiancé currently and also close to family. Sacrificing 3-4 years of my life in active duty is simply something I don't want to do. I do agree however, that if my situation were different, it would be a great avenue to have some of my debt forgiven and to decrease my expenses.
| Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| 0 | 0.025641 | 3,515 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4677a2c692ce4cf293c4d01aa505603d | 51bc8624553248d6a9f8502895bd8689 | 1,493,661,759 | 1,493,665,348 | 2 | 4 | Well going overseas and/or having to move somewhere completely different isn't something I want to do. I live with my fiancé currently and also close to family. Sacrificing 3-4 years of my life in active duty is simply something I don't want to do. I do agree however, that if my situation were different, it would be a great avenue to have some of my debt forgiven and to decrease my expenses.
| Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| 0 | 0.059701 | 3,589 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 4677a2c692ce4cf293c4d01aa505603d | a11469e5291847f793b7efa41f1e9875 | 1,493,661,759 | 1,493,679,478 | 2 | 187 | Well going overseas and/or having to move somewhere completely different isn't something I want to do. I live with my fiancé currently and also close to family. Sacrificing 3-4 years of my life in active duty is simply something I don't want to do. I do agree however, that if my situation were different, it would be a great avenue to have some of my debt forgiven and to decrease my expenses.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.114286 | 17,719 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 5e95ac5724454a29baecb43a58f5c38d | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,662,420 | 1,493,663,080 | 5 | 34 | Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.089888 | 660 | 6.8 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 5e95ac5724454a29baecb43a58f5c38d | a11469e5291847f793b7efa41f1e9875 | 1,493,662,420 | 1,493,679,478 | 5 | 187 | Honestly, instead of sacrificing 3-4 years of your life to active duty, you're sacrificing 10-20 years (or more) to painful, protracted debt pay-off. You're not going to be able to buy a house or pay for a wedding with your fiancé. You're not going to be able to save for retirement or build a college fund for your children. Don't be so quick to brush off this option, it could completely change the course of your life. Five years from now, you could be out of the military, in a comfortable (even high-paying) civilian job, with no debt.
I know that the military isn't for everyone, and of course it's your responsibility to manage your own life. Just be aware that you are choosing to sacrifice a lot by turning down an opportunity like this one.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.09375 | 17,058 | 37.4 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ef9a96e4d4d84ab38ccc3e97bdde8f0c | 1004daee8ae5495cb6fb9f1c9ee2495b | 1,493,662,470 | 1,493,663,080 | 2 | 34 | My main option would Air Force, and if I'm not mistaken they do not offer any tuition forgiveness or reimbursement to existing student loan debt. Unless I'm mistaken... So yes, I would realistically have less expenses and possibly have more potential to earn while enlisted, but I would still be paying the loans off the same way right?
| I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| 0 | 0.126984 | 610 | 17 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ef9a96e4d4d84ab38ccc3e97bdde8f0c | 5a4b25831afb481e80150aa90f190439 | 1,493,662,470 | 1,493,665,274 | 2 | 4 | My main option would Air Force, and if I'm not mistaken they do not offer any tuition forgiveness or reimbursement to existing student loan debt. Unless I'm mistaken... So yes, I would realistically have less expenses and possibly have more potential to earn while enlisted, but I would still be paying the loans off the same way right?
| Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| 0 | 0.069444 | 2,804 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ef9a96e4d4d84ab38ccc3e97bdde8f0c | 51bc8624553248d6a9f8502895bd8689 | 1,493,662,470 | 1,493,665,348 | 2 | 4 | My main option would Air Force, and if I'm not mistaken they do not offer any tuition forgiveness or reimbursement to existing student loan debt. Unless I'm mistaken... So yes, I would realistically have less expenses and possibly have more potential to earn while enlisted, but I would still be paying the loans off the same way right?
| Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| 0 | 0.079365 | 2,878 | 2 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | ef9a96e4d4d84ab38ccc3e97bdde8f0c | a11469e5291847f793b7efa41f1e9875 | 1,493,662,470 | 1,493,679,478 | 2 | 187 | My main option would Air Force, and if I'm not mistaken they do not offer any tuition forgiveness or reimbursement to existing student loan debt. Unless I'm mistaken... So yes, I would realistically have less expenses and possibly have more potential to earn while enlisted, but I would still be paying the loans off the same way right?
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.085714 | 17,008 | 93.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 1004daee8ae5495cb6fb9f1c9ee2495b | a11469e5291847f793b7efa41f1e9875 | 1,493,663,080 | 1,493,679,478 | 34 | 187 | I see two ways out:
**Option 1** Live as frugally as you can (no expensive cell, no expensive gym, no vacations) and job hop to increase your income and put as much money as possible towards your loans.
**Option 2** Get a job that offers some sort of loan forgiveness program (ie, government) and pay the minimum. Stay there until your debt is wiped out.
It's absolutely crazy your starting salary is 1/3 of your loans. Any way you slice it, you're tied up for a while.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.121739 | 16,398 | 5.5 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 5a4b25831afb481e80150aa90f190439 | a11469e5291847f793b7efa41f1e9875 | 1,493,665,274 | 1,493,679,478 | 4 | 187 | Well, if your mom ever becomes permanently disabled the 90k gets dismissed. You have that I guess... But yea I graduated from tech school at 23 with roughly $40k have been making regular (non IBR payments) and the loans really don't go down down unless I have extra cash and pay off individual loans. I'm 30 now, make about 60k a year and $360 a month still really sucks. Also $156 a month for a gym membership?! you could just set that money aside and buy a used piece of equipment every other month or so... Some stuff you can get for free.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.106557 | 14,204 | 46.75 | 1 |
personalfinance | 68il3h | I'm about to turn 23 years old and I'm sitting on about 120k in student loan debt split between 30k federal unsubsidized and 90k in a parent plus loan in my mothers name. I currently pay about $175 on the federal and $635 on the parent plus per month on a 20 year extended graduated plan (the unsubsidized is not extended and is 10 years). Average interest rate is about 6% between all the loans.
I currently have an annual salary of 35,000 in the field that I went to school for (entry level position, expect 5% increase annually in current position capping out around 50k). Obviously with promotions and whatnot I have higher income potential up to six figures, but that is years down the road. My question is, is it worth it to live down to the bare bones and pay as much as I can to my debt? Or should I pay minimums until I can realistically afford the extra payments?
Current fixed monthly expenditures;
Rent - $175
Car Insurance - $156
Gym Membership - $65
Pandora - $7
Cell Phone - $63
Is it realistically possible for me to make additional payments on top of my minimums? I appreciate the help guys, feels like I really screwed myself with the student loans. | I screwed up and now I have 120k in student loan debt. | 51bc8624553248d6a9f8502895bd8689 | a11469e5291847f793b7efa41f1e9875 | 1,493,665,348 | 1,493,679,478 | 4 | 187 | Join the military. Try to get a commission with your degree. If you can't then enlist as Navy AC rate (air traffic control). I'm not sure about the other branches but the Navy can guarantee your job before you sign (as long as you pass the schooling). That will get you 3 things. Experience towards your future job, possible loan forgiveness after 10 years, a pay check. If you rank up quick can get a housing allowance and will get a pay increase too.
| Here's the reality, as someone with close to as much student loan debt as you -
If you don't pay it off, it doesn't get paid off. You are 23 years old, great - that is right when I graduated as well. I am 28 now, and paying the minimum and going on IBR has resulted in it barely moving down an inch. My private loan went down about....5k, and my federal one has gone up because I'm not servicing the interest.
It's cute now, you can blame the systems, etc. But once you are approaching 30 and you have enormous loan payments to burn down, you will wish you had taken these loans are seriously as possible.
There are lots of blogs of people with stories in similar situations. What they did to get out of them came down to 2 things, every single time.
1) Increase their income
2) Decrease their expenses
They did this through a variety of lifestyle sacrifices. Whether that was having a strict food budget, having a 2nd job, moving back in with their parents. They had to do something to sacrifice and get an extra $1000 or more to throw on top of the minimum each month. If you do that, you can burn these down in 4-5 years. If you ignore them and let them grow, you will have barely moved them.
| 0 | 0.086207 | 14,130 | 46.75 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 2be8eb0ffe6746a79efb7cc7bde04c51 | 1,616,460,544 | 1,616,465,434 | 2 | 28 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| I think it’s a bad time to buy. I had a friend purchase a home recently. People were offering $10k over the asking price on homes under $140,000. Took 5 offers until she had one accepted.
| 0 | 0.056818 | 4,890 | 14 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 6edff4ed14ac4133b862bf0e2b377aa0 | 1,616,460,544 | 1,616,502,869 | 2 | 43 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| We put bids in saying "inspection for buyer knowledge only", so we couldn't renegotiate if the inspection went poorly, but that wouldn't have stopped us from pulling our offer if the inspection was that bad.
Definitely do an inspection (we had raw sewage flushing into our basement but didn't see it happen at two walk throughs; barf).
| 0 | 0.042105 | 42,325 | 21.5 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | ad7a104534dd443185cb356b16f196b0 | 1,616,460,544 | 1,616,507,196 | 2 | 28 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| I think it’s a bad time to buy. I had a friend purchase a home recently. People were offering $10k over the asking price on homes under $140,000. Took 5 offers until she had one accepted.
| 0 | 0.056818 | 46,652 | 14 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 5f0260f6d2f54f6283a502131955c0f8 | 1,616,460,544 | 1,616,518,581 | 2 | 4 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| Don't buy right now unless you have to for some reason. We are currently in an asset bubble that looks to be on the verge of collapse. After the moratorium on evictions and foreclosures is lifted and resolved in ~2 years there will be more inventory and the prices will stabilize. My girlfriend just sold her house after owning for three years and netted 100k and is now renting. If you can wait, you should, otherwise you could find yourself upside down on your mortgage (house is worth less than you owe).
| 0 | 0.038462 | 58,037 | 2 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 2c63853984554d32a77c1cd6bfe30815 | 1,616,460,544 | 1,616,518,677 | 2 | 12 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| If its the house you want, book a second appt and bring a inspector. Then you can bid without the inspection condition.
| 0 | 0.037037 | 58,133 | 6 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 0d2cbcdf94be414c8241fec174901164 | 1,616,460,544 | 1,616,518,899 | 2 | 14 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| In Seattle buyers offer $100k+ easily over asking. It took me a while to get a house. I finally lucked out.
| 0 | 0.02439 | 58,355 | 7 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 9761136a3b57448fb0d53eb96089e2d1 | 1,616,460,544 | 1,616,519,674 | 2 | 11 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| If I was sitting on a house with serious issues, and was of questionable character, now would be the time I’d be selling it and accepting the offer where someone waived their inspections. You know there are most definitely people out there taking advantage right now.
| 0 | 0.011111 | 59,130 | 5.5 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 5bdaec350f764c9a9c83d714da80af06 | 145d46ede96a4902bc4a7b50d1619198 | 1,616,460,544 | 1,616,527,306 | 2 | 16 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| Last time real estate was this tight the Realtor our friends were using got an inspector they could hire for the day. They did the inspection while viewing the house. That allowed them to waive inspection but still have some good insight if the house was crap or not. But you are outlaying $$$ for that day.
| 0 | 0.044944 | 66,762 | 8 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 2be8eb0ffe6746a79efb7cc7bde04c51 | 1,616,460,736 | 1,616,465,434 | 2 | 28 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| I think it’s a bad time to buy. I had a friend purchase a home recently. People were offering $10k over the asking price on homes under $140,000. Took 5 offers until she had one accepted.
| 0 | 0.056818 | 4,698 | 14 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 6edff4ed14ac4133b862bf0e2b377aa0 | 1,616,460,736 | 1,616,502,869 | 2 | 43 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| We put bids in saying "inspection for buyer knowledge only", so we couldn't renegotiate if the inspection went poorly, but that wouldn't have stopped us from pulling our offer if the inspection was that bad.
Definitely do an inspection (we had raw sewage flushing into our basement but didn't see it happen at two walk throughs; barf).
| 0 | 0.042105 | 42,133 | 21.5 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | ad7a104534dd443185cb356b16f196b0 | 1,616,460,736 | 1,616,507,196 | 2 | 28 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| I think it’s a bad time to buy. I had a friend purchase a home recently. People were offering $10k over the asking price on homes under $140,000. Took 5 offers until she had one accepted.
| 0 | 0.056818 | 46,460 | 14 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 5f0260f6d2f54f6283a502131955c0f8 | 1,616,460,736 | 1,616,518,581 | 2 | 4 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| Don't buy right now unless you have to for some reason. We are currently in an asset bubble that looks to be on the verge of collapse. After the moratorium on evictions and foreclosures is lifted and resolved in ~2 years there will be more inventory and the prices will stabilize. My girlfriend just sold her house after owning for three years and netted 100k and is now renting. If you can wait, you should, otherwise you could find yourself upside down on your mortgage (house is worth less than you owe).
| 0 | 0.038462 | 57,845 | 2 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 2c63853984554d32a77c1cd6bfe30815 | 1,616,460,736 | 1,616,518,677 | 2 | 12 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| If its the house you want, book a second appt and bring a inspector. Then you can bid without the inspection condition.
| 0 | 0.037037 | 57,941 | 6 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 0d2cbcdf94be414c8241fec174901164 | 1,616,460,736 | 1,616,518,899 | 2 | 14 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| In Seattle buyers offer $100k+ easily over asking. It took me a while to get a house. I finally lucked out.
| 0 | 0.02439 | 58,163 | 7 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 9761136a3b57448fb0d53eb96089e2d1 | 1,616,460,736 | 1,616,519,674 | 2 | 11 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| If I was sitting on a house with serious issues, and was of questionable character, now would be the time I’d be selling it and accepting the offer where someone waived their inspections. You know there are most definitely people out there taking advantage right now.
| 0 | 0.011111 | 58,938 | 5.5 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 0bde5490c81e49e98c5d0a9a83872be9 | 145d46ede96a4902bc4a7b50d1619198 | 1,616,460,736 | 1,616,527,306 | 2 | 16 | Where I live if your buying a home for under 350k this is very normal. We sold our home back in nov for 15k over asking plus they waved the inspection. The market is just crazy and there isn’t many homes under 350k for sale so they get snatched up fast(ours sold within 3 hours on the market!).
Also you probably get a new home without a bidding war. We went that route because we didn’t want to mess around with a bidding war. We were able to secure the lot we wanted and the home build we wanted and didn’t have to outbid anyone but it did take 7 months to build so that’s a factor to keep in mind. Plus it can be super stressful to build but you get what you want so there is that!
With that said in my area new homes start around 450k+ in the desirable areas and most homes that are new are larger(over 3k square foot) so it depends on your budget if you can afford to build and if you want a larger home. Where I live the average income is around 70k for a family of 4 so not many can afford a new build and have to buy a older home for less.
This may not reflect every area because they all will be different so you would need to look at where you live. It may be different. Ask around to friends and family or even your realtor. This is just my experience!
| Last time real estate was this tight the Realtor our friends were using got an inspector they could hire for the day. They did the inspection while viewing the house. That allowed them to waive inspection but still have some good insight if the house was crap or not. But you are outlaying $$$ for that day.
| 0 | 0.044944 | 66,570 | 8 | 1 |
personalfinance | mb1rly | I want to gauge whether we should even bother looking right now, at least until things calm down. Are there bidding wars with new construction homes? | Every house we've put an offer on has had multiple people forgo inspections to beat us out. Is this the norm or have we just been unlucky? | 2be8eb0ffe6746a79efb7cc7bde04c51 | 6edff4ed14ac4133b862bf0e2b377aa0 | 1,616,465,434 | 1,616,502,869 | 28 | 43 | I think it’s a bad time to buy. I had a friend purchase a home recently. People were offering $10k over the asking price on homes under $140,000. Took 5 offers until she had one accepted.
| We put bids in saying "inspection for buyer knowledge only", so we couldn't renegotiate if the inspection went poorly, but that wouldn't have stopped us from pulling our offer if the inspection was that bad.
Definitely do an inspection (we had raw sewage flushing into our basement but didn't see it happen at two walk throughs; barf).
| 0 | 0.043478 | 37,435 | 1.535714 | 1 |
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