60K in Student Loans??

Question

I have 60K in student loans. 30K in private loans and another 30K in federal loans.

Right now, I only make 25K a year but my employeer is paying for my master's degree.

How can I possibly pay all this money back w/o being broke every month. Right now, I live with my parents. But, eventually, I would like to move out.

I have a car payment, plus other bills/insurance etc.......

I think I can afford about $400 a month. But, that will take me about 12-13 years to pay off. That's way too long. I'd like to pay them all off within 5-7 years.

What do people think? How can I make this possible.

Getting a second job is out. I already work full-time and attend school at night.

No, I have 60K in loans. I made a deal with my employeer. I would work for 25K, but they would pay for my tuition up to 15K per year. When I am finished, the city ( I would for a large city) would offer me a higher paying job.

So really, the job pays 40K-if you count school. Plus, the job placement after I will make 45K a year.

I could not pay my whole graduate tuition up front, but the city can. So, it a great deal. I'm basically going to grad school for free. I only work for a reduced pay until, I'm done. But, no more loans.

Answer 1

First of all, if you are still in school, you don't have to pay them right now. You need to inform the people you got your loans from that you are still in school.

Secondly, if you want to pay them off in 5-7 years you will have to pay more than $400. You can't have it both ways, pay it off quickly and pay a little money every month.

Answer 2

well you don't have to start repayment if you are in grad school. There are different things that you can do. There are graduated payments (you pay less in the beginning and more in the end of repayment). Also, depending on how high your student loans are, you can spread your payments out over more than 10 years. My husbands graduate school cost $120,000, but we have 30 years to pay it back, not 10. There are a lot of different ways to work with the lender, you just have to call them and ask.

Answer 3

Are you saying you paid 120K for profession that's paid only 25K a year? I guess you cannot afford your lifestyle. Quit your job and find a better paid one or get rid of your car and buy a cheap one with cheapest insurance and cut other expenses. The choice is yours.