(Closed) How much is your monthly student loan payment?

posted 6 years ago in College
  • poll: How much do you pay toward loans each month?

    0-250

    2500-500

    500-1000

    1000+

  • Post # 16
    Member
    553 posts
    Busy bee
    • Wedding: September 2017

    I pay $0 on my federal loans $31K (consolidated income based and I’m only working part time) and the monthly minimum my private loan is $50.03, 7K (started at $5K in 2007). I really need to start paying at least $350 on my private loan to have it paid off within 2 years instead of 17. I believe the interest on that is 6.8% and my federal is 5.8. Ridiculous.

    I’m literally sick thinking about the amount I’ll have to repay once I complete my Masters. My career should allow me to pay if off fairly quickly with some reasonable scarifices (no crazy expensive unnecessary purchases for the first 2 or 3 years: cars, boats, vacation homes, etc) but I still hate the idea.

    Post # 17
    Member
    1008 posts
    Bumble bee

    I’m still studying at the moment, but in the first year after I graduate my minimum loan repayment will be around $800 per month.  FH does not have a student loan.

    Post # 18
    Member
    637 posts
    Busy bee

    View original reply
    beetee123:  I pay $542 every month. It hurt right after graduation, but now that I have an established job it’s not so bad. That’s what I get for going to a private college!

    Post # 19
    Member
    11 posts
    Newbee

    Mine is just under $2000 a month for my grad school which ended up being just over $150k in student loans, that is the accelerated payoff plan over 10 yrs. I just cant imagine paying the interest for the 30 yr option- the rates are crazy high (6.8% I believe) . I wish the interest on my student loans was more like the interest rate for my car ( only 2.99%) :/

    Post # 20
    Member
    75 posts
    Worker bee

    When I graduated (back in 2008), I had close to 100K worth of student loans. Initially my payments were about $780/month (pay off in 10 years). I made extra payments whenever I could — now my total debt is down to $25K — which is about $240/month. 

    If you can afford to make extra payments, make sure it’s towards the loan with the highest interest rate 🙂

    Post # 21
    Member
    142 posts
    Blushing bee
    • Wedding: June 2015

    I’m supposed to pay $315 a month, but i pay $400 as that is what I can afford, and I wanna  pay it off sooner. I started at $28,000, but now I’m down to $24,000 after a little over a year.

    Post # 22
    Member
    7565 posts
    Bumble Beekeeper
    • Wedding: June 2013

    My minimum payment was about $450 (for all of my loans combined) for one year at a private school and four years at a public school. Thankfully we were able to pay about $1500 per month and get my $35k paid off in about 1.5 years (we paid a huge chunk at the end with my bonus).

    Post # 23
    Member
    3276 posts
    Sugar bee
    • Wedding: June 2014

    Neither of us have loans from undergrad but I go to a private graduate school and will have to start paying those back soon. My payment will be around $300 a month I think for 10 years, but I want to have it paid off in under 5. I would have to pay more with the income adjuster. 

    Post # 24
    Member
    1609 posts
    Bumble bee
    • Wedding: November 2014

    View original reply
    beetee123:  I paid a little over $200 a month for mine. The last one was paid in full as of last July which was a great feeling. It only took me 13 years lol. I had taken some periods of interest relief due to the difficulties in initially finding a job but that’s all in the past 😀

    Post # 25
    Member
    2843 posts
    Sugar bee
    • Wedding: May 2014

    I got lucky and consolidated when interest rates we around 2% (years ago…..), so I just pay the minimum.  I pay $200 a month.

    Post # 26
    Member
    12 posts
    Newbee

    Just about $500/month for the next few years.

    I’m snowballing my loans (handy calculator / payment planner here: http://financialmentor.com/calculator/debt-snowball-calculator) so I pay the minimum on ones with lowest interest rate (which also happen to be my biggest loans, so I luckily get to combine the two general methods of snowballing payments) and at some point I added an extra $50/month to minimum payment to lowest one. Then I paid that one off and put the money from that loan payment into my next highest interest loan. And then do it again. And again. And again. And then be dissapointed each time you pay something off and there isn’t a display page of fireworks.

     

    Post # 27
    Member
    2509 posts
    Sugar bee

    View original reply
    beetee123:  If I only paid the minimum it’d be around $600. But I pay about $1000/month towards my loans. It really sucks but paying them down quick is worth it to me!

    Post # 28
    Member
    263 posts
    Helper bee
    • Wedding: September 2015

    View original reply
    beetee123:  I didn’t qualify for a school loan or government assistant loan, so my Mom cosigned for a bank loan. I ended up with $23000 in debt. My monthly payment is $260, my Mom pays the interest, I pay the principle. So far I’ve got it down the $16800. I’ll start paying $500 a month when my job starts though. $450 sounds pretty standard for a school loan though, they charge a lot of interest and want their money back as soon as possible.

    Post # 29
    Member
    997 posts
    Busy bee
    • Wedding: May 2014

    I have no loans from undergrad. I’m currently getting my Masters. I have private subsidized loans at 3% that have to be paid off in 6 years. My minimum payment will be $340 a month but I plan on paying more.

    Post # 30
    Member
    479 posts
    Helper bee
    • Wedding: August 2014

    I have loans from undergrad and 2 Masters.  A little under $1000 per month.  Bleh.  I don’t pay extra per month because it’s so much already, but I should really start.  I’m sure even just a little here and there will help bring it down.  

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