Post # 16
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.