(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 # 46
    Member
    2108 posts
    Buzzing bee
    • Wedding: September 2015

    Mine are down to about 125 a month just paid one off which was 110 a month. My parents definitely helped me out with school though, and I can’t tell you how much they paid per month while I was still in school, which I am greatful for.

    Post # 47
    Member
    437 posts
    Helper bee

    I graduated with about $110K in student loans. I worked 80 hours a week for almost two years before I was able to land my dream job. The payments were just under $1K. At the time I was making $22K a year. In the past three years I have paid it down to about $25K. I have snowballed the payments of the loans I have paid off to my next highest interest rate, so I am still paying the $1K, but the min. Payment is about $230. My interest rates are between 2-3%. I will have it all paid off in less then two years. I could pay it all off now, but I would have nothing keeping my beautiful credit score alive and we intend to buy another house in two years.

    My advice is not to extend the life of your loan just to have a smaller payment. You will never see a decrease in your balance. Get a second job if you have to, but do not fall behind. This sounds cruel, but I know how hard I worked to make my payments, so I know it can be done.

    Post # 48
    Member
    609 posts
    Busy bee
    • Wedding: September 2012

    I was lucky enough to not have to take out loans, but my DH had $78,000.  His minimum payment was $550-ish, and was only able to pay a little over the minimum for the first couple years, so when we got married he still had about $70,000.  Because of our combined finances after marriage, my work-provided housing, and his job success over the past few years, we were able to start paying off $2,500/month shortly after we got married, and just made the last payment in August this year!  It’s so depressing to put every spare dollar towards loans for years at a time, but so worth it to have that weight off your shoulders.  Now the money is going towards saving for house and babies.  Much more fun to save for.  🙂

    Post # 49
    Member
    155 posts
    Blushing bee
    • Wedding: September 2015

    I have $75,000 in loans. Thank goodness for income-based repayment programs, I only have to pay $200 a month (I barely make $10,000 a year working at a department store.)

    Post # 50
    Hostess
    9970 posts
    Buzzing Beekeeper
    • Wedding: March 2014 - Chicago, IL

    Right now I’m only paying on 1 and it’s $165/mo. Once I have to pay on them all (they’re in deferrment since I’m still in school) it will be closer to $1200/mo.

    Post # 51
    Member
    329 posts
    Helper bee
    • Wedding: October 2012

    I took $85k in federal loans (subsidized and unsubsidized) for law school. I had no undergrad debt.  On Income Based Repayment (I work in public service) I was paying $500 a month.  That said, it prevented me and DH from filing joint taxes because if we filed joint, and I used his income, it would’ve bumped me out of IBR and my payment would’ve gone to nearly $1200 a month. No, I absolutely could not afford that, considering it’s almost 1/2 of my monthly net pay, especially not on top of the $1000 a month DH paid.

    An inheritance allowed us to pay them off, and the best advice I can give you is keep up on your interest, even if you get a lower payment that doesn’t fully cover it.  I didn’t, and I ended up paying back almost $90k.  Which means 4 years of payments meant NOTHING. 

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