Quote: (01-20-2014 12:05 AM)Cattle Rustler Wrote:
The Rustler is debating on how to proceed with my student debt:
Currently making about 2.5K post-tax (plus $300-500 bonus) a month.
2013 reported income: 6K (I was jobless from January-October)
Debt: Around 20K-25K, I don't want to look at the number....I just want to pay that shit. Around 17-20K in federal loans and 3-5K in state loans.
Current expenses: ~$390
$60/month cell phone bill, $100/month internet/cable, 150/month for gas, $80 for insurance.
Route 1 - Take a some classes, and then pay it off.
Route 2 - Pay it off immediately, make $800-$1000 a month payments.
Route 3 - Make minimum payments for the rest of my life.
I think Route 2 would be the most beneficial as I have to eventually pay it off, become student loan free and not have to worry about wage garnishments and shit. Route 1 seems nice but I work 10-12 hour days and the bill will keep growing.
Any input from the RVF crew is much welcomed.
#2 would be my course of action. Having debt sitting on your shoulders is a terrible feeling, being free from it will really help. Sooner, the better.