Is there any way to bring down my grad school loans? I owe $65k and not sure how to handle it.
If you start paying them, they’ll definitely go down.
Blake said:
If you start paying them, they’ll definitely go down.
Now this is the kind of advice we need.
You could wait for the government to collapse and just ignore them.
Not saying it’s a smart plan, but I wouldn’t judge anyone for it.
Bailey said:
You could wait for the government to collapse and just ignore them.
Not saying it’s a smart plan, but I wouldn’t judge anyone for it.
Hey, stop giving away my secret strategy.
Honest question—why take on $65k in loans if you’re not sure how to pay them back? What was your field of study? Or is it more about struggling to find a job? Some industries are really tough right now.
Look for jobs that offer student loan repayment as part of the benefits.
Man, I wish my loans were only $65k.
Neve said:
Man, I wish my loans were only $65k.
That’s after already paying off about $30k.
$65k? That’s nothing compared to some.
If your interest rate is high, you might be able to refinance to save money, but really, the best way is to throw as much extra at it as possible when you can.
One of my loans got forgiven last year, but I still have others. I don’t expect the government to just erase them, since I did borrow the money, but I’d love to see interest rates lowered. During COVID, I kept making payments even when they were paused, but it barely made a dent because of interest. Thinking about using a home equity loan to pay them off since it would be way cheaper in the long run.
Jo said:
@Pax
The no-interest period was rare. People who didn’t take advantage of it missed out big time.
Yeah, I know people who used that time to travel or buy other stuff instead. Some even bought houses, and now they’re freaking out about restarting payments. I kept telling people to pay down as much as possible while interest was frozen, but you can’t force them.
Some jobs offer full or partial loan forgiveness—teaching, Peace Corps, etc.
Or just get a job, pay off your loans, and cut back on unnecessary spending.
If you’re really serious, pick up a second job or side hustle to bring in more money.
At the end of the day, the way to pay is simple. The real question is whether you’re willing to put in the work.
If you become a teacher, you might qualify for student loan forgiveness.
No shortcuts here, just gotta pay it back like the rest of us. Even if it’s $200 a week, just keep at it.
A buddy of mine racked up hundreds of thousands in student debt and is still paying it off after 10 years—he’s a doctor, though.
Your amount isn’t that bad compared to some, so at least there’s that.
If things go well, I’ll finish both my bachelor’s and master’s with around $25k in debt. I’m still in deferral, but I’ve been making small payments already.
You could invent a time machine, go back, and tell your younger self to get a full scholarship. Problem solved.
If that’s not an option, just set a monthly payment and chip away at it.