I have about $30k in federal student loans that I have not even started paying down (because I can't afford to). I graduated a couple years ago but have avoided answering those calls. I'm terrified of what might happen. I have heard that income based payments exist, but I make so little, I really don't think I could afford more than 60 or 70 dollars a month without drastically changing my life (i.e. moving somewhere cheaper/selling my possessions/eating pb&j for every meal). I've heard of payments in the hundreds of dollars a month. That would be impossible for me.
How screwed am I, and what is my best course of action? Thanks.
Edit: Thank you so much for everyone who offered advice. I'm going to call and set up an IBR tonight. Deep breath. Ready for the sigh of relief. THANK YOU!
KindOfADickFace197 karma
Hey Neil,
I have about $30k in federal student loans that I have not even started paying down (because I can't afford to). I graduated a couple years ago but have avoided answering those calls. I'm terrified of what might happen. I have heard that income based payments exist, but I make so little, I really don't think I could afford more than 60 or 70 dollars a month without drastically changing my life (i.e. moving somewhere cheaper/selling my possessions/eating pb&j for every meal). I've heard of payments in the hundreds of dollars a month. That would be impossible for me.
How screwed am I, and what is my best course of action? Thanks.
Edit: Thank you so much for everyone who offered advice. I'm going to call and set up an IBR tonight. Deep breath. Ready for the sigh of relief. THANK YOU!
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