I earn $45,600 annually, after taxes
Can someone give me an estimate on how long it would take to get out of debt at any given rate?
I've already cut spending where is matters, etc. I'm looking for a way to get out of debt the fastest way possible.
Thank you
I've been paying on mine for 30 years. You didn't say the % interest on those loans. Without figuring the % interest and if you'd pay $200 a month like me then it would be 19 years. So this isn't a thing that would be paid quickly so just budget for it and pay monthly. And btw, my student loans totaled only $8,000.
Just one thing I have to warn you, do NOT let those student loans go into default or you will pay 2 or 3 times over for those loans.
Review all of your spending cuts with someone who is an honest friend. You are paying off your debt with expensive dollars (we are in a slight deflation cycle). I ask you take a longer term view. Pay an increment for, say 3 years, and look back on your progress. I really feel that you should break your student into reasonable steps which you can achieve. You are you and it is best you adopt a plan will not discourage you in reaching your goal.
Your intention is good. As sit is you are earning per month $3800/ Hope with a planned life you can save per month $1000/ Have a discussion with your Bank and with monthly repayment of $1000/ you can close the loan in 7 years.
It should take you about 5 to 6 years to pay your debt with your good wage. Just put some of your salary towards paying for your debt on a regular basis.
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20 years; then socialist Obummer will make the taxpayers pay off the balance.
Geez, don't they teach basis finance in college? Go into excel and start =PMT(... and fill in the data chain with various scenarios and get your answers. [or goofle amortization tables. They also come in handy when you are considering buying a house.]
It also depends on what other payments you have to make monthly/annually etc...
Rent, Car, Groceries, Loans, what else do you have to take in consideration?
I can live on under 20k per year. Have it paid off in 3 years.
How long depends on how much you pay on the loans, and on their interest rate.
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