Negative Net worth, but it's complicated

>>1612318
Sounds like you're doing just fine to me. And sounds like you went to an expensive school.
If I were you I would either continue to make minimum payments for 9 years or just figure out how much more youre comfortable paying to get them payed off faster. Think 3-5 years.


I wouldn't rush to pay them if you're just redirecting money that would be going into your savings account

>>1612318
In case it matters, the 72k is split up with 32k in the 401k, 11 in a roth IRA, and the remainder in various cash/ cash equivalent accounts.

>>1612337
I've been hesitating to put more than the minimum down on the federal loans. I had two loans that were not eligible for forgiveness so I paid them off, and just socked away the savings since then.

As long as I have a job eligible for loan forgiveness I think that I'll just hold that money, and if I decide to quit I can pay it off then and there. Unfortunately my student loans are at interest rates from 5-9 percent, so I'm unlikely to be able to match that return in the market using anything remotely conservative.

>>1612337
It would be a great excuse for not giving people money, "I've got student loans to pay" sounds better than"I don't support your charity"

>>1612318

I feel your pain bro.

>$50k in student loan debt
>$50k income per year
>$10k in the bank right now

I fucked up and picked a meme degree that was useless. I didn't use my degree for 1 second, and work in a totally different field.

Please God allow people to get out of student loan debts via bankruptcy.

>>1612318
Do you pay interest on your student loans?

If I were you, I would just throw all of my money into paying off debt/bills. It gives you really good peace of mind when you realize you owe nobody nothing.

>>1613538

I wish I knew this feel.

And now that Republicans control Washington, there is zero chance the student loan debacle will be addressed.

>>1613622
>and now that Republicans control Washington, there is zero chance that I won't be held accountable for willingly entering a legally binding obligation to pay money in exchange for attending classes that I didn't need to attend

ftfy, it's your own fucking fault for thinking that school was going to get you such an amazing job that you would be able to pay off your debt in any reasonable timeframe.

>>1613631

That was a very popular message among the public, universities, and virtually every person over the age of 50.

If I could give the degree back in exchange for forgiveness of the loan I would do it in a second.

>>1613727
Degrees have never entitled you to a job, all they do is get you an interview and past an initial screening.

The public, and baby boomers, are grossly informed about most issues. The universities have an interest in selling you snake oil, and you should have never taken their word at face value.

I don't understand why it's so hard for people to pay off their student loans.

They're max 100k, 200k if you're really hitting it. Just live a little cheaper for five years and be done with it. You don't need to pay it off so slowly that your children will inherit it

>>1613738

>I don't understand why it's so hard for people to pay off their student loans.

They were turned into retards by our school system

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>>1612318

Reallocate cashflow you shitbeast, that debt (4.5-7%) combined with inflation is compounding at a pretty damn high rate, and unlike a mortgage (which for most people is still an assfuck) you aren't getting anything for it. You can't rent it out or sell it for more than you paid. Pay it back faster. with your income, that isn't hard. at all. just do it, or the interest on every dollar you invest at 4.5-7.5% is basically gonna be negated by the debt that is compounding at a similar rate.

DO IT

>>1613631
He obviously went to college for something remotely useful given his income, good for him. But he probably could have done it for cheaper. Like anything else, its an investment, that can be optimized or forgone if it is really not optimal.

Many people don't see it that way though, and they are in a shittier spot than him.

>>1612318

>makes 120k
>looking for loan forgiveness
>bring on the Trump

If some fuckers get 87k of loans forgiven, I want an 87k loan to start my business venture.

>>1613734

I agree I fucked up.

But the current degree push is not all that different from a stock broker pushing a stock he knows is dog shit and convincing people it's a good investment.

You ever worked at a university? I have. They are well aware of the situation and are still pushing meme degrees harder than ever. I sat in on one of those meetings where the department heads pick books, and writers and publishing companies provide kickbacks.

>>1612347
What kind of a job pays 100K+ and is eligible for loan forgiveness?

I'm about to sink as much money as possible into student loans as a investment bet that in the next 8 years there will be a political change that causes loan forgiveness/restructuring.

I don't think this is really a very wild financial gamble to make personally.

If I were you OP I would only do the minimums for the next several years until the current political climate becomes clearer.

>>1613981
The only company that could afford to pay your loans for you is the kind that could afford to plow millions into its compensation.