#StudentLoanDebt
#FinancialAdvice
#ManagingDebt
Struggling with Student Loan Debt? Here’s What You Can Do
Assess Your Financial Situation
If you’re feeling overwhelmed by student loan debt, the first step is to take a close look at your financial situation. Understand exactly how much you owe, what your monthly income is, and what your expenses look like.
Create a Budget
Creating a budget can help you see where your money is going and where you can cut back. Prioritize your expenses and focus on necessities like rent, utilities, and food. Cut out any unnecessary spending to free up more money to put towards your student loans.
Explore Repayment Options
Contact your loan servicer to explore repayment options. Some servicers offer income-driven repayment plans that can lower your monthly payments based on your income. You may also be eligible for loan forgiveness programs or deferment options if you’re struggling to make payments.
Consolidate or Refinance Your Loans
Consolidating or refinancing your student loans can help lower your interest rate and potentially reduce your monthly payments. Shop around with different lenders to find the best option for your financial situation.
Seek Professional Help
If you’re feeling overwhelmed and unsure of what to do, consider seeking help from a financial advisor or credit counselor. They can provide personalized advice and guidance on how to tackle your student loan debt effectively.
In conclusion, feeling like you’re drowning in student loan debt can be incredibly stressful. However, with careful planning, budgeting, and seeking assistance when needed, you can take control of your finances and work towards a debt-free future. Remember, you’re not alone in this struggle, and there are resources available to help you navigate the challenges of managing student loan debt. Stay positive and proactive in your approach, and you’ll be on your way to financial freedom in no time.
>Credit cards: $339 (The highest bill is $190, which is cut in half and automatically taken out to help with the debt. The $149 leftover is all transferred over to 0 interest on other cards to help me pay them down.)
Not sure what you mean here. You should be making minimum payments toward the lowest interest cards and putting the rest toward your highest interest card. Once that is paid off, move down the line. No point making excess payments to a zero-interest card, if that is what you are saying you are doing. I have to agree with others regarding the car payment. That is a lot considering your income. Good luck getting through this and know it gets better as income goes up (if you stay away from future debt). Also, taking out one loan to pay another is not a great idea. Especially when you are talking about hundreds of dollars.
Your expenses are missing a lot of things like, Rent, Food, Medical, any medical costs, gasoline, insurance, auto maintenance, basically everything your buying that isn’t an automatic payment it sounds like. You need to build a complete picture of where all your money is going to get an accurate budget to then use as a planning tool.
Your car payment is high for your income, your cell and internet is way too expensive. Your putting too much stuff on credit and that’s hurting you. You need to cut back your lifestyle & costs, increase your income either through more hours or a second job till you get out of the immediate consumer debt at least and built some savings.
For the time being can you ask your parents/family for the $800 to bring your student loans current so you can arrange a payment plan that will work going forward for the student loans?
How much total debt do you have? It looks like CC, after-pay, car, and student loans at least. Your total debt is killing you. Not just the student loans. You need to get serious about budgeting and cutting out everything that isn’t necessary. Get on top of your debt (close out and cut up credit cards if it will stop you spending on them). Do you need those subscriptions to survive? Probably cut those out. Get a cheaper phone plan. Get cheaper insurance.
You’re not really making more money than you were at $15/hr. I’d keep doing Doordash, look at what breaking that phone contract would cost you it’s kind of ridiculous. Shop around for a different Internet provider as well, $85 is steep. Or, since you have unlimited data, consider using your phone as a hotspot for home Internet (assuming you don’t need Internet for work).
Your car payment is a too high a percentage of your monthly income to be comfortable, but I don’t know how realistic it would be to sell and buy a different car (I’m kinda assuming you’re a bit upside down on it and that it’s relatively new and reliable), so I don’t think selling it would help that much especially if you are using it for Doordash.
And then eat lots of lentils and rice until you’re current on all your payments and can negotiate a payment plan.
What’s your rent?
Your student loans aren’t the problem. It’s your other payments. You have borrowed yourself into a hole. You need more income.
What is your total credit card debt & interest?
Why is your cell phone that high? Mine is $100. Why is your WiFi $85… I feel like you could bring it down to $50. Your car note is pretty average.
You’re significantly over paying for your car, phone bill, and internet.
Contact your student loan servicer and see what your options are
Are these federal or private loans?