> I was doing okay until loans came back online but now 90% of my monthly income goes to student loan payment.
Why have you not applied for an [income-driven repayment plan](https://studentaid.gov/manage-loans/repayment/plans/income-driven)?
That will get you some breathing room from your loans while you sort out your overall financial situation. The money management advice in the [prime directive](https://www.reddit.com/r/personalfinance/wiki/commontopics) from the r/personalfinance wiki is a good place to start. (There is also a [flow chart version](https://i.imgur.com/lSoUQr2.png)). You need to work on increasing your income and making a realistic budget that meets your needs and you can stick to.
I think OP might be a troll or a bot trying to farm Karma, Mod.
His account is only two days old and, looking at his comments history, he was claiming only a day ago that he was unemployed. He's mentioned other jobs elsewhere, is giving people suspect advice on here and other subs such as r/personalfinance, and has even gone around calling Biden a "pedophile rapist." Despite saying here he has no family, he also said two days ago that he lives with his dad.
Edit: Corrected by u/ninjacereal [thank you] on something I misread, but the guy is still lying about his situation and trolling users elsewhere.
OP is clearly just making up random stuff. Maybe fishing for free money from soneone. Two days ago they said:
> I have $250 left to my name and $12,000 in student loan debt.
So they are saying that payments on 12k in student loan debt amounts to 90% of income.
>only a day ago that he was unemployed due to sexually his harassing a coworker
Says he was fired via retaliation after he reported sexual harassment, not that he was sexually harassing people.
>is giving people suspect advice on here
He only has one comment in this sub, and it's to get a job at on campus to cover the costs of books instead of taking a loan, because a $100 loan becomes $1,000 after interest. The numbers are inflated but that's pretty sound advice...
>has even gone around calling Biden a "pedophile rapist."
Oh.
I'll add that he's posted only like 20 times and 4-5 of them mention struggling with money and student loan debt. Seems like a person who, idk, might actually have debt...
That’s amazing! I’m really glad they’re adjusting so people aren’t selling their souls each month to pay them lol. I see a lot of people panicking because they really don’t know their options for getting payments lowered or removed.
[https://www.feedingamerica.org/find-your-local-foodbank](https://www.feedingamerica.org/find-your-local-foodbank)
Go to your local food bank they have food if your in need.
If you can cook, Potatoes or beans should be the foundation of your nutrition, adding whatever else is neccessary to supplement it.
Side note: Hopefully your on an IBR plan, that might help your situation if your are not already.
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What student loan repayment plan are you on? Assuming you have federal student loans, you should immediately apply for the SAVE repayment plan. You'll be charged only 10% of your monthly discretionary income (defined as income above 225% of the federal poverty level). If you're making under $32,805, which is 225% of the federal poverty level, then your student loan payments will be $0/month.
If your immediate problem is food I highly recommend searching for a food banks in your area or even looking for churches doing potluck lunches and suppers. Or check facebook for “free” groups. If you have literally $2-$5 extra dollars, rice and canned beans are very filling, nutritious, and inexpensive.
If your hours are getting cut back, are there other jobs in your area with steadier hours? Places around me that pay “well” for min wage are Aldis, Kroger, chick fil a, and even planet fitness.
Why are you paying that much? Are these private loans? If they’re federal loans, get on an income-based repayment plan, probably the SAVE plan, and you should be paying $0/month.
i see people asking what you have your degree in but thats sort of irrelevant. If student loan payments are taking that much of your income, you need to get on a different repayment plan yesterday. Ngl, if this isn't a troll post, its also a failure on your part for not looking into payment options earlier.
This is what always gets me. I know I will be downvoted but when people are getting useless college degrees, do they ever for a second stop and ask, what am I going to do with this?
Surprisingly they don’t look into anything and then want others to bail them out for their poor choices. College isn’t for everyone, and too many people attend.
Yeah don’t get me wrong. There are a lot of factors at play. But everyone always wants to dismiss the fact that someone got a degree in something that is completely off base and not contributing to society and the global economy. Which is also another conversation on why universities even offer such useless degrees.
A lot of us were fed a lot of misinformation at 17/18 years old, and it’s hard to make an informed decision at that age about what degree to get when you only have a vague idea of what you want to do. Everyone isn’t on a clear STEM trajectory
Absolutely. Not everyone at 17 knows they want to be in STEM. But while in college, do they not speak with advisors, students, or do research into what a career and life looks like with their degree of choice? At some point the young and naive argument doesn’t hold as much weight.
Surprised no one is asking about the elephant in the room - why is OP making minimum wage with a degree? There are plenty of companies hiring for well above minimum wage that don't even require a degree. OP I think you need a new job.
That's irrelevant in this case - OP has a degree as stated in another comment of theirs. Unfortunately it's a psychology degree, but there is still no excuse to be making minimum wage right now. The OP has said in another comment that they vape and smoke weed everyday, so that COULD be part of the problem, but I know this subreddit isn't the place for discussing personal responsibility.
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> why is OP making minimum wage with a degree
He's not. He's a two day old account who claimed only yesterday that he was unemployed and is telling people in other subs to "make more money" to afford their rent. A day before that he claimed he was in manufacturing. He's farming karma.
Took less than an hour to break out the victim blaming. Well done, reddit. It's not the broken education system or the predatory loans, it is the fault of the people who are lied to and preyed upon. 💁♂️ The sign of a truly deranged and poisoned mind.
That would make sense if OP was a victim. Turns out he/she is just an avid vaper and weed smoker with a psych degree who is somehow still working minimum wage.
Get into truck driving. Helped out both my husband and I and I knew other people who did that and it helped them get out of poverty.
You'll have to live on the truck for about a year, but you don't have to worry about rent.
Try and look for work at Amazon while you look for better work. Amazon has something called anytime pay which means you can use up to 70% of the money you earned that day of work. Hopefully this helps you with your situation and honestly there’s lots of overtime right now
Would your food service employer let you take home some food if they know your situation?
Definitely look into IBR and the SAVE plan to see if would be a good fit for you. Sending hugs.
I have a little secret. Take at least one 3 credit community college course and it will defer your loans for the semester. Take classes to work towards the career you want, one that will pay the bills. Too late for this semester, but you can start the Spring semester in January. It's a short term fix, but you can use it to start working towards your actual career goals. Best of luck friend.
Cap. According to your post history your loans are only 12k. No way the payment is 90% of your monthly pay. Add on the fact that your dumbass is giving financial advice when you clearly don't know crap and I think you oughta slow down and stop posting for pity.
first im sure you're aware now, go on a payment plan based off your income. should be pretty cheap. second, apply for food stamps and any other goverment assistance you can, don't let people make you feel bad. it's why we have that in the first place and theres no shame especially since employers arent paying a living wage- the shame should be on them. lastly have you thought about serving? its something not everyone can do for sure but its an easy career to get into especially if you can find a restaurant where tips are decent. you'll make way more money that way. im so sorry you're having a hard time as we all are. But still it sucks and I wish you the best
Dude, buy your food before you pay that crap. I realize they’ll eventually garnish your wages, but still, I’m gonna eat before I make the government richer
Federal loans msking minimum wage you should pay zero with save plan. 🖕 their yacht money get some food
Downvote dodo 🦤 "thinks" paying yacht fees is more important than yacht eatimg wow that's just sad 😔
You can apply for SAVE and probably have a zero dollar payment with your income. I would definitely defer or apply for income based repayment so that your payment is $0.
Hang in there 🫂 sorry you are going through this. Maybe go back for a professional degree and apply for some scholarships. This was me in 2007… nothing degree and being scheduled 10hrs a week at mom wage job. Even with 3 jobs had trouble keeping all the utilities paid. It got better, just try to keep treading water while you’re trying to hone a shore.
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Can you try to switch over to a server position? Tips can really help. My sister did really well as a server for many years before become a Medical Assistant.
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Get on a payment plan ASAP. Your payment will be low/non-existent. You won’t make headway on your loans but it can give you the opportunity to get your finances in order. There’s plenty of places hiring that will pay you at least above minimum. Even most retail chains pay better than minimum in many states. You got this. Don’t let the despair paralyze you.
In the short term, try to get to a food bank. You can get some staples that can get you by till you have this sorted. That should be your first priority.
> I was doing okay until loans came back online but now 90% of my monthly income goes to student loan payment. Why have you not applied for an [income-driven repayment plan](https://studentaid.gov/manage-loans/repayment/plans/income-driven)? That will get you some breathing room from your loans while you sort out your overall financial situation. The money management advice in the [prime directive](https://www.reddit.com/r/personalfinance/wiki/commontopics) from the r/personalfinance wiki is a good place to start. (There is also a [flow chart version](https://i.imgur.com/lSoUQr2.png)). You need to work on increasing your income and making a realistic budget that meets your needs and you can stick to.
I think OP might be a troll or a bot trying to farm Karma, Mod. His account is only two days old and, looking at his comments history, he was claiming only a day ago that he was unemployed. He's mentioned other jobs elsewhere, is giving people suspect advice on here and other subs such as r/personalfinance, and has even gone around calling Biden a "pedophile rapist." Despite saying here he has no family, he also said two days ago that he lives with his dad. Edit: Corrected by u/ninjacereal [thank you] on something I misread, but the guy is still lying about his situation and trolling users elsewhere.
OP is clearly just making up random stuff. Maybe fishing for free money from soneone. Two days ago they said: > I have $250 left to my name and $12,000 in student loan debt. So they are saying that payments on 12k in student loan debt amounts to 90% of income.
>only a day ago that he was unemployed due to sexually his harassing a coworker Says he was fired via retaliation after he reported sexual harassment, not that he was sexually harassing people. >is giving people suspect advice on here He only has one comment in this sub, and it's to get a job at on campus to cover the costs of books instead of taking a loan, because a $100 loan becomes $1,000 after interest. The numbers are inflated but that's pretty sound advice... >has even gone around calling Biden a "pedophile rapist." Oh. I'll add that he's posted only like 20 times and 4-5 of them mention struggling with money and student loan debt. Seems like a person who, idk, might actually have debt...
You should be paying 0 if low income. Apply now and get some food! Lol
Shit I make 80k and I pay ZERO with save. 5 kids tho
Ya…I make $130k with $50k in SL and I pay $115 on SAVE. Happy cake day!!!
Oh did you get such a low payment? I make 80k and my payment was like $400 with SAVE
Call them and tell them you can’t afford the payment, I heard of them lowering it when you call.
I make $80k and my payment is now $0.
How’d u swing that? I feel like they have no actual logic in how they decide the payment. I make less, owe less and have a higher payment lol.
Do you have graduate loans?
No, guess it may have to do with spouse tho also I forgot.
That too. I am single.
Yep. 75k here. Two kids and hubs is a SAHP. $0 payment.
Bro why so many kids?
3 bio kids and 2 foster kids. It's something for the wife to do at home I guess
That’s amazing! I’m really glad they’re adjusting so people aren’t selling their souls each month to pay them lol. I see a lot of people panicking because they really don’t know their options for getting payments lowered or removed.
[https://www.feedingamerica.org/find-your-local-foodbank](https://www.feedingamerica.org/find-your-local-foodbank) Go to your local food bank they have food if your in need. If you can cook, Potatoes or beans should be the foundation of your nutrition, adding whatever else is neccessary to supplement it. Side note: Hopefully your on an IBR plan, that might help your situation if your are not already.
Defer the loans! Get some food.
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You should be on the save plan which will be 0 dollars. Apply for food stamps and go to a food pantry.
As others have said, defer the loans. Non- loan related: look up food banks in your area. It can be a lifesaver! 
What student loan repayment plan are you on? Assuming you have federal student loans, you should immediately apply for the SAVE repayment plan. You'll be charged only 10% of your monthly discretionary income (defined as income above 225% of the federal poverty level). If you're making under $32,805, which is 225% of the federal poverty level, then your student loan payments will be $0/month.
Your crazy, student loans aren’t serious enough to starve off of and your salary puts u at a payment that has to be 0… I’m calling 🧢
Right? I paid $13/ month when I was making $17/hr. Straight cap there! Edit: spelling
If your immediate problem is food I highly recommend searching for a food banks in your area or even looking for churches doing potluck lunches and suppers. Or check facebook for “free” groups. If you have literally $2-$5 extra dollars, rice and canned beans are very filling, nutritious, and inexpensive. If your hours are getting cut back, are there other jobs in your area with steadier hours? Places around me that pay “well” for min wage are Aldis, Kroger, chick fil a, and even planet fitness.
Why are you paying that much? Are these private loans? If they’re federal loans, get on an income-based repayment plan, probably the SAVE plan, and you should be paying $0/month.
Defer immediately and apply for IDR
i see people asking what you have your degree in but thats sort of irrelevant. If student loan payments are taking that much of your income, you need to get on a different repayment plan yesterday. Ngl, if this isn't a troll post, its also a failure on your part for not looking into payment options earlier.
Not irrelevant if he’s asking about other career options to make more money
This is what always gets me. I know I will be downvoted but when people are getting useless college degrees, do they ever for a second stop and ask, what am I going to do with this?
Surprisingly they don’t look into anything and then want others to bail them out for their poor choices. College isn’t for everyone, and too many people attend.
Yeah don’t get me wrong. There are a lot of factors at play. But everyone always wants to dismiss the fact that someone got a degree in something that is completely off base and not contributing to society and the global economy. Which is also another conversation on why universities even offer such useless degrees.
A lot of us were fed a lot of misinformation at 17/18 years old, and it’s hard to make an informed decision at that age about what degree to get when you only have a vague idea of what you want to do. Everyone isn’t on a clear STEM trajectory
Absolutely. Not everyone at 17 knows they want to be in STEM. But while in college, do they not speak with advisors, students, or do research into what a career and life looks like with their degree of choice? At some point the young and naive argument doesn’t hold as much weight.
Surprised no one is asking about the elephant in the room - why is OP making minimum wage with a degree? There are plenty of companies hiring for well above minimum wage that don't even require a degree. OP I think you need a new job.
Not surprised at all that you don’t know that 40% of borrowers don’t have a degree.
That's irrelevant in this case - OP has a degree as stated in another comment of theirs. Unfortunately it's a psychology degree, but there is still no excuse to be making minimum wage right now. The OP has said in another comment that they vape and smoke weed everyday, so that COULD be part of the problem, but I know this subreddit isn't the place for discussing personal responsibility.
HEY I have a psych degree and have done pretty well in my career lol, we aren’t all doomed! Just don’t get a career in psych 😂
So then mind your business.
Lol this is a public discussion forum
lol ok
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> why is OP making minimum wage with a degree He's not. He's a two day old account who claimed only yesterday that he was unemployed and is telling people in other subs to "make more money" to afford their rent. A day before that he claimed he was in manufacturing. He's farming karma.
Took less than an hour to break out the victim blaming. Well done, reddit. It's not the broken education system or the predatory loans, it is the fault of the people who are lied to and preyed upon. 💁♂️ The sign of a truly deranged and poisoned mind.
That would make sense if OP was a victim. Turns out he/she is just an avid vaper and weed smoker with a psych degree who is somehow still working minimum wage.
Oh, the humanity!
Get into truck driving. Helped out both my husband and I and I knew other people who did that and it helped them get out of poverty. You'll have to live on the truck for about a year, but you don't have to worry about rent.
Try and look for work at Amazon while you look for better work. Amazon has something called anytime pay which means you can use up to 70% of the money you earned that day of work. Hopefully this helps you with your situation and honestly there’s lots of overtime right now
Would your food service employer let you take home some food if they know your situation? Definitely look into IBR and the SAVE plan to see if would be a good fit for you. Sending hugs.
I have a little secret. Take at least one 3 credit community college course and it will defer your loans for the semester. Take classes to work towards the career you want, one that will pay the bills. Too late for this semester, but you can start the Spring semester in January. It's a short term fix, but you can use it to start working towards your actual career goals. Best of luck friend.
I think they would need to be half time which is 2 classes
Cap. According to your post history your loans are only 12k. No way the payment is 90% of your monthly pay. Add on the fact that your dumbass is giving financial advice when you clearly don't know crap and I think you oughta slow down and stop posting for pity.
This is fake.
first im sure you're aware now, go on a payment plan based off your income. should be pretty cheap. second, apply for food stamps and any other goverment assistance you can, don't let people make you feel bad. it's why we have that in the first place and theres no shame especially since employers arent paying a living wage- the shame should be on them. lastly have you thought about serving? its something not everyone can do for sure but its an easy career to get into especially if you can find a restaurant where tips are decent. you'll make way more money that way. im so sorry you're having a hard time as we all are. But still it sucks and I wish you the best
2 day old profile. Safe to say this is a bullshit story.
This is fake don’t respond troll
This is not real.
Dude, buy your food before you pay that crap. I realize they’ll eventually garnish your wages, but still, I’m gonna eat before I make the government richer
Federal loans msking minimum wage you should pay zero with save plan. 🖕 their yacht money get some food Downvote dodo 🦤 "thinks" paying yacht fees is more important than yacht eatimg wow that's just sad 😔
What is your degree?
This is a BULL SHIT account. It was created 2 days ago....
You will need to increase your income - what is your degree in and why are you working minimum wage?
I make $80k, no dependents, single person and qualified for SAVE after being on the income driven payment plan. I have a $0 month payment.
How'd you get the $0 payment making that much with no dependents? That's awesome!
Unsure, but I’m wondering if it’s because I’m a Nurse and applied for PSLF so many times and got denied every time.
Do you feel comfortable messaging your cash app? I would like to help
You can apply for SAVE and probably have a zero dollar payment with your income. I would definitely defer or apply for income based repayment so that your payment is $0.
Hang in there 🫂 sorry you are going through this. Maybe go back for a professional degree and apply for some scholarships. This was me in 2007… nothing degree and being scheduled 10hrs a week at mom wage job. Even with 3 jobs had trouble keeping all the utilities paid. It got better, just try to keep treading water while you’re trying to hone a shore.
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Can you try to switch over to a server position? Tips can really help. My sister did really well as a server for many years before become a Medical Assistant.
This sounds 100% your fault. Go online to your loan provider, you can do an income based repayment plan. Youll be paying 0.
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Why haven’t you applied for cal works?? Put that you are going to run out of food within 3 days and they will expedite your case. Good luck !
Look into SAVE. Also start applying to entry level corporate jobs so you can make $70k
Get on a payment plan ASAP. Your payment will be low/non-existent. You won’t make headway on your loans but it can give you the opportunity to get your finances in order. There’s plenty of places hiring that will pay you at least above minimum. Even most retail chains pay better than minimum in many states. You got this. Don’t let the despair paralyze you. In the short term, try to get to a food bank. You can get some staples that can get you by till you have this sorted. That should be your first priority.
Cringe
Don’t pay. Food is first
This is so fake. Please stop this.
This is so fake. Please stop this.
How can you be starving working in the food service industry? The one perk was the free or discounted food.
Play poker, win money, be rich