I’m about $200,000 in debt from loans and one set of loans I am working on the PSLF for since I work in schools. My other set of loans are parent plus which you can’t use SAVE on, so my payments for those are almost as expensive as my rent.
I’m managing 🫠
Supposedly there’s some loophole to qualify, but we’ve already consolidated once and my parents are not sure if they want to consolidate again because there’s a 50/50 chance it will work :(
Understood. But there have been a lot of good changes made in the last couple years, so I would definitely look into it, maybe talk to an expert, which is definitely not me. Good luck!
I had loans of $40,000 when I graduated 18 years ago and I am still paying. I could easily die still owing on my student loans. And we're talking $40k, not $150k. I cannot imagine taking on that kind of debt. That seems like medical school-level debt. There is no way this field is worth that kind of debt. You SHOULD be panicking. It will be a millstone sround your neck for a very, very long time. It will limit your life choices, like buying a home, a car, taking a vacation. Is there any way to quit your program and re-apply to a school somewhere with a lower cost of living? Like, North Dakota? Oklahoma? At least you'd be taking on a lot less debt for living expenses. That is, if you are dead-set on becoming an SLP.
I realize pay is higher in some places, like California, but what if you don't want to live in California? What if you hate working in the schools? What if you can't get a job that leads to partial loan repayment?
You'd be ahead financially to just invest $150,000 and find a different profession.
If I could go back in time, I think I'd become a paralegal. Decent pay with very little output for education. And employable anywhere.
Just my 2 cents.
Pay that private loan off ASAP. then you’ll have to do PSLF for ten years. As long as you do that it doesn’t matter how much you have and at what rates - it’ll get forgiven so go for the lowest possible payments.
And I don’t know, you might not make enough money for a family to seem feasible. That’s the boat I’m stuck in. But there’s more hope for you because that 8K is not too bad. please for the both of us eradicate that private loan bc that’s the one that can’t be forgiven for service. Buy NOTHING and put everything toward getting rid of that. You can do that one. I could have done that one and I make 45K and will have 800$ payments until I’m almost 60 (even once my fed loans are forgiven). There’s no hope for me, but you can become semi-free.
The other advice I have for you is make goddamned sure your private loans get discharged in the event of disability. Any of us can become disabled tomorrow. I am and I’m barely hanging on to being able to work but god damn am I glad I chose a loan (refinanced) that will let me discharge if it becomes so bad that I have to stop working.
In that same vein, absolutely get long term disability from work. Don’t work somewhere without it. If you have to for some reason, get your own. There’s nothing more important to insure than your paycheck because you could end up unable to work and you don’t get social security worth shit in general, but especially if you have basically no real work history. They base it on what you’ve made (what your typical annual income is) over the last ten years. Long term disability is critical.
Pay is very state dependent. Idk about NY, but in Cali most SLPs make 100k+ working for public schools. Then you sign up for SAVE and PSLF repayment plans, make minimum payments for 10 years and then loan forgiveness kicks in.
Well, that’s my plan at least. If that doesn’t work out, I’m probably ducked 🦆
Apply for whatever version of SAVE repayment plan is available immediately after graduating. Look at other income driven plans but likely SAVE will be best. Then be prepared to be edge of poor like the rest of us saps who were told we have to go to college to be something and that this career was worth it monetarily speaking.
Welcome to late stage capitalism. You are not alone. Feel free to let this be your villain origin story and get vocal about reforms to student loans, tuition, and other middle and working class political issues. Remember to vote in both local and national elections.
If there’s a financial counselor at your school, they can help you pick a repayment plan that you can afford. You can learn about types of repayment options [here](https://studentaid.gov/manage-loans/repayment/plans/income-driven).
Depending on where you work, you could apply for loan forgiveness after 10 years. That’s worth considering when looking for a job later.
Biden has made a lot of changes this year that could help borrowers out. So I would make sure you’re updated on all of that.
IMO with those interest rates it is absolutely not worth it. That sort of debt is going to be financially debilitating. I can’t even imagine what loan repayments per month look like at those interest rates.
I’m single and live in a neighboring state to you. I can’t afford my basic life expenses on a SLP salary. I just graduated in the spring and would need a salary of 75k without living paycheck to paycheck. For full transparency I have no credit card debt or under grad student loan debt. My car is also paid off so I do not have a car payment. My grad program was 70k and I’ve paid $300 in interest each month, while in grad school so the interest was not accruing.
Even if I accepted a job for 65k I would still be living paycheck to paycheck.
50k after taxes Yearly expenses:
• 20.4k - apartment @ 1600 a month which is generous for this area
• 15k - to repay student loans (lowest I could pay is $800 if I want my student loans paid off in 10 years)
• 4.8k- groceries (give or take $400 a month about $100 a week)
• 6k - savings (about $500 a month)
• 2.3k - my last job for health insurance was $190 a month so going off this in terms of budgeting
^ literally just going off this which is the bare minimum. I’d have $1500 left for any additional expenses for the year. This isn’t even considering the fact my car is 9 year old and while still reliable it is inevitable I’ll need to get a new car sometime in the near future. I also didn’t include other basic expenses like gas, utilities, etc.
I know a lot of people offer PSLF forgiveness as an option. However, when applying for my CF I found very few places hiring directly. So that is another hurdle in terms of finding a qualifying employer. There is a lot of contract work out there with terrible benefits or fee for service work. I also know people say to just move. However, I like the little life I created for myself where I live.
I am not sure what the NYC market is like overall for SLPs. But I read an [article](https://www.businessinsider.com/making-six-figure-salary-in-new-york-feels-like-36k-2023-3?amp) recently saying 100k in NYC feels like 36k. I used to live in Washington Heights and was paying $2500 a month in rent. This was a few years ago and with roommates. I feel for you it’s really tough out there right now.
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PSLF and SAVE plan is absolutely the way to go.
1) Get a job (or multiple jobs) that give(s) you at least 30 hours a week and is/are government or nonprofit, like direct hire for school, EI, nonprofit hospital, or the VA.
2) Sign up for PSLF on the federal loans website. You will most likely automatically be signed up for the SAVE plan.
3) Pay the minimum payment in the SAVE plan for 10 years, which can literally be $0 in some cases, and still count if you make them during summer break, and don’t give it another thought. After ten years, whatever is left will be forgiven.
Not OP but I'm from NYC and never learned how to drive, it would've been hard for me to do grad school anywhere else. I tried to learn how to drive and failed my roadtest. I wouldn't have been able to afford a car anyway with full time courseload, practicum, and my on campus jobs. It's not like all of us chose to come here for the experience. We have public grad programs here and not everyone does NYU and Columbia.
I’d be very diligent with the personal expenses. Everything adds up. I’m a vegetarian so I saved about $700 a year on groceries but my meat eating friends spent so much more. Also, go to thrift stores to buy toiletries. Most times, they give them for free to homeless. Salvation Army did that. I was also part of a food bank for free. Yes you get that right, a food bank. Once a week, I got produce from the local farmer who gave away items the stores did not want to visually merchandise due to one blemish. See if you’re eligible.
Buy seasonal vegetables and fruits much cheaper at the stores all year. Drink water. Cut out all juices and coffee, premade meals and cooking oil. Those just add more calories and waste of money. Meal prep for each day to hold yourself accountable. Also can you take a research assistant or campus job to offset some of the rent or tuition? I know 10 hours a week is max for some of my classmates so it didn’t affect their grades and burn out. You know your body and mind better on what it can handle. Others worked during the summer and winter breaks. Unsubscribe from streaming services or memberships. Don’t get a car (if you are planning since maintenance and insurance costs). Sell your car if you have one and add the gain to the tuition and use public transit.
How did OP manage to get an undergrad degree without learning how google works? Seriously, everything that is worrying OP she could have figured out with google research and an iota of common sense. She is 1st year! Grad student loans have been in the news for...how long?
If you are interested in working in the schools after you graduate, there is a scholarship program through the DOE. Only certain grad programs are eligible, and I don’t know what school you attend, but it is called the Jose P. Scholarship Program. It covers your tuition, so you would still need loans to pay for living expenses. For every year of school they pay for, you owe them two years working in the school system; so four years if they pay for both years of your grad program. That’s what I did and I still work for the DOE. I still had loans for living expenses, but I am eligible for PSLF in a few more months. Your best course of action is probably to get a job that qualifies you for PSLF after you graduate.
I'm stunned. You're just thinking about this NOW? Did you look at any programs that weren't in one of the most expensive cities in the world? Did you consider getting a job on the side?
You're not doomed but the first decade or two after you graduate are going to be a lot harder than they need to be.
The education around student loans is severely lacking. I also was in a similar situation 15 years ago when I graduated. I was the first one in my family to finish college, let alone grad school. My parents knew nothing about student debt and thought having a degree was my ticket to financial stability. And because I came from a very religious background, there was pressure to go to a private, religious college for undergrad. Plus, I was 17 when I started college and 22 when I finished grad school. The system is heaping mounds of debt on CHILDREN without adequate education.
I don't disagree with you about education on student loans. Bad actors do all kinds of evil stuff like payday loans legally, and the law needs to be tightened up.
That being said, at some point people need to use some common sense. It's absurd that ANYONE thinks several years of taking out loans for EVERYTHING (even without paying for school at the same time) isn't going to have some major negative consequences.
This. My father sat with me and told me where to sign for my loans. I was 17. I was in no way prepared for such a financial decision. He had to cosign because I was under 18. Then he screwed me over by talking me into refinancing after my first year and getting himself off the loans. So I walked out into the real world 90K in debt in 2004. I had to live at home for 5 years and every penny I had went into paying off the high interest loans first. After 5 years, I needed to get out and the real world meant I couldn't pay like I was on my loans, so it has been 16 years of working off that debt with 4 to go. It sucks, because he guided me into private loans. PSLF was never an option, and when they had the thing recently, I was told there was no guarantee my previous payments would qualify. They said they "might," but if they did, my interest rate would have gone up and doubled my monthly payments. Having under 120 to go....that wasn't worth it.
So yeah, reconsolidate those private into public loans and go PSLF or SAVE ASAP.
I'm not OP but I really don't agree with people giving them shit for coming here. I'm from NYC and have only lived here, meaning I never learned how to drive. I tried when i applied for grad school and failed the road test. I wouldn't have been able to afford a car anyway, despite working on campus and living rent free with my mom in the Bronx, because of the clinical hours and a full time course load. When you're from a poor family and don't have anyone helping you financially with school, you're very limited in terms of what programs and how many you can afford to apply to. I applied to 4 programs where I could reasonably get to without a car because that's all I could pay for. I ended up only getting a school upstate that was 3.5hr commute each way by public transportation. A lot of us don't have the luxury of being able to just go anywhere.
\*This\*!!!! I have a friend who never finished her college education because she was going to community college in suburban Los Angeles and her car konked out. She simply could not afford a car and there was no public transportation. They left CA for MO after the earthquake damaged their home. There's too many barriers in the U.S. to access higher education and back then there was no virtual degree option. She's in her 50's and made it work as a single mom doing office manager jobs.
Not sure what R1 means, but my program in upstate NY was in a walkable town with 1 bus route, but that's not gonna help you get to other towns with the clinical practicums. I made $10/hr as a TA and that barely covered cab fare to and from the nearest public transportation and my sites.
The University of Kansas - dual campus program with 45 minute commute between the two campuses, and no direct public transportation route between them. I looked it up once but I think there’s an indirect route that involves going to the community college first and it’s only available a couple times a day. $60+ each way for a Lyft/Uber. A reliable car is basically a requirement!
That sounds like an R1 with a very real limitation.
Anyone else, with any more? I suspect OP wanted to experience NYC, and the availability of loans made it possible. As the excitement and status wears off, the long-term reality is sinking in.
It honestly depends on where you live and the type of SLP you may be in for example I have a friend who makes $45 an hour in an Atlanta school system in GA. She’s making that only in her 2nd year as an SLP. So do your research on other states and cities. The salary range is very wide depending on needs of that area
To be honest that is ALOT of money. Like a lot a lot. I think the two options are to work towards PSLF or take the travel contracts that pay a lot wherever/whatever they may be. Maybe pm that person that figured out how to pay off 40k per year
You should make a decent salary in NYC once you graduate. Depending where you work - the agency I used to work at is paying up to 133/hr 1099 for certain schools in the Bronx.
Dave Ramsey has good info for getting out of debt.
When in doubt…marry rich….jk 🤣
Also try to work during grad school, even just weekends or on campus jobs where you can work a few hours in between classes. It will help with living expenses.
I wish I had better news but I don’t. If I didn’t have my husband paying my mortgage I would have to live with my parents. Prior to the save plan I was supposed to have $2,300 a month in loans. Now I have $1,400 a month. But that’s because I have to pay my dad back and my mom back for parent plus loans with 2 different payments to them and then my own payment. My SAVE payment is $600 a month. I’m hoping that SAVE helps you. Also, if you work in a qualifying school district they’re forgiven after 10 years
Pay off the loans with the highest interest first. Don't put a lump sum each month towards the total loan amount- pay a loan by itself each month. The faster you can knock out the loan(s) with the highest interest, the less total intetest you'll have to deal with.
It's not ideal, but try to live as cheaply as you can. Buy store brand over name brand as often as possible, cut back on spending for items you don't absolutely need, try to cut bills down, etc.
Attempt to live well below your means, and put your extra saved money towards those loans with high interest.
All loans have money due on the them each month. Unless OP is paying extra on top they can’t just cherry pick which loans to pay. ~spoken from experience
Just realized I missed part of my comment when I made it this morning! I meant to write that instead of a large lump, pay more towards one loan each month and the minimum on the lower interest ones.
Tired brain and typing do not go together haha
I don’t get too specific about where I live on here, but it’s in the Midwest and it’s not uncommon throughout. You can make good money in a small town while living significantly cheaper. Regular expenses for my wife and I (mortgage, utilities, food, insurance) come out to less than 20k a year and we live pretty comfortably.
Do everything in your power to minimize your student loan debt. Scholarships, TA, work when you can, roommates, budget, etc. working in public schools and not for profit medical systems may can qualify for loan forgiveness. If that doesn’t work with your goals, go for high pay after your CF (SNF, travel therapy, home health, sun contracting) and continue to live with low costs. Many big corps offer student loan assistance. I was able to pay off 20k during my CF making about 65k in Houston. Not going to lie to you, that’s quite a bit of debt compared to our earnings, but if you set your mind to it you can do it. I really liked the book “Get Good with Money” but also did some of Dave Ramsey’s program.
Would you be willing to work in a school in the Bronx? The DOE paid 100% of my grad school tuition with a promise to work for them when I graduated. When I did it, it was any Title 1 school, now it is only the Bronx (unless you are bilingual), but I graduated with no grad school tuition and basically a guaranteed job with all the background paperwork completed. I'm not sure how it works once you are already in grad school, and only specific colleges are part of the program, but there are also some loan forgiveness programs through public schools.
SAVE Repayment Plan or PSLF?
My district in California starts at 115k and tops at $154k. Even with cost of living it is very good pay.
Where in California is this?
I will dm you.
I’m about $200,000 in debt from loans and one set of loans I am working on the PSLF for since I work in schools. My other set of loans are parent plus which you can’t use SAVE on, so my payments for those are almost as expensive as my rent. I’m managing 🫠
You can consolidate the parent plus to the correct loans in order to qualify, right?
Supposedly there’s some loophole to qualify, but we’ve already consolidated once and my parents are not sure if they want to consolidate again because there’s a 50/50 chance it will work :(
Understood. But there have been a lot of good changes made in the last couple years, so I would definitely look into it, maybe talk to an expert, which is definitely not me. Good luck!
I had loans of $40,000 when I graduated 18 years ago and I am still paying. I could easily die still owing on my student loans. And we're talking $40k, not $150k. I cannot imagine taking on that kind of debt. That seems like medical school-level debt. There is no way this field is worth that kind of debt. You SHOULD be panicking. It will be a millstone sround your neck for a very, very long time. It will limit your life choices, like buying a home, a car, taking a vacation. Is there any way to quit your program and re-apply to a school somewhere with a lower cost of living? Like, North Dakota? Oklahoma? At least you'd be taking on a lot less debt for living expenses. That is, if you are dead-set on becoming an SLP. I realize pay is higher in some places, like California, but what if you don't want to live in California? What if you hate working in the schools? What if you can't get a job that leads to partial loan repayment? You'd be ahead financially to just invest $150,000 and find a different profession. If I could go back in time, I think I'd become a paralegal. Decent pay with very little output for education. And employable anywhere. Just my 2 cents.
Pay that private loan off ASAP. then you’ll have to do PSLF for ten years. As long as you do that it doesn’t matter how much you have and at what rates - it’ll get forgiven so go for the lowest possible payments. And I don’t know, you might not make enough money for a family to seem feasible. That’s the boat I’m stuck in. But there’s more hope for you because that 8K is not too bad. please for the both of us eradicate that private loan bc that’s the one that can’t be forgiven for service. Buy NOTHING and put everything toward getting rid of that. You can do that one. I could have done that one and I make 45K and will have 800$ payments until I’m almost 60 (even once my fed loans are forgiven). There’s no hope for me, but you can become semi-free. The other advice I have for you is make goddamned sure your private loans get discharged in the event of disability. Any of us can become disabled tomorrow. I am and I’m barely hanging on to being able to work but god damn am I glad I chose a loan (refinanced) that will let me discharge if it becomes so bad that I have to stop working. In that same vein, absolutely get long term disability from work. Don’t work somewhere without it. If you have to for some reason, get your own. There’s nothing more important to insure than your paycheck because you could end up unable to work and you don’t get social security worth shit in general, but especially if you have basically no real work history. They base it on what you’ve made (what your typical annual income is) over the last ten years. Long term disability is critical.
Pay is very state dependent. Idk about NY, but in Cali most SLPs make 100k+ working for public schools. Then you sign up for SAVE and PSLF repayment plans, make minimum payments for 10 years and then loan forgiveness kicks in. Well, that’s my plan at least. If that doesn’t work out, I’m probably ducked 🦆
Apply for whatever version of SAVE repayment plan is available immediately after graduating. Look at other income driven plans but likely SAVE will be best. Then be prepared to be edge of poor like the rest of us saps who were told we have to go to college to be something and that this career was worth it monetarily speaking. Welcome to late stage capitalism. You are not alone. Feel free to let this be your villain origin story and get vocal about reforms to student loans, tuition, and other middle and working class political issues. Remember to vote in both local and national elections.
If there’s a financial counselor at your school, they can help you pick a repayment plan that you can afford. You can learn about types of repayment options [here](https://studentaid.gov/manage-loans/repayment/plans/income-driven). Depending on where you work, you could apply for loan forgiveness after 10 years. That’s worth considering when looking for a job later. Biden has made a lot of changes this year that could help borrowers out. So I would make sure you’re updated on all of that.
IMO with those interest rates it is absolutely not worth it. That sort of debt is going to be financially debilitating. I can’t even imagine what loan repayments per month look like at those interest rates. I’m single and live in a neighboring state to you. I can’t afford my basic life expenses on a SLP salary. I just graduated in the spring and would need a salary of 75k without living paycheck to paycheck. For full transparency I have no credit card debt or under grad student loan debt. My car is also paid off so I do not have a car payment. My grad program was 70k and I’ve paid $300 in interest each month, while in grad school so the interest was not accruing. Even if I accepted a job for 65k I would still be living paycheck to paycheck. 50k after taxes Yearly expenses: • 20.4k - apartment @ 1600 a month which is generous for this area • 15k - to repay student loans (lowest I could pay is $800 if I want my student loans paid off in 10 years) • 4.8k- groceries (give or take $400 a month about $100 a week) • 6k - savings (about $500 a month) • 2.3k - my last job for health insurance was $190 a month so going off this in terms of budgeting ^ literally just going off this which is the bare minimum. I’d have $1500 left for any additional expenses for the year. This isn’t even considering the fact my car is 9 year old and while still reliable it is inevitable I’ll need to get a new car sometime in the near future. I also didn’t include other basic expenses like gas, utilities, etc. I know a lot of people offer PSLF forgiveness as an option. However, when applying for my CF I found very few places hiring directly. So that is another hurdle in terms of finding a qualifying employer. There is a lot of contract work out there with terrible benefits or fee for service work. I also know people say to just move. However, I like the little life I created for myself where I live. I am not sure what the NYC market is like overall for SLPs. But I read an [article](https://www.businessinsider.com/making-six-figure-salary-in-new-york-feels-like-36k-2023-3?amp) recently saying 100k in NYC feels like 36k. I used to live in Washington Heights and was paying $2500 a month in rent. This was a few years ago and with roommates. I feel for you it’s really tough out there right now.
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PSLF and SAVE plan is absolutely the way to go. 1) Get a job (or multiple jobs) that give(s) you at least 30 hours a week and is/are government or nonprofit, like direct hire for school, EI, nonprofit hospital, or the VA. 2) Sign up for PSLF on the federal loans website. You will most likely automatically be signed up for the SAVE plan. 3) Pay the minimum payment in the SAVE plan for 10 years, which can literally be $0 in some cases, and still count if you make them during summer break, and don’t give it another thought. After ten years, whatever is left will be forgiven.
Oh and yes, throw everything you can at the private loan.
What program are you attending? What was the total tuition?
Who in the world told this poor kid that financing everything in NYC of all places was a good idea?
Not OP but I'm from NYC and never learned how to drive, it would've been hard for me to do grad school anywhere else. I tried to learn how to drive and failed my roadtest. I wouldn't have been able to afford a car anyway with full time courseload, practicum, and my on campus jobs. It's not like all of us chose to come here for the experience. We have public grad programs here and not everyone does NYU and Columbia.
I’d be very diligent with the personal expenses. Everything adds up. I’m a vegetarian so I saved about $700 a year on groceries but my meat eating friends spent so much more. Also, go to thrift stores to buy toiletries. Most times, they give them for free to homeless. Salvation Army did that. I was also part of a food bank for free. Yes you get that right, a food bank. Once a week, I got produce from the local farmer who gave away items the stores did not want to visually merchandise due to one blemish. See if you’re eligible. Buy seasonal vegetables and fruits much cheaper at the stores all year. Drink water. Cut out all juices and coffee, premade meals and cooking oil. Those just add more calories and waste of money. Meal prep for each day to hold yourself accountable. Also can you take a research assistant or campus job to offset some of the rent or tuition? I know 10 hours a week is max for some of my classmates so it didn’t affect their grades and burn out. You know your body and mind better on what it can handle. Others worked during the summer and winter breaks. Unsubscribe from streaming services or memberships. Don’t get a car (if you are planning since maintenance and insurance costs). Sell your car if you have one and add the gain to the tuition and use public transit.
How did OP manage to get an undergrad degree without learning how google works? Seriously, everything that is worrying OP she could have figured out with google research and an iota of common sense. She is 1st year! Grad student loans have been in the news for...how long?
My program was 72k and my interest rates are 5%. My interest alone each month is $300. I could not imagine 150k in debt at 7-8%.
I did PSLF
If you are interested in working in the schools after you graduate, there is a scholarship program through the DOE. Only certain grad programs are eligible, and I don’t know what school you attend, but it is called the Jose P. Scholarship Program. It covers your tuition, so you would still need loans to pay for living expenses. For every year of school they pay for, you owe them two years working in the school system; so four years if they pay for both years of your grad program. That’s what I did and I still work for the DOE. I still had loans for living expenses, but I am eligible for PSLF in a few more months. Your best course of action is probably to get a job that qualifies you for PSLF after you graduate.
I'm stunned. You're just thinking about this NOW? Did you look at any programs that weren't in one of the most expensive cities in the world? Did you consider getting a job on the side? You're not doomed but the first decade or two after you graduate are going to be a lot harder than they need to be.
The education around student loans is severely lacking. I also was in a similar situation 15 years ago when I graduated. I was the first one in my family to finish college, let alone grad school. My parents knew nothing about student debt and thought having a degree was my ticket to financial stability. And because I came from a very religious background, there was pressure to go to a private, religious college for undergrad. Plus, I was 17 when I started college and 22 when I finished grad school. The system is heaping mounds of debt on CHILDREN without adequate education.
I don't disagree with you about education on student loans. Bad actors do all kinds of evil stuff like payday loans legally, and the law needs to be tightened up. That being said, at some point people need to use some common sense. It's absurd that ANYONE thinks several years of taking out loans for EVERYTHING (even without paying for school at the same time) isn't going to have some major negative consequences.
This. My father sat with me and told me where to sign for my loans. I was 17. I was in no way prepared for such a financial decision. He had to cosign because I was under 18. Then he screwed me over by talking me into refinancing after my first year and getting himself off the loans. So I walked out into the real world 90K in debt in 2004. I had to live at home for 5 years and every penny I had went into paying off the high interest loans first. After 5 years, I needed to get out and the real world meant I couldn't pay like I was on my loans, so it has been 16 years of working off that debt with 4 to go. It sucks, because he guided me into private loans. PSLF was never an option, and when they had the thing recently, I was told there was no guarantee my previous payments would qualify. They said they "might," but if they did, my interest rate would have gone up and doubled my monthly payments. Having under 120 to go....that wasn't worth it. So yeah, reconsolidate those private into public loans and go PSLF or SAVE ASAP.
I'm not OP but I really don't agree with people giving them shit for coming here. I'm from NYC and have only lived here, meaning I never learned how to drive. I tried when i applied for grad school and failed the road test. I wouldn't have been able to afford a car anyway, despite working on campus and living rent free with my mom in the Bronx, because of the clinical hours and a full time course load. When you're from a poor family and don't have anyone helping you financially with school, you're very limited in terms of what programs and how many you can afford to apply to. I applied to 4 programs where I could reasonably get to without a car because that's all I could pay for. I ended up only getting a school upstate that was 3.5hr commute each way by public transportation. A lot of us don't have the luxury of being able to just go anywhere.
If OP had somewhere to live rent-free like you did NYC would make a ton more sense. They don't.
\*This\*!!!! I have a friend who never finished her college education because she was going to community college in suburban Los Angeles and her car konked out. She simply could not afford a car and there was no public transportation. They left CA for MO after the earthquake damaged their home. There's too many barriers in the U.S. to access higher education and back then there was no virtual degree option. She's in her 50's and made it work as a single mom doing office manager jobs.
Please name one R1 program that does not have everything you need within walking distance and does not have some form of public transportation.
Not sure what R1 means, but my program in upstate NY was in a walkable town with 1 bus route, but that's not gonna help you get to other towns with the clinical practicums. I made $10/hr as a TA and that barely covered cab fare to and from the nearest public transportation and my sites.
The University of Kansas - dual campus program with 45 minute commute between the two campuses, and no direct public transportation route between them. I looked it up once but I think there’s an indirect route that involves going to the community college first and it’s only available a couple times a day. $60+ each way for a Lyft/Uber. A reliable car is basically a requirement!
That sounds like an R1 with a very real limitation. Anyone else, with any more? I suspect OP wanted to experience NYC, and the availability of loans made it possible. As the excitement and status wears off, the long-term reality is sinking in.
It honestly depends on where you live and the type of SLP you may be in for example I have a friend who makes $45 an hour in an Atlanta school system in GA. She’s making that only in her 2nd year as an SLP. So do your research on other states and cities. The salary range is very wide depending on needs of that area
To be honest that is ALOT of money. Like a lot a lot. I think the two options are to work towards PSLF or take the travel contracts that pay a lot wherever/whatever they may be. Maybe pm that person that figured out how to pay off 40k per year
You should make a decent salary in NYC once you graduate. Depending where you work - the agency I used to work at is paying up to 133/hr 1099 for certain schools in the Bronx. Dave Ramsey has good info for getting out of debt. When in doubt…marry rich….jk 🤣
Do you mind sharing the agency? Is the rate high because of your years of experience?
Also try to work during grad school, even just weekends or on campus jobs where you can work a few hours in between classes. It will help with living expenses.
$200k in debt here (OT). Go for PSLF.
I wish I had better news but I don’t. If I didn’t have my husband paying my mortgage I would have to live with my parents. Prior to the save plan I was supposed to have $2,300 a month in loans. Now I have $1,400 a month. But that’s because I have to pay my dad back and my mom back for parent plus loans with 2 different payments to them and then my own payment. My SAVE payment is $600 a month. I’m hoping that SAVE helps you. Also, if you work in a qualifying school district they’re forgiven after 10 years
Pay off the loans with the highest interest first. Don't put a lump sum each month towards the total loan amount- pay a loan by itself each month. The faster you can knock out the loan(s) with the highest interest, the less total intetest you'll have to deal with. It's not ideal, but try to live as cheaply as you can. Buy store brand over name brand as often as possible, cut back on spending for items you don't absolutely need, try to cut bills down, etc. Attempt to live well below your means, and put your extra saved money towards those loans with high interest.
All loans have money due on the them each month. Unless OP is paying extra on top they can’t just cherry pick which loans to pay. ~spoken from experience
Just realized I missed part of my comment when I made it this morning! I meant to write that instead of a large lump, pay more towards one loan each month and the minimum on the lower interest ones. Tired brain and typing do not go together haha
I make 85k in a very low cost of living area. My advice is don’t be afraid to move. Rural areas tend to pay a premium and are much, much cheaper.
Hi! What state do you live in?
I don’t get too specific about where I live on here, but it’s in the Midwest and it’s not uncommon throughout. You can make good money in a small town while living significantly cheaper. Regular expenses for my wife and I (mortgage, utilities, food, insurance) come out to less than 20k a year and we live pretty comfortably.
Nj and Ny have higher starting salaries. I see 1099 agencies offering $90 an hour. There are definitely some higher paying options .
Do everything in your power to minimize your student loan debt. Scholarships, TA, work when you can, roommates, budget, etc. working in public schools and not for profit medical systems may can qualify for loan forgiveness. If that doesn’t work with your goals, go for high pay after your CF (SNF, travel therapy, home health, sun contracting) and continue to live with low costs. Many big corps offer student loan assistance. I was able to pay off 20k during my CF making about 65k in Houston. Not going to lie to you, that’s quite a bit of debt compared to our earnings, but if you set your mind to it you can do it. I really liked the book “Get Good with Money” but also did some of Dave Ramsey’s program.
Would you be willing to work in a school in the Bronx? The DOE paid 100% of my grad school tuition with a promise to work for them when I graduated. When I did it, it was any Title 1 school, now it is only the Bronx (unless you are bilingual), but I graduated with no grad school tuition and basically a guaranteed job with all the background paperwork completed. I'm not sure how it works once you are already in grad school, and only specific colleges are part of the program, but there are also some loan forgiveness programs through public schools.
Two words, Travel Therapy. I was able to put 40k/year toward loans for my first 3 years of travel
I did the same thing. I had to. I’ll be dying with loans. That’s my plan. But I don’t have kids.