Question

Hey everyone!  I need your input as to what’s the best way to tackle my student loans!Hey everyone! I need your input as to what’s the best way to tackle my student loans! I have two different companies I pay to, and as a single mom I can only pay the income based repayment which makes my loans not go down at all. What is one to do? Is there any hope in getting this paid down and paid off one day? Is there a system to this madness?  

Answer 1

Is there anything at all that you could cut spending on?  

Comments

@octavia budget is already tight- if anything it would add $50

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$50 is better than nothing! It should add at least something and help get that balance down.  

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@octavia it won’t make much difference. I hope there are options I can explore to paid it down faster

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At the end of the day, though, $50 is $50.  

Answer 2

I think that if you can throw even that $50 at the principal of one of your loans that should help. I'm in a similar boat but that's what I plan on doing

Answer 3

Can you combine and refinance them?  

Comments

@tiebout4813 they won’t refinance because of the type of loans. I was hoping that there was some kind of system where you can plug them in, look at them all at once and see which once are better to tackle first

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@fred5 that’s a bummer, hope you find an answer.  

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@tiebout4813 me too

Answer 4

I would not recommend consolidation, we did that and now we can not tackle one loan at a time like I would have. Chose one and snowball all available money at the principal in addition to your monthly payments. You will probably need to contact them to make sure that is how it is being applied, otherwise they will just mark it down as "paid ahead" and that does not help you any, just them.  

Comments

@unknow great advice