The Money Mustache Community

Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: shahs2015 on December 28, 2015, 01:44:09 PM

Title: Need advice to pay down student loan debt!
Post by: shahs2015 on December 28, 2015, 01:44:09 PM

All, lets cut to the chase - my wife is $200K in student loan debt and I am $60K in student loan debt. 

What strategies would you suggest to begin climbing out of this debt?  We are currently on the Income based repayment plan. 

Thanks,
RS

Title: Re: Need advice to pay down student loan debt!
Post by: thd7t on December 28, 2015, 01:50:07 PM

Quote from: shahs2015 on December 28, 2015, 01:44:09 PM

All, lets cut to the chase - my wife is $200K in student loan debt and I am $60K in student loan debt. 

What strategies would you suggest to begin climbing out of this debt?  We are currently on the Income based repayment plan. 

Thanks,
RS

You haven't really given enough info to go on.  What sort of income do you have?  Do your loans have different interest rates?  How many loans are there?  The best way to get help is to do a case study.
http://forum.mrmoneymustache.com/ask-a-mustachian/how-to-write-a-'case-study'-topic/

Title: Re: Need advice to pay down student loan debt!
Post by: lbmustache on December 28, 2015, 01:59:21 PM

Yes, we need more info. How much income do you have, and where does it go? What are the payments you are making right now on the loans?

Without specifics we can only give vague answers: cut spending (cable, eating out, etc.) and throw money more aggressively at the loans.

Title: Re: Need advice to pay down student loan debt!
Post by: seattlecyclone on December 28, 2015, 02:03:53 PM

General advice: spend less, earn more, repay the highest interest rate debt first. Give us more specific information about your situation and we can give you more specific advice.