u/ElderberryInside8671

32F with a masters degree in Chicago, IL. No dependents, single.

My current loan balance is $185,358.24 with interest rates between 3.73% and 9.08%. I’m on the SAVE plan. Here’s the breakdown:

$15,014.20 — Unsubsidized Loan — 8.08%
$19,178.02 — Graduate PLUS Loan — 9.08%
$16,079.20 — Unsubsidized Loan — 7.05%
$24,092.23 — Graduate PLUS Loan — 8.05%
$8,023.24 — Unsubsidized Loan — 6.54%
$16,561.53 — Graduate PLUS Loan — 8.05%
$24,071.30 — Unsubsidized Loan — 6.54%
$51,676.55 — Graduate PLUS Loan — 7.54%
$5,715.04 — Subsidized Loan — 3.73%
$4,946.93 — Unsubsidized Loan — 3.73%

Current salary (W2, full time) is $78,000 (I’m a new grad). I got a part time recently as a 1099 to help with student loans and credit card debt ($6,000), but pay varies (pay ver visit in home health). I’m estimating between $40,000-$50,000 extra a year (20-30 hours week).

I haven’t made a single payment towards my student loans yet and I have to choose a plan but I’m so lost. I’m not sure if I want to pay the minimum and forget about them or pay them off aggressively. I’m leaning towards paying them off aggressively doing the avalanche method.

I’m also paying off my credit card debt aggressively and I’m building an emergency fund in a HYSA too (currently at $2,050 out of $10,000 goal).

I’m working really hard right now to be in a good financial position. Any guidance will be greatly appreciate it!

Edit: Earnings are gross, not net.

Hi all,

I’m stressed out of my mind about my credit card debt and student loans. This is me just putting these concerns out there so I don’t bottle them in.

I graduated last summer and found a job immediately (healthcare). My salary is $74K, but I got a raise and will make $78K starting this fall (gross pay). I don’t feel like that’s enough, so I got a part time recently (pay per visit / home health) and that should bring in an additional $40-50K (gross pay).

I was making minimum payments on my credit cards (4 total - $5K combined) until April. I definitely wasted time not trying to pay them off once I started my job, but I decided to just pay them off asap now by throwing as much money as I can at them. I’m throwing about $1000/month at them.

Student loans will resume this fall so I’m taking as much work as I can with my part time in the meantime to build an emergency fund and pay off my credit cards. So far I’ve put $3K in my emergency fund (HYSA) and paid off $1000 from credit cards.

Before graduating, I was making pennies and most of my credit card debt is from paying rent and groceries while I was doing required unpaid, full time internships. Once I got my first job, I didn’t really stress about finances and lived comfortably. But with the recent death of the SAVE plan, I’ve become concerned about money.

I want to have an emergency fund, invest, and live frugally but comfortably. I’m trying really hard to be responsible with money and not spend on unnecessary things anymore. I live in a small studio, keep grocery bill low/meal prep, don’t really shop for clothes or things like that unless necessary. I mostly stay in during the weekends. My biggest personal expense is related to health (gym and medications).

I’ll be working 60 hours a week within the next week or two and hoping I won’t burn out and that it’ll be worth it. I feel like I can do this but when I tell friends and family, they think I’m doing too much. I also feel so behind compared to people my age (early 30s) and the need to catch up by making as much money as possible.

I don’t know if I want advice or not, just wanted to get all this off my chest.