Hi all. I know it might be a dumb question but is it possible to set a timeline for 4 years to pay off my 300k loan. I’m set to graduate a few months ahead and am really determined to pay off all my loans in 4 years with interest and all. And I just thought to add it here to get some comments on if it is even possible.
I have a job already and I don’t think living situation would be a problem for me. I would also love some insights on how do I budget my monthly income if I make 10k a month.
Also, I’m kind of an extremist when it comes to getting things done. So I’m worried that as soon as I officially start working, I’ll pay off all the money towards my loans and stay dry for the month. I’d appreciate inputs if y’all here.
I paid off $130k in principal in just over 5 years, and if you’re making $10k a month, it’s definitely achievable.
Use the debt avalanche method for multiple loans and consider consolidating high-interest debt. I had a good experience with Earnest and would recommend them.
Treat student loans like rent—make a high monthly payment that you can afford, ideally double the minimum if you want to pay off in 4 years. Apply any extra income (bonuses, tax refunds) directly to the debt.
Build an emergency fund in your first year, and keep it in a high-yield savings account while focusing on debt repayment.
In short, it requires sacrifice, but treat it like a bill, avoid new debt, and you can pay it off.
10k gross or net? Either way this is very important and unlikely to be possible without some extreme sacrifice.
If it’s net (take home after taxes) you’ll have to throw 7500/mo at the loans and 2500 to live off of. It’s possible but you won’t go out to eat once, get a Starbucks drink, have any rent, have no emergencies, etc.