We most certainly are because we can’t pay our bills as agreed. I would aim to put ~40% toward the student loans, which should get you on track to have them eliminated in 5-10 years. I'm not paying them. The last stats I saw said people who have over $100k in student loan debt are only 6% of total borrowers. I make about $55k a year working in the IT field (systems administration mostly). The ABA’s 2020 Law School Student Debt Survey Report found that more than 75% of the roughly 1,000 respondents had at least $100,000 in student loans, with more than half amassing at least $150,000 and more than a quarter graduating with at least $200,000 of debt. Others said that their debt was making it difficult to provide for their families and causing mental health issues or stress. So I'm back to where I belong...straight up fucked over by my student loan company. This is a forum for those who are coming to the realization that there may never be relief for student debtors, and that the time has come where we need to take matters into our own hands. This is a place for discussing student loan noncompliance tactics with other debtors. Step 1-save up $1000 emergency fund DONE . It doesn’t give America the full bleak picture to count us as “current.” I haven’t defaulted yet, but I will depending on this election cycle. While owning a home in the long run is cheaper, on the short run, you can run into a lot of unexpected costs. Thanks. Plus, that brokerage IS part of your savings for a home (unless it's a dedicated retirement account). New comments cannot be posted and votes cannot be cast, More posts from the studentloandefaulters community, Continue browsing in r/studentloandefaulters. Oddly this was my first thought. All FICO® Score products made available on myFICO.com include a FICO® Score 8, and may include additional FICO® Score versions. It'll go into IBR as I transition between jobs (recently left my previous job to move abroad). Log in, Our Story of Paying Off Six Figures of Debt, Guide to Getting a Month Ahead Financially. No black or African American respondents had repaid their debts in full. It wasn't until two weeks ago that I had called them to see if they would reason with me. Around 178,000 students graduated owing more than $100,000 in … So, here I am with six-figure debt that feels insurmountable. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Not sure what your credit is like but fixing anything that could need to be fixed or just building your credit up more. HELP. 2. I have over $100,000 in student loan debt. He's in IT. The Private Loans are about 12% interest and about $1100/month. dollar corporations that take advantage of young people and then destroy their lives when they can't afford to pay. I’ve been paying for a decade. I believe that it's those unsubsidized governmentally-generated student loans that are the constant topic of possible forgiveness, and I believe that once those loans are 'privatized' there's no turning back. I empty my brokerage account into my loans? Same as number 1. Roughly a third of new lawyers said they had to choose a different career path because of the size of their debt burden, with almost half saying they had decided to either delay starting a family or not have any children at all, and 56% saying they had decided to either postpone or entirely abandon buying a house. Step 3-Build a 3-6 month emergency fund. Beto’s plan is even worse - it cancels debt only of public servants! IT is universal too. Email your news and story ideas to: Hoping to settle on this one. I'd let it grow and continue to contribute at least a little bit every year. That makes sense for home advice. Make minimum payments on all of your student loans except the smallest. Cookies help us deliver our Services. When you can get a reasonably better rate, which now may be about the best time to do (if your score/profile permits it).