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Student Loans

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I owe alot in student loans. (Which is my own fault and stupidy.

But recently came across a better job and making more money. The time again has come for me to redo my monthly payments for how much i owe per month for my loans. 

But i know i have to pay it all back but also want to get out of my "toxic living situation" 

But im cut between saying how much i made last year (which i was un employed for almost 8 months) which was way below poverty by the end of the year of what i made.  

or i can redo it with my current pay which would be 15% of my pay since my living expenses are cheaper and dont have my own place yet and cant claim it on the federal payment plan. (Since there is no contract with my name or since i dont have renters insurnace for more than six months)

So i know i have to pay it back probaly until i die but really thinking of what i should do. Anyone here good with money or payment plans.



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Speaking strictly about the loans and not your living situation, the value of the minimum payment is not going to matter unless you have higher interest debt like credit cards, because you are going to want to pay as much as you can to get rid of loans starting with the highest interest debt first, which means paying more than either of those minimum payments. The problem is they usually sit at an APR of 6-8%. That means you can't contribute toward a down payment on a house, your retirement, or investing in stocks until they are gone because the loans are going to cost you more on a per month basis then what you gain. Compound interest kills you and it will take considerable time with the minimum payment to actually attack the principal. If the loan was less than 4% APR, then you could pay the minimum payment and accomplish other financial goals at the same time, but be careful to properly balance spending and saving so that you don't make yourself too unhappy.

No matter what though, don't forget to have your emergency fund of $10000 built up, so in case you end up living in "a toxic situation," you can just leave. Loans don't matter if your safety is at risk, so prioritize this, then the loans, then move on to other financial objectives. If you don't have any liquidity right now, it might be useful to take the lower payment on the student loans for the very short term, then quickly start paying them down when you are out of your bad living situation.

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