Millions of student loan borrowers like myself haven’t made a student loan payment since March 2020.
Before the pause, mymonthly student loan paymentwas around $40.
With SAVE on its way out, here are my repayment options for my $63,493 student loan debt.
Read more:Student Loan Payments Could Skyrocket for SAVE Borrowers.
Here’s How Much Yours Could Rise
How much will my student loan payments increase without SAVE?
At worst, it gives me a few months.
I was shocked by the numbers.
My income as a freelance writer has gone up since those $40-per-month payments in 2020.
Now I work for my own S-corp and pay myself an annual salary of $80,000.
With SAVE likely disappearing, I’m not eligible for any other income-driven repayment plans.
I’m mid-career and work for myself, so I don’t expect that kind of bump.
Bracing for $800 payments in the future doesn’t sound feasible.
At this rate:
My other debt payments will take 5%.
I’m left with about $1,400 per month for spending.
Spending about $500 on groceries and gas leaves me $900 for any other fluctuating and unexpected costs.
Since I have almost a year to adjust how I use money.
Although student loans aren’t commonly discharged in bankruptcy, it’s possible that payments cause undue financial hardship.
