I am a recent college graduate with $80k in student debt. I attended a private college in Santa Barbara, CA, thinking they would provide the best education, an awesome alumni network, and a solid leg-up above the competition. True, I am working for $32K a year while my counterparts are struggling to work at Borders, however I have a lot of debt to deal with.
Here are my approximate debts:
-$45k are two unsubsidized private student loan under Sallie Mae at interest rates at 6.88 and 5.25 percent.
-$25k are multiple debts with differing interest rates under 7 percent.
-$10k is interest free (low-income)
I am enrolling in the local community college to learn more about business and finance for $140 to defer my loans, however my unsubsidized loans will continue building interest.
Should I begin aggressively paying down my loans, living almost paycheck to paycheck except for 10 percent savings, or pay the minimum until I find a better paying position?
It’s time to put debt behind you and start dreaming about your life after debt. – Click to Tweet
This reader question was submitted for site members to answer.
This is your chance to be a hero and help out this person by providing your feedback and answer to the question. Post your response in the comments section below.