this post was submitted on 16 Jun 2023
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United States | News & Politics
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I hope the forgiveness program goes through. I could never hope to pay off my student debt otherwise as things are going.
Since the pause started, I have been aggressively saving to pay off my entire balance, with forgiveness not being part of the equation. Of course, I would be much happier if $10k were forgiven, but if that does not happen, I am ready to pay off the $25k balance I have left on the day payments resume.
I am definitely sick and tired of seeing these loans continue to age. I just want them gone at this point, never to occupy space in my thoughts ever again.
I did the same, but for credit card debt and car loans. To give myself a little credit, I did end up paying off my 9k credit card debt and my 5k car loan during the pause and pandemic. But I don't have much $ for student debt right now and it'll be a while before I do.
Don't feel too bad. Getting rid of debt is a process that requires multiple steps and isn't accomplished in one fell swoop. I'd say you should be proud of paying off the credit cards and the car! Now you know not to fall into the same trap and can keep your finances nice and tidy.
When it comes to your student loans, approach them with the same mindset and save aggressively on the side to gradually but effectively pay off that balance. You'll get there!