TeacHer Finance asked why my student loans are "another story" (as stated in my last entry). Some readers my have also noticed that other than the amount I pay every month I never mention my student loans. The reason is.......
I have $90,000 in student loans and I have no idea how I am going to pay them off.
How did I acquire $90,000 in student loans?
I went to a public university after high school Federal Loan = $22,000
I went to a private tech school to get another degree that I thought would advance my career Federal Loan = $19,000
Private Loan = $51,000 ($37,000 x 13% interest)
Due to excessive debt I was unable to consolidate my private student loan and am therefore stuck with a high interest rate.
How do you pay off $90,000 in student loan debt making $35,000 a year ($28,800 after taxes).
My plan of attack is to pay off my credit card debt within the next 2 years and roll all of that money into my private student loan.
Right now I am treading water. I hope I don't get a cramp.