I was an idiot in college. I basically just used student loans and got very few grants. I also spent way too much time in there. I now have two bachelor's degrees and a master's degree. About 7 years of my life wasted and about 50K dollars in student loans. Extremely stupid waste of money.
I am trying to pay off these student loans as quickly as possible. Here are some specifics:
- I currently earn about $65K per year before taxes.
- I live in a blue state so they tax the hell out of you up here. I take home about 69% of what I earn. So my real pay is about $46K per year. Which isn't a whole lot of money, I am finding out.
- I already pay about $650/month in student loans and $725/month in rent. I pay about $50/m for cable, $50/m for internet, $90/m for cell phone. I try to keep my food intake under $250/m but that is hard.
- Add a couple of other expenses per month and I am already over half my monthly salary. Which isn't too bad. I guess I need to figure where else I am bleeding, and step on the hose?
I guess if I could pay an extra thousand a month to these student loans in a round robin fashion, I could be able to pay them off rather quickly?
Would it be better for me to pay these off as quickly as possible, or to save that money and still pay them off steadily? What would be a good course of action, and why?