I graduated from art school in 2010 with $80k in debt. Despite working in 3D art and reaching a senior position, I still earn less than expected, struggling with $60k in remaining loans after paying $80-90k. My finances have prevented me from saving, impacting my relationships and quality of life. How can I escape this cycle before retirement?
Struggling with private student loans? Here’s a quick guide:
- Refinance: Get a lower interest rate to reduce monthly payments (explore different lenders).
- Income-Based Options: Check with your loan servicer if income-driven repayment plans exist for private loans.
- Deferment/Forbearance (cautiously): Pause/lower payments, but interest might still grow.
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I’ve faced similar issues with debt myself. It might help to talk to a financial advisor or a credit counselor for options like refinancing or income-driven plans. They can guide you on managing debt and finding relief programs.