Hey students…
I’m feeling totally overwhelmed. I’ve just discovered I have around $1 million in student loans and don’t know how to deal with it. Anyone here faced such massive debt? What can I do to manage or reduce it? Any tips on negotiating with lenders or handling payments?
Would love any advice or personal stories. Thanks…
I’m a doctor with over $400k in loans, so I feel your pain. I’ve been using the income-driven repayment plan while working towards PSLF. It’s manageable but does require strict budgeting and planning. If you’re in a high-paying field, you might also consider aggressively paying it down after securing a good job.
I was in a similar boat with $600k in loans. What helped me was refinancing with a private lender at a lower interest rate. It saved me a ton in interest over time.
Keeping up with $1 million in student loans is a big financial task, and the best course of action will vary depending on your unique circumstances. With monthly payments typically capped at 10–20% of your discretionary income, these plans modify your payments based on your income and family size.