Ask Terry Questions Paying off my school loan

Paying off my school loan

By Terry Savage on June 03, 2023 | College Savings / Student Loans

I am 72 and I have $45, 864.47 due in school loans owed to the US Dept of Education. The COVID forberance ends in July. My next payment is due August 2, 2023. The minimum payment is $354.74. I’m retired with an annual income of $42K from two pensions and social security. I also have $16K in income from a part-time job that I expect to continue in for at least another few years depending on my health, which is currently very good.

I live in Southern California and rent, but I have pre-1999 rent control and my city is walkable and transit-friendly, so I don’t need a car. I have Medicare and live alone.

I will likely die before I finish paying off this loan. So my question is how much of a monthy payment should I make? I need to save now for when I will no longer have the part-time income and the cost of living will increase as my retirement income is fixed.

Thank you!!!

Terry Says

That is insane! And yes, repayments will start again on August 30th. Immediately contact Rae Kaplan at
https://www.financialrelief.com/
She is the absolute expert at finding all kinds of ways to deal with issues like this. Contact her immediately because suddenly everybody is worried about what to do when repayments start soon!

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