This was nearly 20 years ago, but when I dropped out (two years in college, so don’t even have a degree), it was all spread across 4 loans (something weird, I dunno, I was a kid, but it was like a new loan for each semester? That didn’t even count the parent loans my mom took out for my schooling - thank god they just wrote those off entirely when she died). The repayment ticket book I received was $55 per week for each loan. That was $880 a month they wanted. For about a total of $50k of debt. With the sharp increase in tuition costs since I was in school, I wouldn’t be surprised if $1000 total per month is on the low end if you just pay what they ask you to. They don’t really tell you that you are taking out multiple loans by going to school, not just one big one.
I did as the above comment said and got on an IDR (Income Driven Repayment) plan, it basically refinanced my 4 loans into 1 and my monthly bill was now $57 a month, and it adjusts each year around tax time based on the previous year’s income. I’m currently paying about $80 a month.
This was nearly 20 years ago, but when I dropped out (two years in college, so don’t even have a degree), it was all spread across 4 loans (something weird, I dunno, I was a kid, but it was like a new loan for each semester? That didn’t even count the parent loans my mom took out for my schooling - thank god they just wrote those off entirely when she died). The repayment ticket book I received was $55 per week for each loan. That was $880 a month they wanted. For about a total of $50k of debt. With the sharp increase in tuition costs since I was in school, I wouldn’t be surprised if $1000 total per month is on the low end if you just pay what they ask you to. They don’t really tell you that you are taking out multiple loans by going to school, not just one big one.
I did as the above comment said and got on an IDR (Income Driven Repayment) plan, it basically refinanced my 4 loans into 1 and my monthly bill was now $57 a month, and it adjusts each year around tax time based on the previous year’s income. I’m currently paying about $80 a month.