How to calculate discretionary income for your repayment plan
If your discretionary income is low, you could pay $0 on your federal student loans.
Jennifer is a former editor on the Loans team with previous experience as an editor in the education space on BestColleges.com. She was committed to helping writers develop impactful stories that help guide readers at any stage of their financial journey.
Prior to working as an editor, Jennifer spent almost 8 years working in South Korea in the education sector, where she learned how to be extra frugal so she could continue saving enough money to pay off her student loans and save for her future home. This kickstarted both her passion for helping others take control of their finances and her love of cooking.
On the side, Jennifer likes to write reviews for an independent Seattle publication. She also likes to read, watch witty comedy, run and cycle, travel to visit friends and teach herself the violin. Her friends call her a foodie, and she will find any excuse to eat good food with good company.
I feel like the word frugal has a bad rap these days. People seem to associate it with being poor, but this is what I have done since I was 21 and bought a place on my own when I was 40. Budgeting and saving with a lot of patience can go a long way to achieving big financial goals.
If your discretionary income is low, you could pay $0 on your federal student loans.
A biweekly payment schedule translates to 13 full payments each year.
Personal loans can help people reach the path to financial freedom faster.
Your best bet is to start with federal student loans, but private loans may be needed to fill in the gaps.
Refinancing your student loans can help you get a lower interest rate; here’s how.
Equifax, Experian and TransUnion are the three major credit bureaus.
An 84-month loan will reduce your monthly payments but cost more overall.
A personal loan can be the better option for school budgeting than credit cards or BNPL.
We appreciate your feedback
Thank you for taking the time to share your experience.