Stumbled onto this board during a google search, and decided the extra motivation will help me.
I'm a 27 year old college grad/husband/soon to be father with about 140k in student loan debt. 76k is a consolidated Fed loan. 5k is my wife's stafford with Sallie Mae. The rest are private loans. About 100k of the debt is from my undergrad. The rest is my grad school. My debt is probably 7 times that of other graduates from my university because I stupidly spent like a drunken sailor and actually believed the myth that student loans were just a fact of life.
Wasn't until my last year of school that I started really noticing how hard it is to pay that much back.
Anyways as an entry level employee I can't spare much outside my minimum payments (that total about 900/month). Its my 2nd largest expenditure per month just under rent. However, I am thankful to be able to meet my expenses. Beats default lol. Now I am looking forward to my salary increasing so I can start knocking out the debt. I work for the corporate office of a fortune 100 company so sky is the limit on my career and salary.
How much is everyone else using for an emergency fund. I keep 1k in my savings account for car repair, medical, etc. Should I consider upping it to like 5k or something before I really chipping away at my loans?
Congratulations to those who have made so much progress thus far. It is inspiring to read. Hope to get there too one day.