Dear Penny: How do I pay back $80K in student loans on a $42K salary?
I just got my first “real” job after graduating from college in May. My salary is $42,000, and I’m 23 and single. I have $80,000 worth of student loans (about $50,000 federal and $30,000 private). I know I need to pay off my student debt, but I also need to save an emergency fund, save for retirement, etc. I also have about $3,000 on a credit card. How do I prioritize? I’m feeling overwhelmed. I suspect that you’re overwhelmed because you’re in a time of life when there are so many things you’