I did not pay on my loans for a long time, so they eventually started taking my tax return funds and it pretty much ruined my credit. I am now in a loan rehabilitation program and they working with me to pay off my loan. If I complete 10 monthly payments on time then I will get to have all those negative hits on my credit report removed.
If you have student loan debt, I highly recommend paying on it as soon as you are supposed to. Young me had no idea how important my credit score would be to 30 yr old me. The payments are not high. Its the fact that I missed out on this years tax return that bums me out.
Also, if I had not started the loan rehabilitation program they would have eventually started taking it out of my paychecks O.o
As a young professional, I already understood that the long I carried debt, the longer I would carry that burden, so I set out to pay it off as soon as possible. After 4 years, I was student loan free. I then shifted saving that same amount for my financial future, since it had learned to live with out that cash. This set me on a great path forward.
Remember, don't try to keep up with your friends. And more importantly, live within your means.
I graduated in 2017 with ~85k in school debt. I didn't get any scholarships and took out loans to fund my 3 years of school.
There are multiple repayment paths you can take that make the debt more manageable. For example, there is an income based repayment that allows you to pay a constant percentage of your income to your loans.
I would say if you are majoring in a burgeoning field your debt obligation should be manageable.
Conor recommends the following next steps: