Student loan payment amount higher than wages

First off, I want to say that you’re not alone—this is a tough situation, and many people are navigating similar challenges. When your student loan payment feels unmanageable compared to your income, it can feel overwhelming, but there are steps you can take to ease the pressure.

Reach out to your loan servicer to explore options. This might feel unsafe, but they’re there to help you. Ask about income-driven repayment (IDR) plans, which adjust your payment based on earnings. Depending on your situation, your payment could even be $0.Note this option is only available for federal student loans.

Consider deferment or forbearance if things are tight right now; you might qualify to pause or temporarily reduce your payments. Just be aware that interest could keep building on certain loans, so it’s a short-term fix while you explore other options.

If you have multiple loans, look into consolidation or refinancing. Combining them into one payment might help simplify things and lower your monthly amount. Refinancing is another option, but it’s important to weigh the pros and cons—especially if you have federal loans, as refinancing with a private lender can mean losing access to forgiveness or flexible repayment options.

Could you take a closer look at your budget? This can feel daunting, but sometimes, a fresh look at where your money is going can uncover opportunities to free up cash. Even minor adjustments can add up.

If you can pick up a side hustle or part-time work, it can help temporarily bridge the gap. I know this isn’t feasible for everyone, so there is no pressure—it’s just something to consider.

You might qualify for loan forgiveness or assistance programs depending on your career or where you live. Public Service Loan Forgiveness (PSLF), for example, can be an excellent option for those in public service roles.

Remember, this isn’t forever. It’s about finding short-term solutions that keep you afloat while you work toward a more sustainable plan. If you feel stuck, don’t hesitate to contact someone—whether it’s your loan servicer, a nonprofit credit counselor, or even a financial advisor like me. You’ve got options, and there’s a path forward.