I'm a teacher, still live with my parents, and have $103K in student loan debt, which is more than 2x my salary. What are ...

Answer: Student loan debt that far outweighs one’s annual salary is a common occurrence, and carrying high debt adds a substantial burden to your monthly budget, even if you’ve shrunk housing costs by bunking with mom and dad.

So with student loan repayments set to resume in May, it’s time to take steps to get your own financial house in order.

“Income driven repayment should lower payments, but the borrower won’t pay off their debt quickly and interest is going to continue to accrue,” adds Helhoski.

Depending on the plan, the repayment term will be either 20 or 25 years and the percentage of discretionary income will be 10%, 15% or 20%, says Mark Kantrowitz, author of “How to Appeal for More College Financial Aid.”

Explain that you’d like a temporary or permanent change, which could be a lower interest rate or longer repayment period.

“This borrower might want to take advantage of a limited waiver that’s currently in place that would count any payments that were made while working for an eligible employer,” says Helhoski.

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