Paying off $115,000 in loans?

Are your loans student loans or just all loans put together- like mortgage, car loans, etc? I ask out of curiosity, because if they're all student loans then you should be making so much more than $50-70K year for that much educational debt. But to answer your question, you didn't provide enough details. It doesn't matter how much you make, whether $50K, $70K, or a million a year. What matters is how much you'll PAY each month/each year, and the loans' interest rate(s).

It would really depend on the interest rate. In example, if you have 115,000 loan at 5% interest it would be much easier to pay off than 115,000 dollars at 20% interest.

With that being said, if the average interest rate of these loans is around 11% it would take you roughly 7 years, and that is leaving you a handsome amount of money for everyday life

You should be paying 15% of your income towards debt, starting with the debt that has the highest interest (and therefore gains the most money the most quickly).

If you make 50k, that means $1041 a month towards debt. It's steep, but manageable as long as you live small for a long-while. If your housing costs LESS than 35% of your income (less than $1458 a month, including bills), then move the difference over to debt repayment.

If you make 70k, that means $1458 a month gets put towards debt repayment. Again, if you find that you're paying less money than you should be in one category, put the remaining amount towards debt repayment.

IT's called creating a BUDGET.

10% towards savings - MOST IMPORTANT

15% towards debt repayment (if you have to choose between this and housing... )

35% towards housing/bills (then downsize the housing/bills!)

15% towards transportation

25% towards life. - LEAST IMPORTANT

... days ... weeks .... months .... who knows ?

The question IS NOT how much should I make, but what do I have "left over" after other bills to apply against the loan [ and the interest rate is a factor ]. You will need to live conservatively or marry rich.

115k is not much compared to most people's mortgages. google amortization tables.

>> go where you will be happier. You will make more in the long run because you will not burn out (and quit / lose your job).

If you are debt for that much, I suggest you call a bankruptcy attorney, Usually the first call is free

This is ambiguous for me too