Graduated with $130k in student loans- trying to pay it off in 4 years
I graduated from pharmacy school in May with about $130,000 in student loans. Since then, I’ve been focused on paying down my higher-interest loans first, and right now my balance is down to $112,100. I’m working full-time in a retail pharmacy, earning an annual salary of $124,800 with 80 hours per pay period. My goal is to pay off my student loans within four years, but I’m not sure if this is realistic or what the best approach would be.
Currently, I’m not contributing to my 401(k) since my employer doesn’t match until after one year. I plan to start once I’m eligible, but for now, I want to put as much as possible toward my loans.
For those who have tackled similar loan amounts, any tips? What’s the best payment strategy, or should I be balancing loans with some retirement savings? I’d really appreciate any advice or experiences on how to hit this goal in the next few years. Thanks in advance!
Edit:
My loans have interest rates ranging from 4.3% to 7.05%.
Here’s a rough breakdown of my current expenses:
Rent & utilities: around $985/month Auto payment: $577/month for 60 months Gas: $300/month Food & gifts: $700/month