Do you know about the various income-driven repayment options for federal student loans? These programs allow borrowers to obtain monthly payments based on a percentage of their income that can result in payments that are lower than the standard repayment terms. Payments can be as low $0 based on income and family size. These programs even offer forgiveness of the remaining balance after 25 years of payments. For individuals working in the public sector (like teachers) and certain nonprofit organizations (such as museums), there is Public Service Loan Forgiveness which offers forgiveness of the remaining balance after only 10 years of qualifiying payments (which may be income-based). However, it is worth noting there are currently structural problems with this program with only one percent of applicants actually qualifying for forgiveness.

The estimates above from the Living Wage Project should be considered as minimal. These are estimates a single individual without dependents and thus may not match your circumstance. Further, there is wide variance across the state in terms of housing costs and transportation needs. Treat this as a starting point for understanding your needs.