$73k in debt at 21: how screwed am I?

You’re not screwed. At 21 you have decades of earning ahead, and most of a $73k balance is usually student loans with fixed terms. But “you’ll be fine” isn’t a plan. You need a payoff order, and it starts with listing every debt by interest rate.

By Max, founder of ftrme · Updated October 9, 2026

What does the internet usually say?

• “It’s not that bad.”
• “Rank by interest rate.”
• “Get roommates.”
• A book recommendation.

Why that isn’t enough

The reassurance is true and the ranking tip is right. But nobody did the actual calculation with the person, and nobody touched the comparison anxiety in the question. Feeling behind your friends is what makes people avoid the number.

The plan, in order

1. Make one list. Every debt, its balance, interest rate and minimum payment. Seeing it in one place is the hardest step and the most important one.
2. Check your repayment options. For US federal student loans, look at income-driven repayment plans on studentaid.gov before paying private lenders extra. They can lower the monthly payment a lot.
3. Pay every minimum, always. Missed payments cost more than slow progress.
4. Send extra to the highest interest rate first (the avalanche method). If you need a quick win to stay motivated, clear the smallest balance first instead (the snowball). Both work if you keep going.
5. Keep a small buffer. $500 to $1,000 saved stops new card debt while you pay the old.

Is it worth paying extra?

On a loan at 6%, every extra $100 you pay saves you that 6% a year, guaranteed. That’s a solid return, so above roughly 6–7% interest, paying extra usually beats investing. Below about 4%, investing usually wins over time. In between, either choice is fine. Pick one and stick to it.

Illustrative numbers: 7%/yr average return, monthly deposits, not a guarantee. This is general information, not financial, legal or tax advice. For your specific situation, a fee-only adviser, a non-profit credit counsellor or a lawyer can help.