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Coming out of graduate school with $100,000+ loans, what's my next step?
Posted on 5/23/15 at 10:39 am
Posted on 5/23/15 at 10:39 am
Graduating from school with $100,000+. Most of these are around 6.8% with a few at 3.5% from undergrad. Any recommended course of action financially? I'll be doing some traveling work for the first two years which pays quite well...
3
Posted on 5/23/15 at 10:44 am to killercoconut
Pay off the minimums on the less expensive and as much as possible to the 6.8% until paid off.
Will you be self employed or will you be an employee. Will you have access to any company retirement plans?
Will you be self employed or will you be an employee. Will you have access to any company retirement plans?
Posted on 5/23/15 at 10:52 am to Cmlsu5618
I'll be an employee and they offer a 401k. The nice thing is they pay for the rent so the salary (anywhere from 80-100,000) will be extra. Not sure how the taxes are handled though.
Hoping to pay off a large chunk of that over a two year span and save a little as well so me and the woman can set up shop somewhere.
Hoping to pay off a large chunk of that over a two year span and save a little as well so me and the woman can set up shop somewhere.
This post was edited on 5/23/15 at 10:57 am
Posted on 5/23/15 at 11:30 am to killercoconut
So without paying rent, that frees up about $10k, right?
If you have a spouse that can work too, I think you'll be fine paying the loans off sooner rather than later. My advice would be to crunch and devote a lot of resources to getting it done. Friend of mine had $180k in loans for law school. Got a good job and he and his wife lived in a $600/month apartment for three years and paid it all off.
If you have a spouse that can work too, I think you'll be fine paying the loans off sooner rather than later. My advice would be to crunch and devote a lot of resources to getting it done. Friend of mine had $180k in loans for law school. Got a good job and he and his wife lived in a $600/month apartment for three years and paid it all off.
Posted on 5/23/15 at 11:35 am to StringedInstruments
The lady has a few loans herself with around 40,000 and a car note. We plan to have her pay off here in two years that way she'll be debt free and we can turn our full attention to mine. It's definitely manageable but will take a few years.
Posted on 5/23/15 at 12:41 pm to killercoconut
what did you and your lady major in?
Posted on 5/23/15 at 4:15 pm to 13SaintTiger
PT and RN
This post was edited on 5/23/15 at 4:16 pm
Posted on 5/23/15 at 4:17 pm to 13SaintTiger
I am very curious myself. I can't imagine being that indebt.
Posted on 5/23/15 at 4:18 pm to killercoconut
quote:
The lady has a few loans herself with around 40,000 and a car note. We plan to have her pay off here in two years that way she'll be debt free and we can turn our full attention to mine. It's definitely manageable but will take a few years.
Good idea! In three years when she decides to leave, she'll be nice and debt free and you'll still have all of yours to pay off.
Posted on 5/23/15 at 4:19 pm to killercoconut
Went to the school in FL I see?
Posted on 5/23/15 at 4:22 pm to TigerstuckinMS
"TigerstuckinMississippi" you sound optimistic and a joy to talk to...
Posted on 5/23/15 at 4:22 pm to killercoconut
quote:
Coming out of graduate school with $100,000+ loans, what's my next step?
quote:
The lady has a few loans herself with around 40,000 and a car note
frick. $140,000 in student loans + car debt on $80k-100k plus whatever an RN makes?
That's not going to be fun.
Posted on 5/23/15 at 4:24 pm to killercoconut
What is their match policy on the 401k?
Posted on 5/23/15 at 4:24 pm to GREENHEAD22
Nah not FL. PT school out of state is very expensive though. However, if you spend a few years right after school doing what you need to do it's easily manageable. If you live what you do it's worth it.
Posted on 5/23/15 at 4:26 pm to Cmlsu5618
3%
Posted on 5/23/15 at 4:39 pm to killercoconut
quote:
"TigerstuckinMississippi" you sound optimistic and a joy to talk to...
You're right. Breakups never happen. Carry on.
Posted on 5/23/15 at 4:44 pm to killercoconut
Live off of one salary over the next year or two and put the extra $ toward the 6% loan. Don't buy any new cars or a house yet. Wait a couple of years to have kids. You are in the golden era where you are married without kids, and are used to living relatively cheaply. Keep up the lifestyle, and knock out the 6% loans. I'd pay the minimum on the 3% loans for as long as they they let you.
TLDR: keep your same lifestyle, don't have kids in the next 2 years, and don't buy any new cars or any stupid shite.
TLDR: keep your same lifestyle, don't have kids in the next 2 years, and don't buy any new cars or any stupid shite.
Posted on 5/23/15 at 4:45 pm to killercoconut
Good luck bud, your going to need it.
Posted on 5/23/15 at 4:54 pm to Ric Flair
My car is paid off, we don't have kids and won't for 3-5 years, and travel PT and RN pays for your living expenses (living stipend $1000 per month + incentives) on top of the salary.
Posted on 5/23/15 at 4:56 pm to killercoconut
I'm under no impression that it'll be easy but it is definitely manageable if we take care of business the next 3 years.
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