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re: Coming out of graduate school with $100,000+ loans, what's my next step?
Posted on 5/24/15 at 12:55 pm to Epic Cajun
Posted on 5/24/15 at 12:55 pm to Epic Cajun
Depends on two factors: job prospects before and after the degree. For me, I'll have ~110k in loans after undergrad, law school, and an LLM. I should be able to pull in six figures around 3-5 years (possibly sooner). I think it's a solid ROI for me, but I also plan on joining the military and having them pay down most of those loans 
And living off 30-40k a year isn't bad at all. In FL, you could live like a king off of that.
And living off 30-40k a year isn't bad at all. In FL, you could live like a king off of that.
1
Posted on 5/24/15 at 1:22 pm to TheOcean
I'm living frugally right now, for the 4 years that my wife is in professional school. It's not a big deal because we aren't having to take out loans. I couldn't imagine living these 4 years on loans, then having to live frugally for another 5-10 years after to pay them back. We'd be in our mid to late thirties before we could afford a house, and that's with having two good salaries. A lot of her classmates are single, so it would probably take them longer to pay off the loans.
Posted on 5/24/15 at 1:34 pm to Epic Cajun
(no message)
This post was edited on 6/2/15 at 8:25 am
Posted on 5/24/15 at 2:23 pm to TheOcean
COL is okay, I pay $1200 for a 1 bed 1 bath, but I'm in a desirable area that is very walkable. If we had kids it would be worse, because we'd have to pay for private school. We'll be doing good when she gets out, but will probably move to an area that pays better for her field. She'll be a doctor, but not a physician; in a similar field to the OP.
Posted on 5/24/15 at 2:51 pm to Epic Cajun
The nice thing about PT is there are numerous ways to make extra cash. If I work one weekend a month PRN that's an extra 500 a month I can put toward what's necessary.
Posted on 5/24/15 at 5:02 pm to killercoconut
I'm in a similar boat.
Just graduated with 160k in student loans. Got a job with 100k base and up to 30k in commissions. All benefits paid for as well.
Hubby is working on his Master's, but also has a part time job making about 25k a year. Total debt for him will be around 45k but will make at least 60k once graduated.
No car notes/house notes. Should we rent while paying this off?
Just graduated with 160k in student loans. Got a job with 100k base and up to 30k in commissions. All benefits paid for as well.
Hubby is working on his Master's, but also has a part time job making about 25k a year. Total debt for him will be around 45k but will make at least 60k once graduated.
No car notes/house notes. Should we rent while paying this off?
Posted on 5/24/15 at 6:03 pm to killercoconut
Welcome to my life... I'm 3 years in, still paying 1800$ a month in student loans. Slave to the government, but Living comfortably though.
Posted on 5/24/15 at 6:17 pm to DaBeerz
quote:
Slave to the government, but Living comfortably though.
a bit contradictory?
Posted on 5/24/15 at 6:54 pm to PeteRose
Metaphor...sucks I pay that much, but We are not living without anything We need and can still afford savings, vacations, bills, etc.
Posted on 5/24/15 at 7:08 pm to DaBeerz
Cool. Kill that loan and your back will thank you for it.
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