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Started By
Message
Money Management as a Student
Posted on 9/29/12 at 8:57 am
Posted on 9/29/12 at 8:57 am
Need some advice on what to do with some money that I have saved up.
Background:
Worked for a year after undergrad, saved roughly ~30k which is now ~15k. I'm now in law school which is completely free (~150-180k education) with prior student loans that amount to ~18k and a car note at 1.99% interest.
All of the student loans are 6.8%. Only 10-13k of that is unsubsidized which means that it's currently accruing interest.
I live at home...which sucks...my monthly expenses are around $1500. Car note + tuition tax credit that I pay + insurance + food/etc.
Should I dump the ~15k that I have into the student loans that are adding interest and/or just ride the money out until I need to take out more loans?
Feel free to TLDR this
Background:
Worked for a year after undergrad, saved roughly ~30k which is now ~15k. I'm now in law school which is completely free (~150-180k education) with prior student loans that amount to ~18k and a car note at 1.99% interest.
All of the student loans are 6.8%. Only 10-13k of that is unsubsidized which means that it's currently accruing interest.
I live at home...which sucks...my monthly expenses are around $1500. Car note + tuition tax credit that I pay + insurance + food/etc.
Should I dump the ~15k that I have into the student loans that are adding interest and/or just ride the money out until I need to take out more loans?
Feel free to TLDR this
2
Posted on 9/29/12 at 9:44 am to TheOcean
quote:
Worked for a year after undergrad, saved roughly ~30k
quote:
I'm now in law school
Posted on 9/29/12 at 9:46 am to Powerman
Sales was fun for a year, didn't want to make a career out of that
Posted on 9/29/12 at 12:14 pm to TheOcean
quote:
Sales was fun for a year, didn't want to make a career out of that
I was in the same predicament as you. Go get your MBA, trust me.
Posted on 9/29/12 at 1:44 pm to Geraldo Rivera
Already in law school 
Posted on 9/29/12 at 2:31 pm to TheOcean
You'll be back in sales after you can't find a job with that law degree.
Posted on 9/29/12 at 4:11 pm to I Love Bama
Not too worried about finding a job
Posted on 9/29/12 at 10:23 pm to TheOcean
How are you living at home and have 1500 in expenses??
Posted on 9/29/12 at 11:48 pm to barry
quote:
How are you living at home and have 1500 in expenses??
This. Find a way to reduce that. Incredibly inflated expenses...
Posted on 9/30/12 at 8:14 am to barry
Car note + tuition payment + insurance = $1100.
Other option is to sell the car for ~25-30k and then buy something used for ~10-15k.
Or I can re-finance my car and get the monthly payment a lot lower, but pay higher than the 1.99% I'm currently getting.
frick money
Other option is to sell the car for ~25-30k and then buy something used for ~10-15k.
Or I can re-finance my car and get the monthly payment a lot lower, but pay higher than the 1.99% I'm currently getting.
frick money
Posted on 9/30/12 at 10:22 am to TheOcean
why are you driving a 25-30k car?
Posted on 9/30/12 at 10:26 am to slim thug
Was making great money (would be close to 6 figures this year) and planned on staying w/ the company for 4-5 years. Also received a monthly stipend for the car note.
Poor decision on my part to buy an expensive car, learned a lesson there.
Poor decision on my part to buy an expensive car, learned a lesson there.
This post was edited on 9/30/12 at 10:28 am
Posted on 9/30/12 at 11:02 am to TheOcean
why did you leave again? law school wasn't going anywherePosted on 9/30/12 at 11:06 am to slim thug
If I worked for another year I wouldn't be able to attend law school for free...plus I didn't want to rely on a sales career. It's not very easy to work in sales for years and then jump to another career
eta: i'm writing my first complaint and first memo, shite sucks
eta: i'm writing my first complaint and first memo, shite sucks
This post was edited on 9/30/12 at 11:09 am
Posted on 9/30/12 at 11:18 am to TheOcean
yeah, it all fricking sucks
you're an idealistic 1L just happy to be there
wait til youre a cynical 3L with some clerkships under your belt.
you're an idealistic 1L just happy to be there
wait til youre a cynical 3L with some clerkships under your belt.
Posted on 10/1/12 at 9:47 am to slim thug
quote:
Other option is to sell the car for ~25-30k and then buy something used for ~10-15k.
How much do you still owe on the current car? If you can sell it and buy another decent car with cash, I would do that. $10k gets you a fairly nice ride these days (like an '04 Tahoe if you're flashy, or a '06 Honda if you're not).
As you can see that $30K dwindled pretty fast and I would do my damnedest to avoid taking out student loans for as long as possible. Reducing monthly expenses is key. Maybe next year once you get the hang of your schedule you can get a part time job?
This post was edited on 10/1/12 at 9:56 am
Posted on 10/1/12 at 9:53 am to GaryMyMan
I would just cut your losses now and sell the vehicle and buy something cheaper.
Its understandable how you got in that scenario though.
Its understandable how you got in that scenario though.
Posted on 10/1/12 at 10:28 am to GaryMyMan
Appreciate the constructive advice from the both of you 
I may just suck it up and keep the car. I'll be living for free for the next 2 1/2 years + going to law school for free. I think that if I can graduate w/ less than 50k in debt from undergrad/law school I'll be in solid shape compared to 95%+ of my peers.
I may just suck it up and keep the car. I'll be living for free for the next 2 1/2 years + going to law school for free. I think that if I can graduate w/ less than 50k in debt from undergrad/law school I'll be in solid shape compared to 95%+ of my peers.
Posted on 10/1/12 at 10:37 am to TheOcean
The only loan I regret is a $12,000 Bar Study loan at 13.2% that I took out when my savings ran dry in the months between quitting my job (July 1) and getting my bar results (October 7th?). I would have been better off putting everything on a Visa for a few months. I've been out a year and just paid it off completely. I feel much better now.
Posted on 10/1/12 at 10:49 am to GaryMyMan
quote:
$12,000 Bar Study loan at 13.2%
Didn't know you are practicing. Congrats or sorry to hear that
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