Reply to If you took out six figure student loans for a professional degree, what was your strategy

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[quote=Anonymous][quote=Anonymous]For the first few years, I paid on a 20 yr plan.  Then I got married and we used all of my income to pay down the debt -- which was gone in 2 yrs.  When the debt was gone, THEN we started a family.  Not having that debt is CRUCIAL to having freedom in your life.

I highly recommend paying it all down and living without the next purchases for a few years.  You will NOT regret getting that monkey off your back.[/quote]

+1000

Years ago, spouse and I came out of undergrad/grad school with $80K in loans combined, mostly from spouse and it was all undergrad (grad school was paid for).  Both engineers with good salary, we lived frugally (kept older cars, rented basic apt, did driving vacations for long weekends that cost only $500 each, packed lunches 4out of 5 days, etc) for first 2-3 years to pay it all off and save for a downpayment, and put any bonuses directly towards that.  We lived off of less than 1 salary during that time.  This mentality allowed us to own our first home by age 26, and we also did not buy the most we could---we bought a nice 2000 sq ft 4 bed 2.5 bath in an adequate school district, that was 15 yo.  We bought well under what we could qualify for with just one of our salaries.  Then we continued to save for retirement and 6-12 month emergency fund.  That way when we had kids, we were well on the path to be able to afford part time forone parent, a nanny or SAHP or whatever we needed.  [/quote]

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