Reply to If you had student loans, how long did it take to pay them off?

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Reply to "If you had student loans, how long did it take to pay them off?"

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[quote=Anonymous][quote=Anonymous]Live with your parents for 2-3 years.  Save for retirement (get the full employer's match), and pay off the loan. 2 of my cousins did that.  Another stayed in his parents basement for 2 years even though he had no student loans (parents paid for it) and moved out with enough money to pay the down payment for his condo. [/quote]

Depends on where one's parents live. Commuting distance to DC or NYC or some other major city, sure. But lots of people have parents living in economically depressed areas or even if not economically depressed, areas that are just meh for career opportunities/growth; for many (not all) professions, the career trajectory is built day one, so it is worth it to have some random 35k job in your hometown so you can live at home and pay off debt fast? Maybe not if once you're done with debt payment in 2-3 yrs, high end employers -- like NYC investment banking/consulting -- won't even look at you bc you were working at Joe Schmoe mortgage company in suburban south Jersey. And no for those kinds of employers, they don't care that you did it to pay off debt; frankly you won't even get a chance to explain that bc your resume won't even earn you the interview. Granted I think this is only true for things like IB, higher end consulting, biglaw etc. as they are very choosy re reputation. If your kid's goal is to be a supply chain manager, sure I think it's fine to live with mom and dad in south jersey as long as he/she has some corporate job and then make moves towards getting whatever job they want in whatever location once financial standing improves.[/quote]

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