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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]I only took out $30k for law school. Paid it off in 18 months. Most of my friends paid off their loans in their late 30s/early 40s. [b]The key is to take the bare minimum.[/b] You don't take extra for living expenses. Rather, you work on the side and live like a peasant. I had friends in law school who lived like kings...and they are still paying off loans in their 40s. And the two financially dumbest people I know graduated from Gtown law. [/quote] This is the way to do it! The natural inclination is to upgrade your lifestyle after obtaining a professional qualification and keeping that within reasonable constraints is the answer. One does not have to live on a shoe string but the bulk of the additional income should be used to pay off student loans. Usually this would happen before having children and assuming other family obligations at which point it becomes a lot more difficult to pay off debt.[/quote]
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