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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

I highly recommend the exact opposite. I definitely would have regretted it. [/quote]

Why would you regret taking only 2 years to get your debt to zero and then start living a very nice life?  Why can't you do 2 years of delayed gratification?  [/quote]

DP: Depends on how much you can grow assets with the money you used to get debt to zero and the difference between that and the total cost of loans.  "Gratification" isn't the only use of money.  If you were living in an area with high home appreciation or during a stock market boom, I'd much rather devote income to taking advantage of those opportunities.  I had student loans with a very low interest rate--I dragged those out as long as I could and am much better financially off for it--invested in a house and stock market in 2009 both of which boomed in that next decade.  I would have kicked myself if I threw everything at my loans.[/quote]

I get that, but the fact is paying off the loans is a guarantee.  The stock market and home valuation is not.  But if you truly have low interest loans, it does make more sense. [/quote]

I'm the PP, my interest rate was under 2%.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics