Quote:
Originally Posted by Temporary_User
I'll be graduating soon. I'm 25 and will have 50k is student loan debt.
I'm not horrible with money, but I'm not exactly good with it either. I worked for a couple years before getting back in school so I amassed a bit of furniture, nice car etc. That's all good.
My problem is that when I work during the summers I essentially spend what I make. I buy clothes and take one end of summer trip to Mexico or somewhere. I take out whatever student loans they are willing to give me (usually 10-13k). So I've essentially been living off ~25k for the last few years. When I do graduate and start working again I figure my standard of living will go up a little just because I will have constant income, but if I can learn to limit my spending to ~30-35k a year, whatever else can go to my loans. Hopefully I make more than that.
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I exited school with about 80,000 in student loan debt... The worst thing i did was just pay into it my Minimum + whatever was left over at the end of the month.... It was going to take 12 yrs to pay off at that rate.
About 1.5 years ago I set it up to be a Consolidated term loan (through a bank, not a consolidation company). I Basically added up all my student loans and got a term loan at Prime +0.5 . This has allowed me to have an obtainable goal of having this paid off within 3 years. It automatically comes off my pay every 2 weeks and I do not even think about it.
Do this right away and you will know exactly what sort of disposable income you have.