Quote:
Originally Posted by HockeyIlliterate
Let's say you just graduated from law school (or med school, your pick) with $250K+ in student loan debt. By virtue of hard work and some luck, you landed a very nice BigLaw (or BigMed, if there is such a thing) job, paying--after bonuses and everything--$201K.
Do you think that money is "tight" the first year that you are working in your chosen profession?
Do you think that, if the money is "tight," it is because you are "bad" with it?
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No and Yes.
Let's take your situation, and say you wanted to pay back your entire loan in 5 years (aggressive!).
You are looking at about 5100 a month.
You make 210K.
Your monthly NET income in Alberta would be about 9600. Taking student loans off, that leave you with 4500 a month.
If money is tight at 4500 a month, you didn't plan well.