As the title suggests, I am currently in my final year and a half at my 4 year university and am debating paying my loans off outright or gradually paying them off like so many seem to do. I graduated HS about 4 years ago but "dropped out" of college because I was uncertain of my major and felt I was wasting time, money and energy on my studies (went from engineering, to business admin, to finally something I find interesting and "worthy" enough for a degree: economics). So I worked for roughly 1 year and saved up roughly $15,000 and thanks to my current situation, which I am extremely blessed to have, I have very little expenses. I live at home (no rent) I pay for my own gas (car is paid off), my netflix,Hulu, HBO (split between friends - shared accounts) and entertainment, and food is usually split with parents and I go out roughly 3-4 times a week. Basically I am down to $11,000 (after buying a nice camera and other goodies) and figure my last couple of semesters will run me approximately that much. My question is, should I take out loans to pay my last year of college or should I pay-out-of-pocket for these semesters?
Currently have: $6,000 in loans through NelNet. Interest, if im not mistaken, is 6% on them. I know the title is not 100% accurate but I am just curious to know if it would be smarter to graduate with little debt or to have a nice nest egg of cash once graduating college to slowly start paying of those loans.
What would be a smart move here?
I really appreciate any advice!
Submitted August 21, 2017 at 09:36AM by Dozosozo http://ift.tt/2wwC2V0
