Hi. Ok. Important stuff is in bold. I wrote other stuff for context.
I have, currently, $27,000 in private loans and $36,000 in government loans for my undergraduate in molecular biology. Graduated magnu cum Claude, research, blah blah blah. I don't even know why it matters but people like to hear that I was a 3.8 GPA student because that magically sometimes makes me look more responsible. BTW, I'm not. I'm kind of a space head but hey, my credit score is 800, I have no credit card debt, lousy 3k in savings, and I love crunching my numbers. ANYWAYS
The government loans are consolidated to a pay as you earn plan so I pay about $60 a month in federal, $300 a month in private (I've already paid $18,000 working down during school. Yes, I went to an expensive liberal art school, I shouldn't have, and transferred to somewhere cheaper and in-state after 2 years). Cringe, I know. If you're younger than me, COMMUNITY COLLEGE IS THE WAY TO GO THEN TRANSFER. ANYWAYS
Long story short, my excuse is that my family advised me to, "just take out a bunch of loans", I ignorantly agreed and then there's been fall through with the pay back. I can't BLAME them, but I definitely would not have done this if I knew that I'd be in this situation. Time for me to strap on my big girl pants and get with it.
I'm entering a master's program for a masters in science education. I got smart and selected the most affordable and efficient program I could fine that will cost me about 7,000$ total, depending on how quickly I finish. Considering I will be working only part-time and am do not have a family, I should be able to finish in a year vs. 1.5 years easy. I have experience with online programs and love it. I fly through it because IDK, with stuff hanging over my head it just makes me really get with it. I can't see an empty assignment, I need *to do it*. I was that kid that always did homework the day it was assigned because, anxiety.
I took out $13,000 in federal loans for my masters so that the additional $6,000 can give me an extra $500 a month for rent and top-raman.
Considering my loans will be deferred, I have monthly expenses of $1330 including rent, food, gas, pets, subscriptions, etc. I currently pay $550 in rent, my fiance $850. He works part-time as a waiter (not any more, covid amiright?), then for sony as a private contractor doing music (see, he's worth keeping. Love having lo-fi beats to chill to, IRL. Also, I love him). He's considering just getting a full-time job but has been kind of...dinking around, since he gets a 3 million inheritance when he turns 30 in 3 years. He says he'll just pay off my student loans but I'm not relying on that. Heard that before, look where I am. I love and trust him, but life is crazy and I'm not going to rely on that because I'm not a doofus. In that respect.
Our lease is up in September. My fiance can contribute ~$1000 in rent and I can afford to pay about $900 in rent if I don't want much left over.
Should I take out a "small" private loan (5-6,000) I can consolidate so that we can afford a nicer house? Bite the bullet and get a crappy house in the sketchier areas and make due? Work 4 shifts a week during school so that my monthly income goes from $1800 (including my initial federal loan), to $2100? For the later, my biggest fear is not finishing as quickly as in turn, having to pay for that extra year of school since they charge by term, not credit.
What do you think I should do?
We live in Washington State where it's $1500 for a shack on cement but we want to stay here because it's where our family is.
I'm expecting to graduate with my masters with at least $80,000 in private loans. Considering 60 of that 80 is undergraduate we can say I got smarter. I'm assuming my pay will start at around $50,000 worst case scenario which including tax will give me a monthly income of about $3700
I live incredibly frugally. I do not have a car payment, we fix our own cars and maintain them well. We do not have children and are not planning on it for another 10 years. My expenses right now, like I said, are about $1300 max and literally the only thing I could ever want right now is maybe a nicer house? by nicer I mean, not in a neighborhood where I get chased and hear gun shots every night (I mean I'm a 24 y/o girl whose a little sexy but has a questionable personality so I could bite someone if they assault me no biggie). In all seriousness, I'm huge into camping and nature so if I could afford somewhere that's desolate I aspire to be secluded and fulfill my hermit tendencies. I like to imagine myself waking up at 8am sipping some coffee in my backyard while I read my assigned readings. Right now, I look outside my house and think of the trashy light-blue squares on the monopoly bored.
The idea of paying $1,600 a month, or even $2,000+ a month to get my loans done quickly, in student loans doesn't terrify me because I mean...c'mon someone's paying a second mortgage for that luxury Kia that's going to crap out in 2 years. BUT, like I'm only 24. I don't know what the world is going to throw at me. All I know is school is expensive and I'm in a shit-hole of debt.
Oh, asking my parents for help isn't an option and honestly hurts my pride just thinking about it. My mom's always in debt and my dad is hella rich but enjoys the luxury of a 4,000 square foot house on the water with 2 boats, an airplane, and the occasional photo to brag about it to me. Am I salty? Yes. But he also has two other kids to send through college and says his money isn't available which is why he can't help my student loans but tbh it's a toxic relationship so I've kind of shrugged and decided I don't want him to have any leverage over me.
I'm just a little lost and want people to share some advice/wisdom/thoughts anything to get an outsiders perspective because I don't want to be a cocky little shit who thinks I have everything figured out because I don't!!
Submitted July 08, 2020 at 09:10PM by mothfern https://ift.tt/38DlPOV
