Comments on: Student Loan Debt vs. Retirement vs. Savings – Dave Answered

By: Paying Back Student Loans

Paying Back Student Loans — Thu, 01 Jul 2010 03:30:35 +0000

All the answers for Dave are pretty good so I won’t add to it but for those who want to go back to college right now… here is some advice: The best thing for people wanting to go get an education is to do what ever it takes to avoid private student loans. Those types of loans are high in interest and can literally ruin a person’s credit and way a life right off the bat. My 8k in private ballooned due to interest compounded monthly during school to 30k over the years in school. Choose a cheaper college and carefully choose a degree. Fill out the FASFA form and try to get grants to help pay for your education. Don’t waste your time and money on a worthless degree where you won’t be able to get a job when you finish with your studies. If you are already in large debts with student loans then pick up a second job if you have to so that you can knock down the principal quickly or you may never see the light of day. The government ones are much better because they offer repayment options and flexibility, private ones do not. Just my 2 cents ~Jayme

By: Nick

Nick — Wed, 13 Jan 2010 10:08:48 +0000

Has Dave considered having a set amount of money transferred from his checking account into his savings account each paycheck?

By: Olivia

Olivia — Wed, 06 Jan 2010 13:26:45 +0000

Once Dave marries, his housing situation will change. I assume he and his wife will get their own apartment. That will increase housing costs. How does his finacee feel about the way he’s financing his education? Is she coming into the marriage with a job, assets, student loans? They’ll have to tackle those things together. It might be good for them to work out a joint, after marriage, spending plan. In thinking ahead, it might also be wise to consider how children change the situation. Will they go to one income, etc. How will loan repayment work then?