Question:

Student loans? Should I pay them back now or later? ?

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So I just graduated from college one year ago and have, well a lot, in student debt. My parents did help me out, but I still have more than I feel like I'll ever pay back. Now I'm working and have a fairly decent paying job abroad. I'll probably kick around here for one more year before going to law school, financed, unfortunately totally by me.

Option one- I start paying those loans back and scrimp and save sacraficing travel and fun to the god of evil loan institutions

Option 2- Forget them (paying the min.) and live it up right now. Go travelling and make lots of memories while I'm young. :) Just add them to the mt of debt I will accumulate after law school.

Up until now, I was going with option two, but tonight I was fiddling around with them and now I am ready to cry. I know I don't have as many as other people, but that is SOOO much money. Maybe I should just try to pay the d**n things off. Honestly how can school cost so much?????

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  1. I think the smartest choice is Option 1. The sooner you pay off debt the better, in every situation. You never know what will happen in the future. But I'm a rebel and I say you can have both. It all depends on what you're willing to compromise with. There are lots of ways to travel cheaply and have fun. You just have to be smart about your choices and make researched, well-informed decisions. So what if you can't stay in some swank place or fly first class. Travel by rail, stay in hostels...this type of travel is super cheap and plus you'll meet lots of new people and have fun and therefore memories :) Of course it's all black and white to an outsider. Best of luck in however it turns out!


  2. Do option 1.  Right now  you have more disposable income than you will ever have in your life (hard to believe I know).  Pay off as much as you can and then some.  There is no guarantee you'll get into law school, graduate from law school, pass the bar or even reap the benefits of having a law degree.  

    You will eventually want a house, have a husband, then the kids will come...daycare, family heath insurance, medical bills...

    trust me, right now you have more disposable income than you will ever have in your life.

    You will value those memories of traveling abroad when you are a rich lawyer, can afford it, and have your family with you.

  3. Oh wow...You are like me about 8 years ago.  I just racked up a huge school debt.  I chose Option 2.  Made lots of memories and haven't ever regretted it more than I do now.

    I am 31 now, in the process of buying a home and I'm juggling paying for the student loans and my mortgage.  If I had been smart, I would have chosen Option 1.  I could be doing many more things to my house with the money I'm losing now.  

    Those loans are also on my credit.  They don't do nice things to a credit report if you "forget them."  Also, if you only pay the minimum, you won't put any sort of dent in them.  I'm still paying on the interest at this stage.  I really screwed myself over in picking Option 2.  

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