kinetic
Well-Known Member
Here in lies the dilemma of the college loans that are thrown out so freely if you know the system well enough. Your degree has to pay for that loan while allowing you to live an "easier" life as compared to pre degree living. The fastest way to pay this down, assuming that one is making enough, as compared to basic costs of living with a little fun added to buckle down below your means and hammer at the loan right away.
Ideally as your degree compounds your income, your lifestyle, ie. house, new car, family, etc also increases. These things take away from paying the loan down in a way that is faster than loan is set up to be paid off, say over 15 years. If you have minimal overhead, a smaller apt. at first, maybe not the greatest car, you can throw as much $$$ as you can at the loan initially. You're already at a lower standard of living as compared to where said degree will eventually take you professionally, hence with discipline it's easier to pay more sooner, thus providing for yourself better and your loved ones later.
If your degree doesn't allow for these things you will just suffer and have a bill to pay for the full term...
P.S.
I ramble
Ideally as your degree compounds your income, your lifestyle, ie. house, new car, family, etc also increases. These things take away from paying the loan down in a way that is faster than loan is set up to be paid off, say over 15 years. If you have minimal overhead, a smaller apt. at first, maybe not the greatest car, you can throw as much $$$ as you can at the loan initially. You're already at a lower standard of living as compared to where said degree will eventually take you professionally, hence with discipline it's easier to pay more sooner, thus providing for yourself better and your loved ones later.
If your degree doesn't allow for these things you will just suffer and have a bill to pay for the full term...
P.S.
I ramble