Baby before paying off student loans??

posted 1 year ago in Babies
  • poll: Have you/would you start TTC before paying off student loan debt?
    Yes : (268 votes)
    67 %
    No : (79 votes)
    20 %
    Maybe : (48 votes)
    12 %
    Other : (3 votes)
    1 %
  • Member
    1403 posts
    Bumble bee

    No way.  I’d want to be financially secure first, which means I’d want to have all that student loan debt taken care of.

    Member
    8046 posts
    Bumble Beekeeper

    @lalabee27:  It really depends on the situation. If you’re over 30 and the clock’s ticking then I would probably TTC and pay the debt down later.

    If you’re younger and not in a huge rush, it might be wise to put your best financial foot forward before having a baby.

    Either way I would make sure to factor into your budget how much it will cost to raise the baby. Things like diapers add up really fast.

    Personally I would want to be debt free for years before TTC and have hefty savings, but I know not everyone has that luxury.

    Member
    2223 posts
    Buzzing bee

    I have more than $100k of student loan debt, mostly from law school. I’m scheduled to pay it off in 9 years, but will probably try for a baby starting in 5 years. The payments are manageable, and I still save more than $1k a month, so it’s not a problem. If I was struggling to pay my loans, or any other bills for that matter, then I wouldn’t TTC.

    Member
    11399 posts
    Sugar Beekeeper

    That depends on your financial situation and debt amount. For some people student loans can be $100K or more depending on length of education and major. Also, your income comes into play…do you make an average income? Above average?

    I have student loan debt and while it is quite a bit it isn’t a huge amount and we have already paid off two loans with three more remaining. In our case we might be able to pay them off entirely in about five years with the way things are going. So with that in mind I would say yes we would pay it off before having a child. However, we have a six figure household income meaning we don’t have to wait 10-30 years to pay off the loans as is often the case.

    Member
    7038 posts
    Busy Beekeeper

    Definitely, as long as our total debt was well within our financial means.  If the Obamas can do it, so can we! :)  I don’t really see the difference between this, and not having a house paid off for example.

    Member
    1555 posts
    Bumble bee

    Having student loans is actually good for your credit – as long as you can maintain the payments and will afford to support a child, I don’t see a problem with it. However, if your student loans are causing you to live pay check to paycheck and cannot maintain a lifestyle for a child, you should wait. 

    FI and I consider ourselves financially stable even though we have student loans – the loans aren’t very much but since the interest rates are so low, it isn’t worth it to pay them all off at once. 

    Member
    205 posts
    Helper bee

    as someone who works in finance…  THIS. IS. A. BAD. IDEA.  The average cost of a child from the time they are born to the time they are 18 averages between 250k-500k.

    It is not financially reponsible to add more debt to exisiting debt.  Pay off the student loan or at least pay it down to a more realistic and managable amount.  If you want a child soon, get a second job, do what it takes but pay off your debt. 

    IF ANYTHING you should have savings to accomediate the cost of a child before having one.  Pay down the debt to at least a managable and start putting funds aside for a baby.  Marriage and kids are already tough, adding financial stress can be the straw that breaks the camels back.

    Member
    10674 posts
    Sugar Beekeeper

    If I waited to have a kid before my loans were paid off, I’d never be able to have one.

    Most people with significant student loans (50k+) likely do not pay them off before having children. In a perfect world I’d love to but it’s not feasible.  My boss (and owner of our company) still has student loans (and 4 kids!).  They’re not the end of the world, as long as you don’t have lots of other debt and are struggling to make payments on them or elsewhere in life.  

    Member
    1787 posts
    Buzzing bee

    DH and I still both have about $9k in student loans.  But we are continuously making payments, and the interest is low.  I won’t have mine paid off for another 5 years and I’m sure we’ll be trying to conceive before then.  Debt is not always all bad, as long as you manage it well. 

    Member
    2092 posts
    Buzzing bee

    Yeah, between the two of us, it’ll take at least 10 years to pay off our student loans (grad school ain’t cheap, kids). At that point I’ll be nearing 38, so I think we’ll just have to suck it up and start trying with the debt. Oh well, there are worse things in life.

    Member
    1343 posts
    Bumble bee

    I’d be well over 40 by the time DH finished paying off his loans, so YES. As long as the debt is managable and the payments don’t interfere with your ability to save, it should not be a problem. Would you feel it necessary to pay off a car or house loan before having kids? Most people have these monthly expenses while having kids. Sure, it’d be great to be debt free, but given the timing of a biological clock, it’s not that common.

    Member
    2056 posts
    Buzzing bee

    Ha!  I am 30 and have massive student loans from grad school…. which I just started paying off a year ago following graduation.  If I waited until they were paid off, I wouldn’t be able to have kids.

     

    So no.  I am not waiting until they are paid off to TTC.

    Member
    2126 posts
    Buzzing bee

    Im sure we’ll be TTCing before my student loans are paid off.  I have nearly $40K currently… and that number wont go down very much until after the wedding.  BLAH… I recommend to anyone and everyone going to school to WORK during college to pay for as much as they can… and not to worry about graduating in four years!!! Student loans have been awful for me… I have a private one that has 12.5% interest!!!

    Member
    6137 posts
    Bee Keeper

    I put maybe. I think it depends on your financial picture as a whole. If you’re struggling to make payments then definatley not time for a kid. But if you’re easily making payments, saving for retirement, and living comfortably, then maybe it’s okay.

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