- 3 years ago
So, I’m about to graduate in May with about $90,000 of student loans. Ugh. I’d be lying if I didn’t say I’m really freaked out about paying them back. While my prospective income is far more than I’ve ever made in my life, at the same time I know a huge chunk of it every month is just gone.
Fh’s parents are allowing us to stay with them for a while with minimal expenses, especially since we’re moving and could use the time to get on our feet. However, the offer to stay was given for an indefinite amount of time.
Ive been of the mindset that we should stay with his parents for as long as we can, 2-3 years maybe, and that way we will be able to save up for a down payment on a house, and pay of a LARGE chunk of my loans. Obviously if it ended up that we were overstaying our welcome or if there was too much trouble I would think we should leave, however I think at least we should plan/try to stay for a while.
My FH is not too keen on the idea. He has some points, such as the living situation may not be that comfortable (tiny bedroom, limited storage space, LOTS of people in the house including 4 small children (very little privacy). While I understand that we may have to sacrifice a little comfort, I think in the end it would be worth it for how far ahead we can get.
The on the other hand, I was raised by my mother, who has the complete opposite mindset as I do on this, but at the same time I kind of see her point. Her suggestion is to just take out the longest repayment form on the loan and live our lives a little, and just carry the debt through. She has always sort of loved that way, having long mortgages and student loans, however at the same time she is VERY financially responsible and the family has never been in any trouble money wise. She has amazing credit and uses her credit lines often, but she keeps up with it, and is never hurting for money. When she goes on trips she charges them. She’s always had money, or at least credit if there was ever a financial emergency (car/major appliances breaking) and she still has plenty for fun stuff.
She often says something to the extent “Why would you work and grind and sacrifice yourself for years to get ahead- when next month you could get hit by a car and die without having ever really lived?” I think about this a lot. I think about if we did live uncomfortably with his parents for 3 years- and then somethin happened to one of us- would I regret not having more experiences and living more comfortably in the moment? And instead nickel and diming everything and putting up with a crappy living situation? I mean- I know it’s for setting up for the future- but I often think of what my mom says- what if there is no future?
So what do you bees think? I obviously am not not asking about running yourself into financial ruin, but would you consider a lifestyle where you keep a balance of debt and fun? Or is that irresponsible and impractical?