Graduating Soon Need Advice

[Bmn5940]

Oh awesome I had no clue there was an alumni group! And yeah I feel that once my loans are paid off, I don't think I'll be settling my roots in San Jose. I really only took this offer because I know if I'm frugal enough I can have all my debts paid in 5-7 years, gain really good job experience and enjoy the west coast for a bit. I'm hoping to be in the low 100k salary after my 1st year due to a raise program they offer for new hires based on first year performance. The goal for me is to save save save and pay pay pay all my debts within 5-7 years and score a job back on the East coast. Also In the works of finding a room mate. This thread ended up being super helpful thank you everyone! Final verdict


Leave public/government loans alone and manage the 14 different payments (excel is my best friend now)

Refinance private loans into one payment and knock them out within 5-7 years or sooner.

Find a roommate

Most importantly: have fun

[Mookey67]

What I would do if in your situation is to definitely shop around for a lower interest rate and consolidate those private loans if you can. Those rates are variable and change with the market so your payments could fluctuate. Usually when you consolidate private loans it’s still variable so I would try to find someone who offers a fixed rate. You can not consolidate private and federal loans together. In order to do that, you would have to take a big loan somewhere and pay them all off to get into one which I would not recommend because it would turn those into a private loan and you lose all the benefits such deferments if needed and repayment options. It will then be just a regular loan. If I’m not mistaken, they usually send out the repayment schedule about 60 days in advance and then you can see what your payments are and if they are something that is feasible for you. Then you can come up with a game plan and explore your options then once you have the information. If you are able to knock down some of the balances I would definitely recommend you put it towards those private loans as previously suggested. Congratulations on your graduation and good luck. Hope this helps

[tacpoly]

I don’t usually wander into this section of the forum. You may have already agreed to the offer, but it doesn’t hurt to inquire whether your (future) company can help in paying your student loans. I don’t have direct personal knowledge, but I know people even as far back as almost 20 years ago negotiate student loan pay-off as part of their compensation package. Usually the company will require that you commit working there for a certain length of time (3 years is common) otherwise you have to pay back the money. I would think it’s more common now that people are borrowing more for school.

Also, make sure your moving benefits is “grossed up” otherwise you’ll have to pay taxes on that benefit. If it’s grossed up, then your company essentially covers the tax liability. It should be on your (employment) contract. (Most companies worth their salt will gross up, but you should make sure so there are no surprises come tax season.)

You may also want to ask for a couple of months in an “executive apartment” in case it takes you a long time to find housing. It’s hard to find an apartment all the way across the country even when you have an agent to help, specially if you have a tight budget. And while $90k+ may seem like a lot, you’re moving to an area where ~$120k is officially considered “low income”.

Anyway, the Bay Area is a great place to live. Have fun and good luck!