Viewing a single comment thread. View all comments

daaamber t1_jeequgk wrote

Whats the program you are taking?

Whats the interest on getting student loans to pay for it?(have you looked).

Whats your income potential when you graduate?

All these help to shape what to do.

1

presque-veux OP t1_jees1qh wrote

I'm taking this program: MS in Energy Policy and Climate Degree Details and Courses. The potential to make a lot to make a lot of money is there - I hang out with some girls who now work the gamut of climate policy, and all make 6 figures. I make about 65k, but my take home is about half that. And my rent is about 1500 / month (I live in DC.) So its been a challenge.

I haven't filled out a FAFSA, but I know that graduate student loans have higher interest rates than undergrad, (like 8% verses 4-6 subsidized) and I just finished off paying my undergrad ones last year. I also know that grad student loans are harder to discharge, even with all the talk of student loan cancellation with the Biden admin.

What would you advise?

1

daaamber t1_jeevtuc wrote

I have grad school loans - I think I took out $30k for my whole masters program after most of my undergrad was paid too. I also worked and went to school. I now have about 10k left. (I’d qualify for Biden forgiveness if it passes the courts, if not I have the money set aside to pay it off.) I originally was on a public service forgiveness plan (8 years of payments) before I hopped to a private employer - but my salary doubled so it was worth it. I don’t regret the loan. I wish my 401k/Roth was higher now though - so dont cash that out.

For grad school loans, the interest is higher. But if they are public loans, you get the same forbearance, interest pause, and forgiveness plans as undergrad. They may be an option.

You’d probably want to cash out your stock before going that route though, unless you are making >8% interest on that - which no one is right now.

1

presque-veux OP t1_jeewg6f wrote

That was what I figured as well, but hearing someone who has gone through a similar process as me reassures me. I didn't even know what an equity was 5 years ago - I've come a very long way. But I know I have a lot further to go.

I think I will cash out my robo advisor, even though its scary. It's my last safety net, and I've been pretty poor before. I think its worth the risk, though.

Thank you for your tangible advice, I very much appreciate it.

1