M$D: February 5, 2037
Meet Spencer
Age: 25
Spencer’s main concerns, in his own words:
I’ll keep the details limited.
$22k in student debt at 7.35% (private loan).
$29k in savings.
$10k in 401k.
Current renter with roommates.
I would potentially like to buy a home in the next year or so. Although, I may return to grad school, at which point I would not buy a home. Should I pay off the full current student loan immediately, or at an expedited rate? If I return to grad school, should I before taking on more debt?
What size mortgage can I handle? What if I were to be renting a spare bedroom (thus reducing monthly mortgage)?
What we cover in this episode:
- How and when to pay off student loans
- How to financially prepare for grad school
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.