Hi Money Minder,
I’m a cancer survivor, so my perspective might be a bit different. I currently have 32k in student loans after finishing my MBA from a state school. At 29, I’ve managed to save over 100k+ in savings and investments. Recently I left a nonprofit job and will be starting a federal job on the East Coast.
Originally, I planned to work only 40 hours, contribute max to my tsp, and keep my repayment under 200 dollars. But sticking to that plan means no extra jobs or income on the side.
I’m considering getting an EA or personal training license for some extra cash on weekends or after work. But with the PSLF process seeming like a headache, I’m not sure if it’s worth the effort.
Can you give me some advice? I have the money to pay off my loans, but I’d rather not do it all at once 🙁
Farewell from the author,
Response from THE MONEY MINDER:
Hello There,
Congratulations on completing your MBA and landing a federal job on the East Coast! It’s great to hear about your financial stability and all the investments you have made. Your situation with student loans can be understandably overwhelming, especially considering your thoughts on the Public Service Loan Forgiveness (PSLF) process.
Given that you have the means to pay off your loans but prefer not to do so all at once, a practical approach might be to continue making regular payments while exploring additional income opportunities through getting certified as an EA or personal trainer. This way, you can supplement your income and stay on track with your current repayment plan.
Regarding your concerns about the PSLF process being hectic, it’s essential to weigh the pros and cons carefully. If working additional jobs or bringing in extra income to make higher payments does not significantly impact your quality of life or work-life balance, pursuing PSLF could potentially be a beneficial long-term option.
Ultimately, it’s crucial to assess your financial goals, consider the practicality of your repayment plan alongside any extra income endeavors, and make an informed decision that aligns with your values. Remember, personal finances are unique to each individual, and what works for one person may not work for another.
Best of luck with your upcoming move and new federal job! If you have any more questions or need further advice, don’t hesitate to reach out.
Farewell from THE MONEY MINDER.
