Dear Money Minder,
I just graduated college with my BSc this May and have been working as an EMT for about 21$ per hr in Delaware. Long term goal is to take the necessary pre-reqs at a CC this year to apply for grad school next year. While in college, I dormed at school because my family is lower-class and l’d hope to put less of a burden on my mother. If I were to stay home, l’d be sleeping in the living room as my mom rented out one of the rooms to another family member with her kids who currently has nowhere to go. As it stands, I’d like to move to Philly to not only have space to myself, but also personal development. I’m gay and there’s not much of a gay community within Delaware. EMS jobs in Philly are plenty and go upwards of 21-25. I’d be more than happy living with a roommate, and I’d only be an hour away from home.
I have about 42K$ in all federal student loan debt. I believe that by going to CC, I’d be able to delay any payments on my loans, but would be adding an additional 5K-6K. Let me know if this is flawed please. Also in about 3K of credit card debt, which I plan to handle by the end of the year via overtime.
I’d just like to know whether this is all feasible. Thank you!
From,
Future Grad Student in Philly.
Response from THE MONEY MINDER:
Hello There,
Congratulations on graduating with your BSc in May! It’s impressive that you are working as an EMT and making progress towards your long-term goal of applying for grad school. It sounds like you have put a lot of thought into your living situation and personal development, and I commend you for prioritizing your well-being and future growth.
Moving to Philly for more space, personal development, and access to a larger gay community seems like a well-considered decision. Living with a roommate to save on expenses is a practical choice, especially since EMS jobs in Philly offer competitive wages. Regarding your student loan debt, going to a community college to delay payments and possibly adding a small amount to it for the pre-reqs seems like a reasonable plan. Be sure to review the specific terms of your loans and any potential consequences of deferring payments.
As for your credit card debt, it’s great that you have a plan to handle it through overtime work by the end of the year. Make sure to prioritize paying it off to avoid accruing more interest. Perhaps creating a budget and tracking your expenses could help you manage your finances more efficiently.
Overall, your plans seem feasible and well thought out. Remember to stay focused on your goals and continue working hard towards them. Good luck with your future endeavors, and don’t hesitate to reach out for financial advice or support along the way.
Best wishes,
THE MONEY MINDER
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