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Wedding Costs/ Grad school loans..

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#1 JoLo908

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    Posted 03 January 2009 - 10:24 PM

    When my uncle passed away a few years ago, my mother was left some money from his life insurance. Being the awesome mom that she is, she divided the money up three ways and she has 1/3, my brother has 1/3, and I have 1/3... My brother used the money to help with the down payment of his house, and my mom used the money to help renovate her kitchen (God Bless her, she went to visit me bed ridden Uncle everyday after work at the hospital for over three years, and he was not very kind to her at all, but she has a big heart.)
    I am using the money to have our wedding ( my mom suggested I should use it for a wedding or a odwn payment on a house, and i couldn't resist actually being able to have a nice wedding.) We are not breaking the bank either compared to the usual weddings we attend here in NJ.
    I may have some money left over, which will help to cover the costs of Grad school, but if not, grad school costs $20,000 for the full two years. I already have almost $14000 in loans for my undergrad, is it bad to take out more in loans for my grad degree? I will be working too while in school, so i can pay some through that... But is it bad to come out of grad school with nearly 30k in student loans? I am just confused... I don't want to make bad financial decisions...

    #2 Bianca

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      Posted 03 January 2009 - 10:53 PM

      I would think it would be better to pay off the old loans first bc they will continue to accrue interest as you are in grad school. I am no expert, but thats my way of thinking.
      19 adults/3 children with flights booked! 10 rooms booked!


      #3 Bridget810

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      • 168 posts

        Posted 04 January 2009 - 12:34 AM

        Loans generally get put on "hold" interest-wise while you are a full time student--at least that's how it worked for me. And $30,000 in loans is not bad at ALL for grad school. I got my Master's, and I took out about $50,000 to pay for 2 years of grad school, and that's about average it seems. So, no, in my opinion, its not a bad financial decision. :)

        #4 Chanti

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        • 310 posts

          Posted 04 January 2009 - 01:00 AM

          $30 000 for grad school loans is really not bad, I agree with Bridget810. After 8 years of postgrad studies I had a $105000 debt to deal with, and this is despite working throughout my studies :-( I think it is not a bad financial decision to have your dream wedding and end up with $30 000 in loans!

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