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- Nov 15, 2016
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Hi all,
I am looking for some opinions on a comparison of different financial pathways that I am considering.
Background:
Married with one child in public elementary school
~5 years work experience as a QC Chemist for generic manufacturer
Spouse currently not working, but will begin teaching Fall 2018 when I matriculate.
~$35K student loan debt from my M.S. program
Considerations:
I have been saving handsomely into my company's 401k program since I began working, and begun investing conservatively into a 529 plan.
I have been keeping interest ahead of interest on my current educational debt-load.
I am going to be commuting to school (~1hr 45 min away) on a regular basis. Commuting is preferable at this time due to my hometown being where most of my family is to help with our child, and the school district is desirable, as well as not wanting to sell our home at this time.
Over a three year period, it will be ~150K miles and ~ $15K in fuel. The fourth year is rotation based, which I can complete in my hometown.
When my wife begins working for the public school board, our income will decrease ~15k/year at minimum.
Concerns:
What's the best utilization of my financial position at this time? Should I continue to allow my 401k to grow, or cash out and take the penalty but be able to clear my current debt and maybe pay for the first year of pharmacy school?
How will my student loan award amount be affected considering that my AGI when filing 2017 taxes will not actually reflect my need when I leave the workforce and my wife enters at a lower salary band?
In regard to the commute, will it be wiser to split a rental with 2-3 other pharmacy students and stay in the town where my school is ~3 nights/week to offset fuel cost and wear/tear on the vehicle?
Summary:
This is just a glimpse of the details that I am trying to work through, but I will definitely appreciate anyone's insight who has been in, or knows anyone who has been in, a similar situation to mine.
Thanks for your time,
-big_pharma
I am looking for some opinions on a comparison of different financial pathways that I am considering.
Background:
Married with one child in public elementary school
~5 years work experience as a QC Chemist for generic manufacturer
Spouse currently not working, but will begin teaching Fall 2018 when I matriculate.
~$35K student loan debt from my M.S. program
Considerations:
I have been saving handsomely into my company's 401k program since I began working, and begun investing conservatively into a 529 plan.
I have been keeping interest ahead of interest on my current educational debt-load.
I am going to be commuting to school (~1hr 45 min away) on a regular basis. Commuting is preferable at this time due to my hometown being where most of my family is to help with our child, and the school district is desirable, as well as not wanting to sell our home at this time.
Over a three year period, it will be ~150K miles and ~ $15K in fuel. The fourth year is rotation based, which I can complete in my hometown.
When my wife begins working for the public school board, our income will decrease ~15k/year at minimum.
Concerns:
What's the best utilization of my financial position at this time? Should I continue to allow my 401k to grow, or cash out and take the penalty but be able to clear my current debt and maybe pay for the first year of pharmacy school?
How will my student loan award amount be affected considering that my AGI when filing 2017 taxes will not actually reflect my need when I leave the workforce and my wife enters at a lower salary band?
In regard to the commute, will it be wiser to split a rental with 2-3 other pharmacy students and stay in the town where my school is ~3 nights/week to offset fuel cost and wear/tear on the vehicle?
Summary:
This is just a glimpse of the details that I am trying to work through, but I will definitely appreciate anyone's insight who has been in, or knows anyone who has been in, a similar situation to mine.
Thanks for your time,
-big_pharma
