To save, or not to save? That is the question.

[goldenscalpel]

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Hello All,

So here is my predicament. Currently, I will be entering my senior year this upcoming fall at a tiny liberal arts college and applying during spring 2017. The college I go to is three blocks from my actual home, but I have chosen to live on-campus in my fraternity the entire time because it has been an absolute blast. After looking at the numbers, I realized that if I decided to live at home senior year, I would be able to save about $8,000.

If I choose to live on campus, I'll need to use a federal loan to cover the difference. I currently owe $20,000, which would rise to about $28,000 upon graduation, or would remain at $20,000 if I lived at home. The kicker is that based on my work and amount that is currently saved up, I could potentially graduate owing nothing whatsoever, or owing $20,000 instead. What I am wondering is whether, in the grand scheme of things, it matters that I would be debt-free going into medical school. Considering the high cost of med school, would living at home make a relevant difference? I'm looking for any and all opinions. Thanks much.

 

[Monkey.King]

Im sorry, but this post is confusing, feel free to correct me if I'm wrong. But what do you mean "I could potentially graduate owning nothing whatsoever, or oweing 20,000 instead"? If you had around 20k in savings and work money, how are you going to owe 20k? Do you plan on using those savings and work money? And if you don't know if 8k, then ask yourself if someone was willing to pay 8k from your med school tuition, would you take it ? I'm sure a lot if not all medical school students who are not children of wealthy families would love to have 8k taken off their tuition, even if it's just for one year. I know I would love to have 8k knocked off my car loans. And why wouldn't you want to go into med school debt free? You surely won't be paying that off while in med school if you plan on doing the traditional route, and you most likely won't be paying it off immediately when you graduate either. But at the end of the day, if having another year that's a "blast" is worth it then by all means, go ahead. It's only a waste of money if you personally think it's a waste of money. That's what I always tell people when I buy something that they disagree with.

And if it helps, don't think of it as a simple 8k of extra loans, Because loans have interest

 

[Moko]

The college I go to is three blocks from my actual home, but I have chosen to live on-campus in my fraternity the entire time because it has been an absolute blast. After looking at the numbers, I realized that if I decided to live at home senior year, I would be able to save about $8,000.

I would live at home and save $8000. Your fraternity housing is within walking distance of your family's house, and you are more than capable of walking home after having an "absolute blast" with your friends..

 

[Goro]

$8K can get you a nice used car.