This week has been a whirlwind, after coming back from an 26 hour race and Mother’s Day celebrations, it was hard to get back in gear. Reality took a nice blow as I began discussing my future student loan debt with my parents. To re-cap – In August 2012 I’ll be starting a my journey toward my MBA at the fabulous ESADE Business School in none other than Barcelona, Spain. I cannot wait for the rewarding experience that it is going to provide, but what I can wait for is the $102,000 in student loan debt that I am about to amass.
Just writing it down makes me shiver inside. I’m fortunate to have had a lot of help from my parents when I went through undergrad at Boston University and only walked away with about $18,000 in debt – a larger portion of which will be paid off before heading to Spain. It’s daunting to think about the financial cost of higher education. As a smart, budget conscious gal, I’m going to try to pay off the debt in 5 years instead of 15. I know it’s going to be hard to continue to skimp for those 5 post-graduate years, but I think in the end it will be the right decision.
Now I just need to decide if I should defer my BU student loans (~$10,000) while I am in graduate school or continue to pay the less than $200 a month. As a graduate student with no income $200 might not be something I can continue to pay. Decisions, decisions. I think a spreadsheet is in order. Advice?