Thread: College Debt
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Old 07-14-07, 08:39 PM
Rocky Mountain
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I will be graduating in three years with a projected debt of $10,000, from government student loans. My parents gave me $10,000 when I was 18, which I invested in mutual funds and is now worth $21,000. I just took out money for the first time this month since I am now living on my own.

One way I found to reduce the cost of living was to buy a condo. Spend $500 a month in rent and you will never see that money again. My parents agreed to pay half since it will almost certainly appreciate in value, so they are making money. Plus, my sister will graduate high school in four years so she will probably move in.

Originally Posted by apclassic9
College students should NOT have credit cards. You kids are too young, you have no real income, and you don't think about paying the load, plus your college loans. So, when you actually have a job, and have disposable income (this is $$ after taxes, all your bills & basic expenses) in excess of 15% of your needed budget, then you may get a credit card. This is, of course, after you have at least 6 months worth of basic expense banked for emergencies.
I use my credit card for every purchase, I pay it off in full immediately. I just use it to get points and free stuff. I am getting a free first class airline ticket! Three credit cards combined I have $18,000 available. Not every college student is a complete idiot...
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