Just want a job that repays my $70k loan in 1 year.

New / Other Hulle
Oct 5 30 Comments

Will graduate in December 2020. Got responsibilities, family health problems etc. Want my student loan to be cleared ASAP. What's the preferred minimum TC for 70k savings in 1 year depending upon New Grad SDE role, COL and which company?

Edit: (as people were expecting profile info)
Undergrad :
3.77 GPA in CS from non-target school
2 Research internships (non-FAANG)
1 year as undergrad RA with 3 research publications
Multiple projects, Leadership roles etc.

Grad : 3.2 GPA , MS in CS at USC (Dec '20)
Currently AI Research Assistant at the uni's top research institute.
Multiple projects, 1 leadership role etc.
Leetcode : 78
YOE : 0
TC : 20hrs/week - 2k/month

TLDR ; Decent profile, a hard-working student

Edit 2 : After reading the comments, realized that now I will have to target for as High TC as possible and grind the hell out of LC! Thanks guys!

comments

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TOP 30 Comments
  • Google gte
    I think your title contradicts itself. You’ll have to care about TC to save 70k in one year as new grad after tax
    Oct 5 1
    • New / Other Hulle
      OP
      edited
      Oct 5
  • New VFx061
    I don’t care about money but I need 70k? Then looks like u care about money after all eh?

    I doubt as a new graduate you can get a job that lets you save 70k in a year
    Oct 5 2
    • New / Other Hulle
      OP
      not money but 'high TC' as in whatever highest TC New Grads target! 170k etc. I dunno.
      Oct 5
    • Yahoo mznxbcv
      Even with $170k, you won’t be able to save $70k. You seems to forget about tax & living expenses. 2 years is possible
      Oct 5
  • New rbkH43
    Not to be an ass but if you want to save 70k in one year. Unless your cost of living is nothing you'd have to calculate the minimum you're willing to live on and then tack on like 75k. Which for most people is gonna look like at MINIMUM 100k-150k and you're only gonna find that with minimal to no experience as a new grad in a part of the US where 100k-150k really isn't shit to begin with. But even THEN if you have no connects and no internship to bridge the gap I don't think anyone that pays that much in that area is going to hire you.
    Oct 5 3
    • New / Other Hulle
      OP
      Update my post, added my profile info to give you a better insight on the scenario. Thanks anyways!
      Oct 5
    • New rbkH43
      I think you can do it man! You have a solid background!
      Oct 5
    • New / Other Hulle
      OP
      Thanks man.
      Oct 5
  • Sphera sniffles
    Depends where your from. In my state they have a new initiative where if you graduate from stem degree and work in tech in the state after you graduate, then the state will pay your debt.
    Oct 5 4
  • New / Other Hulle
    OP
    Thanks guys, now I do get the point. Basically I have to join the LC race and get as high TC as possible to pull it off in a year!
    Oct 5 1
    • New VFx061
      Why this 1 year urgency?
      Oct 5
  • Microsoft tard
    My annual salary was lower than 70k coming out of college
    Oct 5 1
    • Amazon RBMY63
      I was at $34k
      Oct 5
  • Amazon RBMY63
    What are your expenses? Can you live free (family, etc.) in Bay, NYC, Seattle, Austin, or some other “hub”?

    If you can live free in the Bay or NYC then you should be able to get a higher TC without dealing with higher cost of living, but you will be paying state income tax. Seattle is expensive, but had no state income tax. Austin or Dallas (I’m sure there are other no-income tax states) have relatively low cost of living and no state income tax. Your TC will likely be 150k or near. Maybe you’re exceptional or find a company that will go higher, but I would not set expectations much higher than that. This probably means about 100k takehome. This means you need expenses to be below 30k, so 2.5k per month. If you can stay with someone free this is doable, otherwise it will be a real stretch.
    Oct 5 1
    • New / Other Hulle
      OP
      Thanks a lot for your insight!
      Oct 5
  • Wayfair hitman047
    TC or gtfo. Oh wait, GPA or gtfo.
    Oct 5 1
    • New / Other Hulle
      OP
      TC n GPA both added!
      Oct 5
  • Facebook HoodWink69
    First off where did you go to school? What’s your major and gpa and where did you intern?
    Oct 5 1
    • New / Other Hulle
      OP
      Updated my info, thanks for asking. Gotta work on LC n GPA a bit more.
      Oct 5
  • Microsoft Illya
    Try to run a side gig with your skills (an e-commerce business for instance?) on the side. If it bursts you will be loaded. People in their twenties making half a million or more through their creativity and grit is not unheard of.
    Oct 5 0
  • Google poDV10
    Need to get money to pay money. Can’t think how would it work otherwise
    Oct 5 0
  • Chase BichPaquet
    You'll need 150k+ TC to pay off 70k. Probably more if you live in a high COL and high tax area.
    Oct 5 0
  • Goldman Sachs kach1947
    Without complicating this much, your target should be to just get a FTE job first, then see how much your monthly expenses are, and start paying off as much debt as you can. You'd need to balance both saving some $ and living life (spending $).

    Once you do this for 6 months, that will give you an idea of how long it takes. No one here can predict or provide guidance as the range is broad, from CoL areas, job sector, job title, etc.

    No one size fits all answer here.
    Oct 5 0
  • Apple YEgf85
    Oct 5 0
  • Wayfair / Eng tAcq10
    You're not going to be able to do it in one year. You're gonna have to grind LC, work your way up the ladder, and focus on getting higher TC over the course of multiple years. Welcome to the rat race 🐀 🧀
    Oct 5 0

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