New Grad Entering Work Force Soon With a Lot of Debt

InComm
lYIS68

Go to company page InComm

lYIS68
Feb 25, 2021 11 Comments

Hello everyone,

I am in my last semester of college and currently doing interviews for new grad software engineering positions.

As I am getting closer to my dream job and hopefully a very good entry level salary, I’ve been starting to think about the debts I owe and how I am going to pay them. Currently I have 25k in student loans and 10k in credit card debt. I was pretty good with my credit card for some years until these last 6-7 months I got super broke and depressed and buying things was a coping mechanism.

In total I owe about 35k. Any tips for how I should attack this ?

So far I’ve come up with just paying as much as possible as soon as possible. If I get a large sign-on bonus I am going to use it to pay everything off immediately, otherwise I figured I’d just live bare bones for as long as it takes to pay this down. Although, I am not sure if either of these is the best option. Hoping I could get some insight from you all.

Thanks!

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TOP 11 Comments
  • New / Eng
    kraft-m&c

    New Eng

    kraft-m&c
    Nothing to say here. Pay off credit cards first, then attack student loans. Don’t fomo and yolo on GME. Call Dave Ramsay if you want to talk to a person.
    Feb 25, 2021 0
  • Amazon
    MumbaiDe$i

    Go to company page Amazon

    MumbaiDe$i
    $35K is really small. I owe $550K.
    Feb 25, 2021 3
  • Oracle
    bbjjgvh

    Go to company page Oracle

    bbjjgvh
    I was in a similar situation when I graduated. I got a fat sign on bonus when I joined FANG and cleared my loans within first few month of joining :)
    Focus on interviews, you can deal with the debts later.
    Feb 25, 2021 0
  • New / Eng
    kraft-m&c

    New Eng

    kraft-m&c
    People with fat TCs flexing their mortgage debt to a college kid are the worst
    Feb 26, 2021 0
  • Microsoft / Product
    d38sd

    Go to company page Microsoft Product

    d38sd
    Pay off the credit card debt first. If you have good credit, open a new card and do a balance transfer. I've seen these go for up to 21 months zero interest with a 3% fee.

    That's how I got myself through college when money was tight.

    Start building a rainy day fund immediately. Build 3 months, then 6 months of savings.
    Feb 25, 2021 1
    • Amazon
      mojCv678

      Go to company page Amazon

      mojCv678
      Yeah look for a balance transfer card and do that. Also idk if possible without a job but once you get an income consider refinancing all of the debt. You can get a personal loan from a bank and get a lower rate.
      Feb 25, 2021