I’m 21 and have a girlfriend who is a stay at home mom until she graduates college( we both agreed with this) I have a 3 year old daughter. I was in college after graduated high school but eventually left and joined the electrical trade. I’ll
Make roughly around 50-52k by the end of the year, with me possibly getting a raise every 6 months. I decided to leave college because I felt like my degree wasn’t what I actually wanted in life and my loan payments are going to start in June. I have 1.3k in savings and been putting 300-400$ a week to my savings and 50$ to my Roth IRA every week and another 50 to my daughter’s 529 account, I’m 1k in debt in both my credit cards combined but I’m not worried about that, as I’ll pay that off in a month-month in a half. What I came her to ask though is I want to buy a house by the time I’m 23 or as soon as I’m 24, but I’m wondering how to manage my college debt while also saving to buy a house and will lenders be more hesitant if I still have college debt by the time I’m ready to buy a house. I live in Texas to get a good idea of how much houses cost and I don’t have no other debt. Any advice anyone could give me?
Edit: I forgot to put that I just started my 401k I put 8%
13k College debt and wondering how to go about it.
byu/Top-Equipment-2273 inpersonalfinance
Posted by Top-Equipment-2273
2 Comments
13k in student loans isnt awful especially if earning 50k+; just start chipping away at it.
pause kid’s 529…….take care of yourself first. not being old and broke is also a gift to your kids and that money would do a lot of good towards building house fund or college repayment
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Yes, lenders will take into account student loan debt. Reconsidering having a such a stringent/specific goal on home ownership. Focus on building good habits so that you don’t end up in credit card debt again.