Avoidance of lasting debt
Good afternoon all, Help needed please!
I am a graduating PA student, looking for a job as a PA. I expect to have one within a month.
Pays around 98K around here annually, plus benefits. I graduated school and have little debt left from it due to familial support.
I have about 33K in credit card debt from over the years, but on a zero-APR program until February.
My SO is starting nursing school now. We are strategizing ways to pay off the CC bill efficiently. Her Federal aid/loans are fully going to pay for school, with residual balance needing to be covered by private loan.
Would it make sense to take out a private student loan for the 35K balance on the CC, as "living expenses", and have thst paid off before she graduates school?
We have children so expenses will always be there, but we intend to aggressively pay off that 35K, and see an 8-11% APR from private loans as more sensible than a compounding 25-29% from a CC.
Ideally, we'd pay off the 35K balance in the 2 years of her schooling, which I believe can be reasonable on a six-figure salary. When she graduates, our combined salary will double and give us more flexibility for the future.
If so, which loan services would be reccomended? We are doing this without a parental co-signer.
Any and all help appreciated.
Posted Nov 1, 2023, 4:08 PM UTC