Author Topic: Finishing grad school-do I move?  (Read 646 times)

DaaaN

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Finishing grad school-do I move?
« on: February 20, 2019, 07:22:47 PM »
Hello!

First time posting, I've been lurking for about a year. Just looking for some feedback on my current situation.

Me: 30 year old male, single, no kids, finishing grad school this summer on the east coast. All said and done, I'm graduating with 100k in student loans and no savings. I'll be working in healthcare, the median salary for my career is 100k. I'm torn between staying on the east coast and moving back to the midwest where most of my family lives. I feel like moving back to the midwest, but I'm not sure if it's the right time.

Option 1: stay on the east coast for 3 more years working for a community health center, qualifying for federal loan repayment.

Pros: I would pay off my loans in 1 year, giving me a good start on FIRE! And I would work with an organization that I know would be a great place for a first job.

Cons: not be near my aging family, delay the inevitable move. Financially and professionally it makes sense to stay, but socially it would feel like treading water.

Option 2: Move back to the midwest.

Pros: be close to family.

Cons: paying off loans would take 3 years, instead of 1. 

The dilemma: I feel ready to leave the east coast, but financially it makes sense to stay. Any feedback would be awesome! Thanks!

lhamo

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Re: Finishing grad school-do I move?
« Reply #1 on: February 20, 2019, 07:28:38 PM »
This seems like a false dichotomy.  Surely there are community health organizations in the midwest? 

bryan995

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Re: Finishing grad school-do I move?
« Reply #2 on: February 20, 2019, 09:41:44 PM »
I think taking the path to pay of your loans fastest, is the best way forward.  Given your high income, traveling back and forth should be easy no?  Not like you will be visiting family every day even if you were there?  Even flying back once a month won't be all that expensive, and it's only a 2-3 hour flight?  Add in some travel hacking (southwest? alaska? JetBlue? united etc) and you'd never had to pay for flights.

If staying on the east coast for only 1 year longer would wipe out your loans and give you a great head start in your career? Then I say go for it :)



MountainTown

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Re: Finishing grad school-do I move?
« Reply #3 on: February 20, 2019, 10:55:47 PM »
Yea....lotta info missing.

You said healthcare, 100k...well I am hoping it's a doctor job but it could be a mental health job. Either way there are more loan forgiveness opportunities in the midwest because more rural places in the midwest. Also those places are cheaper so...it seems to me that moving midwest could work out better for loan repayment, family, and overall cola. Maybe you just haven't investigated it enough? I say that as someone who is from the midwest.

If I am wrong about everything .....I guess I would go with the loan repayment thing. At your age I think the payoff is huge, so huge that you should be able to still shave off 10k a year to do a ridiculous amount of flights home every time you have a 3 day weekend off. I would go that route as student loans suck....and as a 35 year old.....I really appreciate how nice it was to be debt free at 30.

I also appreciate how much I regret not being debt free until 30! I woulda been so further ahead!

Freedomin5

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Re: Finishing grad school-do I move?
« Reply #4 on: February 21, 2019, 01:32:21 AM »
Do you have firm job offers from places in the Midwest as well as places in the east coast? One of the problems with community health care is funding ó so I say go with whichever location gives you an actual job offer.

Also, you donít mention if your field requires licensure. If so, which state (mid west vs. east coast) licenses you the most quickly/has fewer hurdles to jump over? Most states have reciprocity agreements that require you to hold a license for a certain number of years before you can switch licenses to another state without going through the whole rigamarole again. This should also factor into your decision making.
« Last Edit: February 21, 2019, 05:42:54 AM by Freedomin5 »

Malkynn

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Re: Finishing grad school-do I move?
« Reply #5 on: February 21, 2019, 04:25:47 AM »
???

I don't know how US loans work, but how are you planning on paying off 100K in loans in one year on 100K income???

Am I missing something???

MountainTown

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Re: Finishing grad school-do I move?
« Reply #6 on: February 22, 2019, 12:08:48 AM »
Malkynn,

There are rural service loan repayment programs here(national health service corp) that start at $30k a year and subsequently ratchet up to $40k a year. If you're making a doctor's salary and living in a low cola I suppose 100k year payoff it's feasible.


MrThatsDifferent

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Re: Finishing grad school-do I move?
« Reply #7 on: February 22, 2019, 04:13:30 AM »
Do everything in your power to get rid of your school loans as quickly as possible. Your family is fine and you can always visit. Knock this out, build a safety net and kickstart your investments while youíre young. Then move back and slow things down. Iím sure itís orobab cheaper where your family is anyways.

Car Jack

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Re: Finishing grad school-do I move?
« Reply #8 on: February 22, 2019, 07:27:20 AM »
Don't let the loan forgiveness tail wag your wage earning dog.  What's the news been over the past year as loan forgiveness finally hit it's starting time for forgiveness to start?  0.1% of those who applied for forgiveness were granted it.  The government has farmed out these loans to private companies who are clueless and totally screwed up.  I would assume you're getting nothing back and take a job based on salary.....not forgiveness.

Personally, if you would rather live near family in the mid west, move there.

Boofinator

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Re: Finishing grad school-do I move?
« Reply #9 on: February 22, 2019, 07:36:04 AM »
Do what's best for long-term you. I've never felt FIRE was a good reason to trade happiness for more money. If you'll be happier in the Midwest, go back as soon as possible, before roots begin growing in the east.