Hello everyone,
I would love and appreciate any insight you would be willing to impart regarding a dilemma I am currently facing. (Skip to bottom for summarized questions if you'd like)
I've recently been offered the fantastic opportunity to study abroad, and earn a dual graduate in the process. Unfortunately, this will add in the neighborhood of around $22k to my already existing $23k in student loans I have accumulated. I should note, that I do not plan to have a steady job after graduation, but instead, plan to travel the world, stopping in Latin America for around a year to perfect my Spanish. I can make such a lifestyle work with the monthly payments on a 23k loan (around $250 a month) but a 45k+ loan would make a lifestyle nearly impossible, barring falling into some money, or writing a book, neither of which I plan on doing soon.
So in sum, post graduation, I am looking at 2 years of trying to eek by on my loan's minimum payment so I can achieve some personal travel and language learning dreams of mine. After 2 years I'm probably looking at an entry level legal job ($45k) or so, which with my frugal disposition will allow me to knock out what's left of that $23k loan at that point in 2-3 years. (FYI: I plan on keeping a standard repayment plan which for those of you unfamiliar, is a 10 year plan- oh, and let's assume I don't want to refinance it under one of the income based repayment options. Unless you can convince me otherwise, that seems like a good way to be paying for letting my interest balloon my loan while I'd be traveling and making the minimum payments, and as a result paying the damn loan for 20+ years...).
Returning to the opportunity...
When I was first offered the study abroad opportunity, the adventuresome side of me said "Oh fuck yeah. Why not? You only live once eh?" (I should note I've already lived in this country for 2 years + before coming to grad school, I speak the language and am familiar with the city where the school is located)... However after crunching some numbers, I am realizing that this may be a big mistake given my immediate goals after graduation.
Last night, I started thinking of the opportunity as a new car I've been approved for, but cannot actually afford. Do you find that to be an apt analogy? I've been a mustachian long before I knew what mustachianism was... meaning I've been frugal, done things fo myself, haven't followed what everyone says I ought to be doing (3 years living abroad (Africa (far easier) and Western Europe (far more difficult)) on between $900 and $1200 a month, while everyone else I knew was working entry level jobs and starting families, was character building, to say the least, and has taught me to live as such)...
To illustrate what I am getting at here: I would let out a thunderous and contemptuous laugh if someone tried to sell me a $22k automobile."But you're approved," they'd say! "Needn't but sign on the dotted line, sire" They'd say...
But then, I don't get turned on for things like that, so that's not really challenging to say no to; as I presume it wouldn't be for most of you on this forum, either...
However, the traveling/ soak up the experiences while we can/ we-are-but-a-blip-of-consciousness-sandwiched-between-eternal-and-infinite-darkness side of me that has long appreciated life experience is much more easily tempted... "But all I have to do is take out the loan! Most people in my cohort are already graduating with 50x the debt I'll have! 45k isn't that much... etc., etc...."
I guess what I am getting at is:
Is this study abroad opportunity the millennial version of a fancy new car (insert whatever ultimately meaningless material acquisition that people pursue because they think it will make them happy here) ?
Is this just another thing I think in which I think I will find some personal fulfillment, which is actually a Trojan horse for debt, that will perversely rob me of meaning in the long run? Am I over thinking this? What are your thoughts on:
a) what I should do
b) the modern repackaging of 'experiences' to substitute for the more conventional markers of "making it" of generations past, that were largely materially based?
Thanks for your mustachian gusto and brain power on this. Keep doing what you're doing, y'all. Best.
CST