Paying with Student loans or savings

  1. I hate to say this but the odds of you becoming a professor are very slim, no matter how good you are. There just aren't enough jobs and most (60%) are being filled by adjuncts. Please research your field and alt-ac career websites to get a better idea of what your options are.

  2. Are you not getting a tuition waiver and living stipend for the degrees? You shouldn’t go to a school for this unless you do.

  3. I was originally planning to get my PhD too and become a professor, but I stopped after my masters and went into the private sector. I am glad I did, I was able to buy a house and overall my future looks optimistic. The warnings about the difficulty of getting a full professor position are correct, which is part of why I abandoned the goal. I think only get a PhD if there is a specific field of research in which you are so passionate about advancing through your own studies at a university that you couldn't imagine going through your life without knowing that you dedicated yourself to it. Also ask yourself if your passion can be satisfied without the PhD, because in my case I can contribute to the intellectual domains that interest me without a PhD. Buying a house in the right area can launch you into a good start to building financial wealth and stability, while loans can hold you back for decades. It's your decision to make but these are some things to think about.

  4. Pay off your student loan debt asap with your savings. Then use either the Snowball or the Avalanche method to reduce your remaining debt. There are YouTube videos that have extensive information on these two methods. Once you have ended your debt your options will open up immediately to save and invest more aggressively. A mortgage is the only debt you should ever have to carry. Every other debt is dead weight.

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