Paying off college loans can be a drag but if you’ve borrowed the money, you must pay it back. Many people wait far into their 30’s or even 40’s before they began paying the loans back and end up paying large amounts of interest and late payments for doing so. You must pay them off early! That should be your goal. Some are concerned with their living situation and are not sure if they can pay rent and loans. We’ve done some research for you and determined the best places to live after college to pay off student loans. Hopefully, these considerations will be helpful to your situation.
In Coed Homes: Many real estate professionals have latched on to a new real estate strategy, coed housing. This involves someone renting out open rooms in the home they currently live in. This method seems pretty smart for the home owners but ever smarter for the renter. You pay a small portion of each bill including the mortgage and are entitled to the full liberties of the property except other rented rooms. By using this method, you should be able to take a large portion of what you would pay in rent and apply it to the loans. Now, I didn’t say use the cash for shopping and partying. You must remember, you’re making this sacrifice to make greater advances later. If you’re single and without children, you might want to consider this low cost alternative.
Home with Parents: This is the most common alternative but probably the most difficult one to complete. Remember back to right before you graduated high school, what was your number one wish? For most, it was to get as far away from their parents as humanly possible. Now that you’ve matured and completed your college obligations, you’re ready to move back home. I can almost guarantee your parents will accept you with open arms and allow you many more freedoms than before but don’t forget, you’re still moving home, some things will never change. If you and your parents can come to a mutual agreement on how things will operate it could be a great chance for you to pay down debt significantly and find work without stress. Just remember, you must communicate with them and make sure they know your plan.
In apartment with old doom mates: You’ve finally graduated and so have some of your friends, why not get a place together? This can work for most and provides great advantages. Think about it, bills are split between all members; you can come and go as you please without any restrictions and most importantly, you’re in the company of people you know and trust. This is a great setup right? Well, it totally depends on your situation. If you’ve acquired a job and your roommate friends are still in party mode, you may have to negotiate “quiet hours” and time where no partying whatsoever may occur. This may be difficult but if your friends are truly friends, they will accommodate your situation.
Overall, the best place to stay is on your own but sometimes sacrifice is required, and you must do what’s necessary to survive. There’s nothing wrong with teaming up with people who understand your situation and can provide a tangible benefit to you. Be sure to communicate your wishes and desires with your roommates and parents. By doing so, you ensure that everyone is on the same page.