Two years ago, my husband and I hit a huge milestone. We finally paid off our student loans.
I went to an expensive 4-year private college, and my husband did too. Then, we both went to business school for two years. The bills added up, and it was a lot of work to pay them off. We consolidated our private loans together when we got married, and it was definitely a proud moment when we sent in our last payment – about 17 years ahead of the 30-year schedule. I also had one private loan for graduate school, which I’d paid off earlier (the interest rate was higher on that one).
But we couldn’t get too excited, because with then 4 and 6 year olds, we needed to reroute that money from student loan payments to 529 savings for our kids. Since our parents worked hard to get us private college educations, it’s important to us that we are also able to provide our children with that. I used to work for a mutual fund firm, so I was able to quickly get the accounts opened right after my kids were born, and I contributed a regular amount monthly right from my paycheck.
Of course, with today’s college education prices, it’s overwhelming to think of how much money we’ll need for my kids’ 4-year, private school education. I’ve used some of the tools and the total expenses are astronomical. Over the next 10-12 years, we’re going to be doing lots of research and work to figure out exactly how we’ll need to save and the best way for us to save.
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For more information about the Wells Fargo Community, please visit Wells Fargo Community’s site. I was selected for this opportunity as a member of Clever Girls Collective, and the content and opinions expressed here are all my own. #WFCommunity #spon