|
Here is a hypothetical: (you need to put in exact figures based on the debt amount, term of the loans, interest rate, your own expected salary).
Let's say you borrow $60,000 at 8% with a 10 year term.
That is $728/month loan payment.
You say you "won't make very much", so I'll guess $36,000 per year.
$3000/month gross. Let's say that will be $2400/net take home.
After $728/month loan payment, that leaves you a little under $1700/month.
Let's project a few expenses (your own projections may be different):
Rent: $700
Food: $400
Utilities: $150
Car pmt $300 (maybe you won't have that)
Gas $160
Car ins. $100
Without entertainment, clothes, travel... you are already spending more than you earn.
So it your numbers look like this, the transfer doesn't make sense. If your numbers work better and are comfortable for you, then it's worth considering.
|