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Old 07-11-2008, 09:50 AM
 
Location: virginia beach, va
55 posts, read 234,597 times
Reputation: 50

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Can a 22-yr-old single guy with $30,000 in student loans be able to live in LA on $35,000/yr?
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Old 07-11-2008, 09:52 AM
 
1,714 posts, read 6,063,989 times
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What are your loan payments per month? How much rent are you looking to pay? Where is your prospective job located?
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Old 07-11-2008, 09:53 AM
 
Location: RSM
5,113 posts, read 19,795,406 times
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second timelesschild here in saying it depends on your revolving debt rather than your total debt, and then where you choose to live
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Old 07-11-2008, 10:03 AM
 
Location: virginia beach, va
55 posts, read 234,597 times
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Let's say hypothetically I wanted to live in central LA and pay about $500/mo. for my student loans. The only debts I have are my student loans. Matter of fact, it doesn't have to be central LA--just somewhere safe and close to downtown.
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Old 07-11-2008, 10:07 AM
 
1,714 posts, read 6,063,989 times
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Well, let's say Koreatown - check craigslist for typical rents in that area. You can use the purple line subway (very cheap) from Koreatown. Do you have a car payment?

It could be done, and it sounds like it would be tight. I'm not sure you would have much in the way of a lifestyle, but if you're willing to be frugal and smart, you could do it, if you don't have a car payment. Does your line of work offer much in the way of advancement? I ask because I'm wondering what would make it worthwhile for you.
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Old 07-11-2008, 10:36 AM
 
167 posts, read 493,104 times
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If you work at least part-time and are willing to room with someone/others, even more doable.
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Old 07-11-2008, 10:37 AM
 
Location: South Bay
7,226 posts, read 22,236,377 times
Reputation: 3627
that's a pretty steep monthly payment for your student loans. I graduated 5 years ago with $25k in student loans and I only pay $150/month. Look into consolidation if you haven't done so already. Also, consider a roomate situation and make sure that you have little to no other forms of debt (ie credit cards and car payments).
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