Moving Back Home or Moving Away From Home? (NEED ADVICE (long)) (GRE, schools)

[Chanteuse d' Opéra]

I'm a junior in college & planning to take the GRE test next fall. I am considering applying to graduate schools out-of-state but at the same time, I feel a small amount of pressure to stay at home to pay off student loan debt because of the current poor economy...but at the same time, I am also used to my independence (living away from my family, only visiting during holidays, doing things w/ my friends w/out being questioned, dating, etc.)

Part of this is because my house in my hometown is soo small--my room was turned into a playroom & I sleep in my mom's room (we share the same bed) My 2 brothers have their own room but my room has since been transformed...anyway, should I move away from home for good after undergrad or remain at home?

[HSVbulldawg]

I think that paying off debt and gaining some real world work experience is usually a good idea before going into a graduate program. It will be painful to live at home, but financially you will be much farther ahead than if you just jump into moving out on your own at first. Would you be paying rent at home? Having said that, I don't think it's wrong for you to rent a place of your own instead, even if it's not as good of a move financially. But if I were you, I would try to tough it out, at least for a while.

[Sam82]

It all depends on how much debt you have and how long it will take to pay the loan off. If you can pay it off in a year or two, I would stay home. However, I would not live at home for 5+ years for the sake of a student loan. I would stay home and save up enough to move out. There is no rush when it comes to paying off the loan, as long as you are making th payments on time.

[Takes1 2 Know1]

Since you're still a junior, the economy will be somewhat better when you're done with college; I personally think that you should try and get a job before even considering living at home. If you decide now that you want to live at home, you may become complacent in regards to internships and other job opportunities that may affect your future and your ability to pay off your loans.

Just remember, that graduate school will always be there, but missed opportunities may never come again.

[katreese]

Living at home sounds like it might be difficult, but I'd strongly recommend to anyone that they work for AT LEAST 2 years before starting grad school. It gives you an entirely different perspective on life and on yourself, and strengthens your motivation for completing grad school.

[coldwynn]

What grad school are you getting into?

Most science fields will pay you a stipend/TA pay/RA pay + tuition waiver. I entered grad school with about $2K in my pocket, I finished with $8K saved and a reasonable job all lined up.

Student loans can usually be deferred until after you finish grad school.

My point here is: don't wait.

Too many people think they will go to grad school after a couple of years of work - but too many things get in the way of returning to school (reasonable job, marriage, reasonable life, hard to get back into student-mode, etc.).

I say go for it. You can pay off your loans after grad school when presumably you will have a higher paying job than what you can get right after college.