Pay down student loans or beef up our down payment?

[Zytos]

She probably is implying that you will have the cash flow to carry both debts.

[LIgirl74]

Originally Posted by Zytos

She probably is implying that you will have the cash flow to carry both debts.

Exactly..thank you for specifying. I should have also said if you buy a house within reason of what you can afford, etc. and afford the student loans at the same time then I would say go forward with it.

[twingles]

Pay off the loans. Every generation has people breathing down their necks to "buy now OMG the real estate market is never going to be this low!!!" Your only worry is if interest rates skyrocket over night but we know that isn't going to happen. They start to tick up, then you can abandon this plan and buy a house.

You don't want to be saddled with that debt. I know it seems manageable now but life accelerates, houses need things you don't count on, you want to have kids, you have to pay for daycare. The houses aren't going anywhere. Buying a house of out of fear of what the market will do is the biggest mistake you can make financially.

[LegalDiva]

Uh..NYC BigLaw is not guaranteed employment. Like any private sector job, the firm can fire you for whatever reason they choose (not saying that's gonna happen to you). Given you haven't started working there yet, I would most DEFINITELY WAIT before jumping to follow your friends in the rat race of buying a house then popping out babies..(or whatever people like to call that bandwagon).

My friend from NYU Law made it to Latham Watkins back in 2007 and once the '08 crash came, he, along with a quarter of the first year associate class were given pink slips because of work shortage. As a first year, you are pretty fungible..and unless you're aiming for partnership, most end up leaving the "work you to death then spit you out" schedule of BigLaw after 5-6 years anyway. You would be smart to save as much as possible for a huge DP, then buy something affordable so that in the event you or your H lose employment, you can still cover the mortgage on 1 spouse's salary.

[florida_boy]

I'm going to have to go against the overwhelming suggestion that you pay off your student loan debt immediately. If I were you, I would save as much money as you can over the next two years and then decide what to do with all the money (e.g. what portion to put on a down payment and what portion to pay down your debt).

In two years you'll be in a better position to know if your "dream job" is really a dream or a nightmare. You'll have a little more experience than the new hires, so if pink slips are issued, you'll probably be safe. As LegalDiva mentioned, there is no guaranteed employment. This employment situation is the part of your scenario that is scary to me. What happens if you don't like the situation? Get a new house and you're trapped because you need that income to support the mortgage. LegaDiva has some good advice, save as much as you can for a huge DP and buy affordable. Live below your means and become the "millionaire next door". It seems to me that your husband wants to tap the spending power of your future salaries now rather than later... Resist the urge and save all your money.