Starting school with credit card debt

[tctruong]

Hi there!

I am starting dental school this summer which is super exciting but unfortunately I have about $10k left in debt. This was a result of two cycles, dental assisting classes, and traveling for interviews. I know it was an investment. I was hoping my current job would have paid all of it off but dental assisting in CA doesn’t pay THAT great. What do people usually do? I know some people go into school with undergrad debt already. Do I use my dental school loans to pay off my credit cards? Can I do that?

- Forever in debt

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[giannis]

Not sure why you spent that much knowing that you could not afford it.
Undergrad debt is completely different. You get a grace period plus interest rate for unsubsidized undergrad loans are a lot lower than your credit card interest rate. The last thing you want is high credit card debt. The interest is insane
You can choose to pay those cc loans off with loan money from dental school. That would be the most ideal since interest would be a lot lower.

 

[Pablo Sanchez]

Going to dental school is an investment in yourself, and a great one at that. Congrats on starting school this summer!

That being said, having $10,000 in credit card debt is NOT AT ALL a good place to be in. If it were me I would take any remaining cash that I had and I'd put it towards the credit card debt. I'd get a part-time job during dental school if you can manage that, and put that money towards the debt. You'd have to check the legality of it, but if it is possible I would pay off that credit card debt with student loans if you can. Why pay 18% in credit card interest when you can pay 7% in student loan interest?

Dental school is expensive. All this debt is scary. You have to make it a priority to live BELOW your means and pay it off, but once you do, you'll be golden.

 

[batman12345]

Don’t worry bout what you could’ve done, but what you can do now. Top priority is not taking on any more high interest debt, especially a credit card.

I’d plan out all the expenses you expect to have from now until you start school (and get that student loan money to live off of), and make sure you can afford those expenses so you don’t have to go into any more credit card debt.

After that, I’d try to pay as much of this credit card debt as possible before starting school, if capable.

If you start school with credit card debt, you can look into using your student loan money to pay it off. Whether or not it’s legal I’m not totally sure, although from what I’ve heard students use their loan money for all kinds of things.

Another thing you can look into are balance transfer credit cards. Transfer that debt to a 0% interest credit card for the next 12-18 months.