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I'm sorry if I've put this thread in the wrong place. I'm happy to move it if so. I was wondering if anyone has a sense of what a budget can/should look like for a young NYC associate with 100% cost of attendance debt. I know $160K sounds like a ton of money, but so does $250K debt. Does anyone have any advice about this? Do people really take the full ten years to pay it back? How much do you have to sacrifice in terms of quality of life in order to pay it back in 5 years or so? Thanks for any thoughts on the matter!

100% cost of attendance debt is $300k+, not $250k. Interest rates just mid 6%s I believe on grad plus loans.

After tax salary for 160k is approximately 97k. Any bonuses get taxed at like 43% effective rate.

You can live on 30-40k/year if you get (multiple) roommates in an okay part of the city, eat $10/meal restaurants, occasionally go out, and shop online (even for groceries). And generally pay attention to how much you are spending.

I am not sure how feasible this is while working but it is a decent-good life as a student who only spends money on themselves.

Anonymous User wrote:I know $160K sounds like a ton of money, but so does $250K debt.

Well it's a good think NYC to $190k is just around the corner