I work in biotech and in my second year of grad school in Los Angeles. Fortunately I have a contract with my employer where they are reimbursing 100% of my tuition and books on a quarterly basis(I pay, get grades, then submit for reimbursement). Things have gone great for the first year but I’m considering whether or not I should take out a student loan to help my credit history.
The total program cost is about $150K and I’m halfway through. So I would probably take out 70-75K.
My soon to be fiancé and I will likely be wanting to buy a home in the next coupes years. If we end up staying in LA that’ll probably run us 1.5ish. We both have a excellent credit (800+) and no debt, but most of the borrowing history is for relatively small amounts( a couple paid off cars, paid off small personal loan, credit cards, etc).
Would eating some interest be worth it to have a significant loan on my history and paid off super fast? Essentially if I take out 75K it’ll be 100% paid off by spring 2023. I could always speed this up using my own money at the end if I wanted to. Additionally, it would free up about 30K that is constantly tied up right now (two quarters worth, as I have to pay for the following quarter as I wait for grades to post from the previous).