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).
No. If you continue good credit habits and have a good salary and healthy bank accounts at the end of your education no bank would turn you down. If you have some credit cards ask for credit limit increases every 6 months. There is absolutely no reason to take on debt for credit history.
There is no point to this exercise with 800+ credit ratings between the two of you. The student loan isn’t really going to tip the scale on your eventual home borrowing rate. Plus, it sounds like you have the cash set-aside to self-fund education worth $150k – that is far more likely to influence the bank’s decision in combination with your stellar credit ratings. Forget gaming the system; you can relax.
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