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Originally Posted by maleficent
Debt isn't really such a bad thing..
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With all due respect to our benevolent mother, I couldn't disagree more. Paying for school outright has huge advantages:
1) The expense is real and immediate. It will instantly set your mindframe to get the most out of your expense. You will work hard because you understand the money. Student loans are mythical - you don't really understand them until you get your first bill (6 mos after graduation).
2) Being debt free with a post grad degree means that the money you would have been paying towards debt each month, you can immediately pay into a retirement fund. This is your best option for gaining wealth.
3) There is no guarantee you will stay in school, life happens. And if it does, you are stuck with a house you need to dump (assuming you attend school away from your desired home) AND now you have a student loan.
4) Debt sucks. Saying it isn't bad is like saying "root canals aren't that bad".