“Should I live off my student loans?” A Reader Question | Molly’s Money

April 23, 2015·

If this is your first time here, Molly’s Money is a regular series I write on this blog that includes ALL things personal finance – debt management, budgeting, home buying, savings, investment, etc. I am NOT a financial advisor, but I am married to one! These are just things that I have learned over the years as I struggled with my own personal finances and ultimately, became debt free in 2012. Got a question about money that you want answered? Leave it in the comments below or email me!

I’ve got ANOTHER awesome reader question this week. As y’all know… that’s one of my favorite parts of writing this blog… interacting with YOU… especially in my personal finance money series.

Anyway, this week’s question comes from A.B. and A’s got a few that I think a lot of you may have similar questions about! Without further ado…

[…] I am currently a junior [in college]. For me, my schooling has been paid for through student loans and grants from the government. My heart is to not be hindered by these loans; as I desire to go into full-time ministry being available to go where God wants me to go and to do what God wants me to do.

[…] Currently, I live off of my student loans. I’ve never thought to work many jobs because I don’t want to miss out on the “college experience…” Although, it would give me money and make me not dependent on debt. What are your thoughts on living off of student loans in college (specifically for one who has a desire to be debt free).



Your question is one that I have gotten time and time again from students in college who rely on loans to make their way through school. It’s a tough one, and while I think you may know what my answer is going to be, I don’t think you’re necessarily going to love it…

You have to think big picture… especially in college when you’re laying a big part of the foundation for your financial future. Not that the foundation can’t be fixed, but the more you can do early on, the better off you’ll be later.

I’m a prime example of this. I was EXTREMELY financially irresponsible when I was in school… and I paid the price. Literally. Yes, I cleaned up my mess, but oh what a mess it was. It was awful. I don’t wish that upon anyone. Ever. If I could go back and do it all over again, there’s no way I’d make the same mistakes and put myself in that much debt.

I worked in college, but I spent it all. I would have worked more and spent less. I don’t think working more would have made me miss out on the college experience. I probably just would have napped less, honestly. 🙂

If I were you, I would get a job. Or two. And at least give yourself that breathing room so you’re not so reliant on your loans for “living.” Let the loans pay for school and nothing else.

If you’re desire is to be debt free and go into full time ministry, then you should absolutely be taking the steps now to live that way.

As Dave Ramsey always says, “You have to live like no one else, so you can live like no one else.” 

I hope that helps! You have the right attitude and I know you can do this!




Readers: What would YOU say to A.B.? What’s your advice to her? Do you have any similar experience(s)?