{ "media_type": "text", "post_content": "My wife makes 112k and I make 70k in NYC. She plans to go to law school in 18 months. She is very smart and so I believe she will get a scholarship. But assuming worst case scenario, we will take on debt to pay tuition (180k). My question is should we still fund our Roth 401k this year as we have in the past or stop funding it to save for Law school to decrease student loans? I believe post law school she will make 200k (big law) and I should be at around 100k.", "post_id": "603c12e0cea62d00227579a0", "reply_count": 8, "vote_count": 4, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

My wife makes 112k and I make 70k in NYC. She plans to go to law school in 18 months. She is very smart and so I believe she will get a scholarship. But assuming worst case scenario, we will take on debt to pay tuition (180k). My question is should we still fund our Roth 401k this year as we have in the past or stop funding it to save for Law school to decrease student loans? I believe post law school she will make 200k (big law) and I should be at around 100k.

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Recommendation from someone who graduated law school with $180K in debt—avoid the student debt at all costs. It’s not as easy to pay it off as you might think, even in big law (speaking from experience), and only a select few people make it to big law (tippy top of a class of REALLY smart people). It’s the biggest regret of my life, so I try to encourage others to not make the same mistake. I’m not sure taking from retirement contributions is the right answer though. If she gets a full scholarship somewhere, TAKE it even if the school is not as good as other schools (also made that mistake).

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Long term stocks and other investment rates are greater than the 5% you listed, and you can’t go back in time if you miss the IRA, HSA, and 401k opportunities. Up to you on how you want to manage and leverage debt of course. When you eventually repay student loans there is also a $2,500 student loan interest deduction, but with your income it’s probably out of the picture.

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Assuming the interest rate on student loans is low, I do not see why not fund 401k. Your net worth will stay same either way.

Mine are in the 5% range. Federal loans.

I would stop to help fund school. How much is projected increase in income when she graduates?

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