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re: Pay Extra on Student Loan vs Invest?
Posted on 2/13/24 at 7:54 pm to Roux57
Posted on 2/13/24 at 7:54 pm to Roux57
Student loan debt would be the last thing I paid off. If you die, the debt dies with you. The interest can be written off. On average, you will make more in an S&P 500 index fund and can use those earnings to pay the debt.
If you are paying it off for peace of mind, no numbers can calculate how much you value that. It may be worth way more than an extra 4%-6% on investment for you to have peace of mind.
If you are paying it off for peace of mind, no numbers can calculate how much you value that. It may be worth way more than an extra 4%-6% on investment for you to have peace of mind.
2
Posted on 2/13/24 at 8:24 pm to go ta hell ole miss
quote:
On average, you will make more in an S&P 500 index fund and can use those earnings to pay the debt.
This is mostly where my train of thought is. I worked a big turnaround one time, made a pile of money and took some of it and paid off my truck and my student loan. About $35k combined. Dumb decision on my part, the student loan was 4% and the truck was like 2.75%. When I made this decision I had no idea what an interest rate even was at the time....sadly. I remember paying off the debts in a job trailer on night shift. I remember being greatly underwhelmed by the feeling of "paying a loan off" when I clicked those 2 pay off buttons online.
Unless it will greatly free up your DTI or it is holding you from doing something else growth related with your money I would let it ride.
This post was edited on 2/13/24 at 8:26 pm
Posted on 2/13/24 at 8:38 pm to go ta hell ole miss
quote:
The interest can be written off.
Not with their income
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