- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Student Loans v.s. Roth IRA
Posted on 1/17/16 at 6:14 pm
Posted on 1/17/16 at 6:14 pm
Have about $20,000 + in loans. Should i not worry about Roth until loan debt is gone? i have some funds that i can't decide what to do with (less than $1,000)...
5
Posted on 1/17/16 at 6:18 pm to LSU_CRAIGERS
The interest rate on the loan is a pretty big (and missing) variable here.
Posted on 1/17/16 at 6:24 pm to LSU_CRAIGERS
Need to know the interest rate, but I'd at least have some in a Roth. Remember that you can pull out what you put in with no penalty, so you can use it as an emergency fund too if you need.
Posted on 1/17/16 at 7:25 pm to The Seaward
sorry was looking for a statement to come back and add it its 6.375%
This post was edited on 1/17/16 at 7:34 pm
Posted on 1/17/16 at 7:30 pm to LSU_CRAIGERS
I'm a dummy
This post was edited on 1/19/16 at 11:06 am
Posted on 1/17/16 at 9:40 pm to LSU_CRAIGERS
Assuming you have some cash in the event of an emergency, just put the 1000 towards your loans.
Posted on 1/18/16 at 7:15 am to LSU_CRAIGERS
quote:
6.375%
I would pay the loan. Don't forget to claim that interest when you file your taxes, if/when you get a positive return... pay off your loans.
Posted on 1/18/16 at 8:47 am to Porker Face
quote:
Should at least get any possible company match
That would apply to a 401(k) - IRA's are not connected to one's employer. But yes, if the OP has a 401 match he should definitely take advantage of it.
Posted on 1/18/16 at 8:49 am to foshizzle
i have a 401 (a) from employer that is GRA 14.2%.
This post was edited on 1/18/16 at 8:50 am
Posted on 1/18/16 at 8:49 am to LSU_CRAIGERS
Been thinking about this some more and although a 6%-plus rate should get paid down don't do it at the expense of not having any spare cash. I'd still make sure to have a grand or so set aside for emergencies.
But even more importantly, it seems that your main problem is not enough income. Have you considered a second job?
But even more importantly, it seems that your main problem is not enough income. Have you considered a second job?
Posted on 1/18/16 at 8:53 am to foshizzle
i work over 40+ hours a week plus travel. Just not an option. My wife is going back to work full time starting this week. was doing part time since we have a little one.
Posted on 1/18/16 at 1:07 pm to LSU_CRAIGERS
Ah. That will help.
Posted on 1/18/16 at 7:18 pm to foshizzle
both of us did not choose our careers based off of money. So we spend our whole paycheck paying off the loan that got us to where we are. Anyone know anything about getting a lower interest rate? is it possible?
Posted on 1/19/16 at 7:32 am to LSU_CRAIGERS
quote:
Anyone know anything about getting a lower interest rate? is it possible?
I refinanced my student loans through SoFi. Mine went from a 6.8% rate to a 4.1% rate. Which will end up saving me close to 10k on the life of the loan. You could get a lower rate if you have a lower term than mine. One caveat: I believe SoFi requires you to have a steady income and decent credit score for approval.
Posted on 1/19/16 at 10:48 am to Porker Face
My bad, posting while distracted
I'm actually in a similar situation to OP. I made a large payment during the grace period and do double the minimum monthly payment on the loans. It may make numbers sense to put more toward retirement but I really want that debt gone
I'm actually in a similar situation to OP. I made a large payment during the grace period and do double the minimum monthly payment on the loans. It may make numbers sense to put more toward retirement but I really want that debt gone
This post was edited on 1/19/16 at 10:52 am
Posted on 1/19/16 at 11:05 am to Delacroix
do you know if you are able to do this if you already consolidated your loans?
Do you have a variable interest rate or one that is locked in? Is it better to lock one in or do variable?
Do you have a variable interest rate or one that is locked in? Is it better to lock one in or do variable?
Posted on 1/19/16 at 12:44 pm to LSU_CRAIGERS
quote:
do you know if you are able to do this if you already consolidated your loans?
Yes, mine were consolidated before the refinance
quote:
Do you have a variable interest rate or one that is locked in? Is it better to lock one in or do variable?
It's up to you. I chose variable. My thought process is that rates wont rise very fast, so as they do I can prepare for it. Since I have had my loans the rate has only risen 0.2%. If you're ultra conservative you might want to choose fixed.
Posted on 1/19/16 at 12:58 pm to LSU_CRAIGERS
You only get to contribute $5500 per year (until you're 50 years old - then you can contribute up to $6500). After the current year has passed the window has closed. There is no making up for "lost time" here.
Do everything you can to get the money in each year. Paying taxes when you retire has to be the worst fricking feeling.
Do everything you can to get the money in each year. Paying taxes when you retire has to be the worst fricking feeling.
Posted on 1/19/16 at 1:34 pm to TigerDeBaiter
quote:
After the current year has passed the window has closed.
I'm pretty sure you contribute to a 2015 ROTH IRA until April.
Posted on 1/19/16 at 2:49 pm to lilsnappa
that is correct
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News