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Started By
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Should I pay off one of my student loans?
Posted on 1/20/15 at 12:27 pm
Posted on 1/20/15 at 12:27 pm
Hello, I currently have a student loan with a balance of 2,080.21 which has an interest rate of 7.74%. I have the funds in my savings to pay this off and then add the minimum payment of 52.00 to my current savings contribution. I am thinking it makes most sense to pay this off but I would like to see what you all think. Thanks in advance.
This post was edited on 1/20/15 at 12:28 pm
5
Posted on 1/20/15 at 12:34 pm to Herb484
Depends on how much of a hit it would take out of your savings. If you have 3 months plus worth of savings AFTER you pay off the student loans, I'd definitely do it.
Posted on 1/20/15 at 12:38 pm to Herb484
What's the other loan balance and interest rate? Could you consolidate for a lower rate?
Not saying that's what you should do, but there are variables here you aren't listing.
Not saying that's what you should do, but there are variables here you aren't listing.
Posted on 1/20/15 at 12:39 pm to Herb484
imo it depends on your job stability more than your overall savings. if you are in a job you are reasonably certain you will have for the next year or so, i'd go ahead and do it. you can always live frugally for a couple months and replenish your savings
Posted on 1/20/15 at 12:44 pm to Herb484
I would use a credit card with no interest to pay it off.
Posted on 1/20/15 at 3:48 pm to arowana
You can't pay off student loans with credit cards.
Posted on 1/20/15 at 4:05 pm to LSUSUPERSTAR
You can charge your regular expenses on one and use the excess cash to pay off the loan.
However, this would make the DR crew bleed from their eyeballs.
However, this would make the DR crew bleed from their eyeballs.
Posted on 1/20/15 at 4:20 pm to TheHiddenFlask
quote:
You can charge your regular expenses on one and use the excess cash to pay off the loan.
This.
quote:
However, this would make the DR crew bleed from their eyeballs.
And this. But it would be worthwhile.
Posted on 1/20/15 at 5:00 pm to TheHiddenFlask
quote:
You can charge your regular expenses on one and use the excess cash to pay off the loan.
However, this would make the DR crew bleed from their eyeballs.
Posted on 1/20/15 at 5:34 pm to foshizzle
THF would just shake out a few couch cushions to come up with the extra cash, a couch he probably owes money on.
Posted on 1/20/15 at 6:41 pm to Chris Farley
3 years at 0%? You bet I financed that love seat.
Posted on 1/20/15 at 7:49 pm to TheHiddenFlask
I'm posting from my financed couch right now, I'm most likely underwater on it. 0%, DGAF.
Posted on 1/20/15 at 7:58 pm to TheHiddenFlask
quote:
3 years at 0%? You bet I financed that love seat.
Lawd.
Posted on 1/20/15 at 8:13 pm to Chris Farley
Buy side guys no the value of leverage. CF, when we gonna play some overhand ski ball in the city again?
Posted on 1/20/15 at 8:32 pm to TheHiddenFlask
I went by that place a few weeks ago and they had put a cage up, so I'm back on the hunt for a new skee-ball bar that can handle the gas I'm dealing out.
You and T need to make another trip up this summer.
You and T need to make another trip up this summer.
Posted on 1/20/15 at 10:46 pm to Herb484
Thats a high arse interest rate. Many things can/will play into answers you garner here. I you can pay this off in a lump sum, I would assume you're cash heavy. That said, you should have your emergency fund established, revolving credit in check, and a head start on your retirement. If thats the case, is the money sitting in your "savings" making more than 7.74? If not, and you don't think/know it could else where, paying it off may be a good option with what little info you've presented.
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