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re: What to do w/ $500,000
Posted on 2/8/24 at 8:30 pm to GentleJackJones
Posted on 2/8/24 at 8:30 pm to GentleJackJones
quote:
I’d have to check, because I have a couple and my wife has a few, each, but around 5.5% - 6.25% I believe. I’m positive none are are more than 6.5. They just combine to $88,000.00. We previously paid off the highest interest student loans.
Student loans are simple interest and your money markets and other investments are compounding. So even assuming a very conservative 5.5% compounding investment return and high end 6.25% student loan simple interest cost, you'll come out ahead paying the loans down over time.
Also, if you're on the SAVE plan and make timely payments, your balance can never go up because of interest, to say nothing of forgiveness possibilities.
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