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Looking for advice on what to do with 12k
Posted on 1/21/12 at 7:06 pm
Posted on 1/21/12 at 7:06 pm
I have 3 semesters of school left until I start my job next year. I have 42k in student loan debt at 5.5% That is my only debt. The rest of my expenses are covered by my part time job. The rest of school will be paid with grants. I have 12k that just matured out of a cd and the interest rate was less than 1% to reinvest. What would be the best idea to do with the 12k? Put it on the loan? I have very minimal knowledge about investing other than cds. Thanks for any input!
This post was edited on 1/21/12 at 7:07 pm
4
Posted on 1/21/12 at 7:23 pm to haughton pride
So you will start working in June '13? Do you have a full-time job lined up?
Either way, I would be inclined to keep the money in savings. Wait until you are a few months into your job. If things are going well, put that $12k against your loan.
Either way, I would be inclined to keep the money in savings. Wait until you are a few months into your job. If things are going well, put that $12k against your loan.
Posted on 1/22/12 at 5:29 pm to haughton pride
Since you can't pay the loan off outright, hang on to it and start a fund to purchase a house.
Posted on 1/22/12 at 5:53 pm to haughton pride
I hate debt. If I were in your shoes I would put the money toward my debt.
I just paid off my house, 12 years ahead of schedule.
I have an American Express card and a Visa card. I pay the complete balance on both at the end of each month and have done so for years.
When I buy a new car I pay cash.
Did I mention I hate debt?
I just paid off my house, 12 years ahead of schedule.
I have an American Express card and a Visa card. I pay the complete balance on both at the end of each month and have done so for years.
When I buy a new car I pay cash.
Did I mention I hate debt?
Posted on 1/22/12 at 8:09 pm to haughton pride
It is not good to be in debt, it is even worse to not have any dry powder left for lifes little emergencies.
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