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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 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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