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Started By
Message
What should I pay off question..
Posted on 2/22/18 at 1:56 pm
Posted on 2/22/18 at 1:56 pm
Student loan I just switched from government to a private lender with a lower rate and simple interest.
Used truck I just purchased
Same amount payoff. Same interest or pretty close. Basic same amount of time left. Overall costs pretty equal.
Truck would be nice as it is a quantifiable asset to have complete ownership of...
But paying the student loan off would be a fricking monkey off my back that's been hanging on. It'd feel great.
Note for truck is $260/mo and student loan is $230 at base payback..
I'm leaning truck at this point.
Thanks.
Used truck I just purchased
Same amount payoff. Same interest or pretty close. Basic same amount of time left. Overall costs pretty equal.
Truck would be nice as it is a quantifiable asset to have complete ownership of...
But paying the student loan off would be a fricking monkey off my back that's been hanging on. It'd feel great.
Note for truck is $260/mo and student loan is $230 at base payback..
I'm leaning truck at this point.
Thanks.
3
Posted on 2/22/18 at 1:57 pm to thejudge
A student loan can't be repossessed, fwiw...
Posted on 2/22/18 at 2:09 pm to thejudge
Student loan interest is tax deductible, auto loan interest is not.
Posted on 2/22/18 at 2:23 pm to Oenophile Brah
quote:
Student loan interest is tax deductible
Not anymore.
Posted on 2/22/18 at 2:29 pm to Mingo Was His NameO
quote:
Not anymore.
Yes anymore.
Posted on 2/22/18 at 2:35 pm to Golfer
quote:
Yes anymore.
Hmmm, you're right. I followed this thing the whole way through and did not see that it was added back at some point. As far as using it for the OP, it's phased out at fairly low income (65k for individuals) so you may not even qualify. Just a thought. Doesn't seem like either one is going to provide a substantial benefit over the other. My apologies on being incorrect.
Posted on 2/22/18 at 3:42 pm to thejudge
Truck without question.
Posted on 2/22/18 at 4:27 pm to The Spleen
One debt-at present-cannot be charged off, bankrupted away, etc. It's with you like an STD.
The other is more than likely a temporary asset. I get that there are tax advantages, but I'd rather get rid of the student loan first.
JMO though.
The other is more than likely a temporary asset. I get that there are tax advantages, but I'd rather get rid of the student loan first.
JMO though.
Posted on 2/22/18 at 8:23 pm to GFunk
This is kinda what i was thinking....
If you get in a bind, you cant sell off that student loan.
If you get in a bind, you cant sell off that student loan.
Posted on 2/22/18 at 9:26 pm to AUjim
quote:
If you get in a bind, you cant sell off that student loan
That's actually what I was thinking. It's a quantifiable object. One I could unload of need be.
Posted on 2/23/18 at 3:41 pm to AUjim
yeah but if you kept it federal and didnt refi, you can put it on hold or adjust your payments..and it will poof after 25 years regardless of what you do.
I'd pay off anything else besides that first but thats just me
I'd pay off anything else besides that first but thats just me
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