The interest rates on my student loans are killing me Hi, I have $41K in private student loans and $10K in federal student loans. My federal student loan payment is only $78/mo with 3% interest, but my private student loans (4 loans totaling $41K) are $518/mo with the highest account being $25K at a 10.5% interest rate. I am a teacher. I don’t make a lot of money. $600/mo is so much money, and I do…

Max retirement account, pay student loans, or save for down payment? Due to a few unfortunate circumstances over the years and a lot of ignorance, I have made no progress towards these major financial goals. With as far behind as I am, it feels like I need to focus on one or two at this point. I’ve read the wiki, which has been very helpful, but because I’m so overwhelmed with how far behind I am, I was hoping fo…

Should I pay off my student loans so aggressively that I don’t max my retirement accounts Have $350k @6.5% in federal student loans. Not doing PSLF. Dont try to convince me otherwise, not the purpose of this post. I want to pay down this loan as fast as humanly possible (both to save on interest but also for peace of mind — I am incredibly risk averse, hence why no PSLF). Age 29. Salary $250k. Only $25k currently in retirement saving…

Should I open a savings account with my (subsidized) student loans? Assume I do not have to use any of the loan money to pay for college. Assume I am responsible enough to never spend any of the money. Assume I will be in college for a few more years. Can I open a savings account, let it accrue interest while I am in college, add more subsidized loan funds every year, and then use the loan money (which has not a…

Am I about to make a mistake paying off these loans? I don’t have anyone in my family or friends to ask that are very knowledgeable with regards to personal finance, so I thought I may as well ask here to see if I am missing something and about to make a mistake. Each financial advisor I’ve spoked with has left a sour taste in my mouth and so in the meantime any thoughts on this strategy would be …

$3600 a month in private loans. Help. I’m a 30 year old with two college degrees currently working as a nurse. I have to pay $3600 a month on private loans that I took out for my two degrees. My mom co-signed on them and can’t help much with the payments. I have payed them for a year now without any late payments. I have a 700 credit score. In that whole year, my total amount owed h…

Are Online Payday Loans Safe? I’m in a tough situation right now and really need a $5k loan to cover some urgent bills that came up unexpectedly. I lost my job a while back due to high medical bills, missed a few payments, and now my credit score is really low. I tried to improve it by combining my debts into one loan, but that only hurt my score more because of the hard cre…

Convince me to pay off my students loans (or not to?) I am struggling to decide what to do with my students loans. Here’s the basics of my financial situation: -26 married, spouse doesn’t work. -195k income -20k in savings (HYSA) -70k in retirement -250k mortgage, comes out to $1800 a month -100k student loan debt, average rate of 3.5%. Paying $700 a month on a 25 year repayment plan. I was mak…

Help! Should I pay off my student loans? Help! What should I do? 30 year old male. Married. Wife bouncing around jobs the last two years but just got something consistent to push our Household income to about 93,000 a year. $24,000 in savings Contribute 12% to my retirement 457,401k Wife contributes 3% with a match. Debt 13,800 in private student loans at 3.1% ($538 a month) We want…

Should I use student loans to pay off my car? I have 10k left on my car loan. Apr is 11%(I have bad credit). I got approved for 7k in federal student loans and with the 7k in student loans plus making the minimum payment I can have this car paid off in 9 months. The car is worth 12k but I honestly don’t want to buy another car at this point so I have only 50k miles on it. submitted by …

Student loans in HY savings Question, GF is taking out federal student loans. Is it illegal for her to leave the excess loans (the amount left after tuition to pay for rent, books etc throughout the year) in a RH gold account with 5% APR? Not to invest in equities, just to leave there to accrue the risk free interest and withdraw from it when she needs it. The extra inter…

Pay off student loans or down payment on house? Hello! I’m in the process of selling my home and will make $120K on it. I need about $15k to pay off some dumb stuff (credit cards and a bad loan). but the rest could either go to student loans or the new house. Student loans are $50K with Sallie Mae at 13% Houses we’re looking at are 450-480k. We are approved for 425K. the mortgage would go u…

I’m stuck on car loans and don’t know what to. Hey guys, not 100% sure if this is the right place to talk about this stuff but today my car’s axle is fucked. It’s fairly old (over a decade old) and around 180,000 miles on it and I’m looking to replace it now. I dont make much for my normal job (IT) and I’m a sports official for football, soccer, and lacrosse. I have a 700 credit score and I’…

Should I “rip off the bandaid” and pay off remaining student loans? I am 26. I have been aggressively trying to pay off my student loans over the past two years. I started at about 65k in student loans with various rates. The two remaining loans add up to $6200 at 3.5%. I was curious if it was unwise to get rid of these today. My hesitation is due to my company doing layoffs 2 months ago, and my field is not rea…

Consolidate Student Loans or no? Hello, I have been wondering if I should consolidate my student loans so that I can lower my monthly payments. The only reason I am hesitant is because I plan on applying for a mortgage in the next 3-6 months. I could take the credit check for consolidation on my student loans and have more monthly income available for a mortgage, or I could le…

Should i take these subsidized loans for future? Hello, I’m currently a student at a community college. I just finished my first year there and I’m debt-free with 4000$ in my savings. I plan on doing 1 more year there then I will have to transfer to a 4-year university. for the first year of college FAFSA, I am allowed to take subsidized loans of around $2000 still and i will likely be able to…

Net credit loans credt Is net credit legit??? It said I got approved for 1600$ and monthly payments are 170??? Is true? Whats the interest submitted by /u/Ok_Weather6381

Do I save for emergency fund while paying off the loans or payoff the loans first? So here’s my situation: Earning $6000/month post-tax. Education loan amount: $33,000, interest: 11.05%, term: 8 years. Auto loan amount: $25,000, interest: 6.99%, term: 48 months. Monthly expenditure (excluding loan payments): $1500 Current emergency funds: $1500 I know that I can definitely pay off my loans early and avoid paying a ton in…

Save for house or pay student loans? My student loans are 70K and a weighted average of ~4.5%, but the payments are rough (around 1K per month). my partner is coming into a lump sum large enough to pay off the loans. our HYSA returns 4.2 before tax, so we feel it’s sort of a toss up on what makes more sense. If we did pay them, it would free up more monthly income to start aggress…

Need help with refinancing my student loans I’m currently playing off 3 student loans totaling ~$46,500 through Sallie Mae. I’m 2 years into paying these. Here’s the details of these loans: Loan 1: $20,800 variable APR (currently 12.25%) 10 year term Loan 2: $20,100 variable APR ( currently 13.25%) 10 year term Loan 3: $5,600 Fixed APR 7.125% 15 year term All together these add up to ~$65…