LPT: When paying off student loans, or any loans, make sure to account for interest that accrues from the day you paid it off to the day the payment actually gets posted on your account. Today, I made a fat payment to pay off my entire student loans since the payment resumes next month. I was warned by the company staff that I will have a few days worth of interest because it takes 2-3 days for the payment to be processed. And, I couldn’t just pay extra to account for it. I will have to make a second small payment once this paym…

Should I pay off $60k in student loans early? I have about $60,000 in student loans, my current payments are $600/month, at 5.3% interest. At this rate, it will be 11 years before I’ve paid it off and I’ll pay an additional $19,000 in interest. I’d rather not pay this down in one go but, I could sell some investments (that get 7-12% annual return) and do that. I could also pay it down more…

Student Loans: Should I be paying or saving? To give some context, I finished my undergrad and graduate degrees during the Covid era, which resulted in me not having to make any payments or interest yet. I applied for the new SAVE program, which seemed to automatically link to previous tax information. After doing this, I have received notice that my minimum payment is $0. However, with m…

Does Paying Off Federal Student Loans Make Sense? Wife (married 11 months) and I just went over her student loans in more detail than we ever have, and I realized that with the Income-Based Repayment (IBR) plan she is actually paying less each month than she is accruing in interest, so she’ll never be rid of them. She’s always said she’ll never get rid of them but I always thought it was hyperb…

Pay off student loans or invest? I currently have $7.5k student loans with interest rate of 4.81%. I could pay this off immediately but I want to consider my options. I applied for SAVE and I have the option to do a monthly payment of $281 for a total of $7.9k to be paid by the end of Dec 2025. Is this worth doing? OR Pay it off immediately. I have a robo advisor account with 2…

Paying off student loans later with lower interest rate My student loans currently sit at $55k. Since consolidating both my loans in 2016, the interest rate is now 5.63%. I started the application for an IDR plan and the estimated new payment would be $600. As of this month interest has started accruing. As the head of household, I make $100k a year; after paying the mortgage and bills, I have a lit…

Should I pay off my student loans? Sorry for the title, but I (22F) have unexpectedly been giving an inheritance that’s $5,000 every year for nine years. My student loans aren’t bad they’re $13,000, my monthly payments are $100 a month. I’m getting married next year and want to purchase a house. But I’ve heard that people who pay off their student loans their credit plunges? I’m …

Save for house or pay off student loans My gf has about $55k in the bank right now, but has student loans of about $800 a month. She has enough to wipe out her student debt but it would take most of what she saved. We both also would like to buy a house some day. The kinds of houses we want are about $400k in our area in IL. She makes 88K salary and we pay $2340 in rent which we split…

Deciding whether to stay in a public sector for an additional 6 years to get my loans forgiven (PSLF) or pay off my student loans ASAP and move on After taxes and all other deductions (rent, utilities, savings, investments, etc.), I bring home about $3500 a month. I have about $60k worth of student loans. I live with my parents and have no other debt. I’m currently saving as much as I can to purchase a home in the next 3-4 years. I work in a fairly healthy work life balance environment wi…

Worth it to pay off 80% of my student loans in one shot or do I have other options? I currently have ~120k in savings and 142k in federal loans. My highest interest loans ( >6%) total 113k and I am considering paying them off in a lump sum payment. Last year I made 90k and this year I will likely double that amount and I will be eligible for PSLF. Wondering if this is a good idea or if there are other strategies to pay back my…

Generous offer from parents to pay off the remainder of my student loans as a wedding present, any considerations to take? Hello, as the title states my parents have generously offered to pay off my loan balance as a wedding present to me (total is ~21k). Just wondering if there are tax or other considerations to take into account regarding how to go about this. Directly from their account, transfer into my account and pay from there? Not the most finically savvy so…

Paying off student loans with savings vs. liquidating stocks in taxable account Hey everyone! I’m trying to figure out the best way to pay off my student loans now that payments are restarting. I am in a lucky position in that the balances are relatively low and I have the resources available to pay them off immediately if that’s the best course. I have 2 federally subsidized loans totaling around $5k. Interest rate is abou…

Should I pay off some credit cards and loans? Hey guys! I am 21 years old, and I’ve been pretty good with my credit, i have 734 atm but I’m not exactly sure what I should do next and what would be best for me? Here’s the situation. I recently just received like $4000 in cash, I was planing on buying a new little truck or something, but now I’m starting to think I should maybe pay off some o…

Payoff Student loans I (28M) make 65K a year and have 20K in student loan debt. I have enough to pay off the whole lumpsum from making money in the market over the last couple years but not quite sure if that’s the right move. Average loan is 4.3%. Currently looking for houses and want to make sure I have enough for a down payment. Looked into the Save plan says it …

Should I pay off 20k of student loans and be done with it? I started working this year and have about 50k saved up so far. I’m living with my parents to save up for a downpayment on a house. I should have 80k by the end of the year. I have all of this in an hys and the interest almost covers my monthly payment for federal student loan of 20k. As long as my situation stays the same, the interest should c…

Prioritize student loans or other loans With student loan payments resuming in the near future and starting to gain interest again I’m wondering which loans to prioritize. My mortgage & car loan are at higher interest rates than my student loans by about 2%. Would I be better served trying to eliminate the student loans altogether since it is the smallest amount of debt I currently ho…

Should I pay off the rest of my student loans now? I owe $11,344.58, and am thankfully in a position in my life where I can pay it all off before repayments begin and interest continues to accrue again in a month. The interest on it is: $2,045.24 @ 3.400% $2,084.56 @ 3.400% $4,105.90 @ 3.860% $3,108.88 @ 4.660% I make over $70,000 a year in a low cost-of-living area and currently have about $35…

Am I in a position to pay off my Student Loans? I’m 26, make $90-100k a year. Rent a house where my split is $1.3k, no car payment, have $9k left in student loans at around a 3% interest rate that starts in October. No CC debt. Maxed out my Roth IRA this year already, contributing 6% to my 401k every check that gets matched. Have about $20k liquid right now, not going to be buying a house un…

Mazda offering 2.9% 36mo loans? Mazda dealership stated they could offer this loan on a new car. How’s this even possible when everything else I’m hearing has rates for new car loans above 6%? Am I missing something here? submitted by /u/Signal_Inside3436

Questions about student loans and if there are any disadvantages if I apply for the new SAVE repayment program? I just want to know if I am understanding the SAVE program correctly before I apply. If my minimum payment is below whatever the interest charge is, then I get that interest forgiven? I know that I have to self report my income. I (22) just graduated and I make $72,500 base annually. with a small annual bonus. I have 7 direct loans, 3 of which a…