08-13-2013 11:54 AM
I'm looking to you for some advice. I literally just mailed in my last car payment so the only debts I have are:
Mortgage @ 3.625% - $164,500
Student Loans @ 6.46% (blended rate) - $44,000
After paying my bills, using some money for 'fun', and contributing about $700/month to our 401k's, we will have about $2200 remaining each month. We currently have about $15k saved. My question is, what do you think the best strategy is with our money and debts? I am thinking of paying an extra $1,000 toward my student loans each money until they are paid in roughly 2.5 years. This will allow for us to save the remaining ~$1200 mixed between increased 401k, investments (stock, ETF, etc.), and cash.
What do you guys think about all this?
08-24-2013 09:14 AM
That's what I would do! Student loans are the only non-dischargeable debt.
And I should know!
08-24-2013 09:30 AM
I totally agree about paying off that Student Loan as fast as possible.
I agree, getting that monkey off your back would feel good!
09-26-2013 06:36 AM
Depends on when you graduated. IF recently, and loans are in deferment than pay on the UNsubsidized; interest just keeps compounding. If you are beyond that period, pay more than the minimum payment if you can. Student loan interest compounds DAILY! Good luck!
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.