Any help?

[Anonymous]

Well I have a question for you guys. I been reading the forums for a while and thought I might ask for some help. Well my question is that I recently graduated from college and have acquired about 35k in loans from Sallie Mae. I also have a car loan for about 18k. Well my question is that I have roughly 15k saved up. I was wondering what should I do with this money? Also considering that in the next year or so I would like to move out a condo or something. Some quick numbers: Car loan at 18k at 9%/60Months Student loan 35k payments start on September. 10yr/20yr/30yr payment plans. My question is what should I do with this chunk of money I have I roughly make 32k/year. Monthly Income is $1,900. Total expenses=$800. Not including gas/food. Any help would be greatly appreciated.

[Anonymous]

You can deduct SL interest, whereas auto interest is NOT deductible.

Throwing the 15k to the car will save you money in the long run.  Can you knock this loan out quickly after paying the big chunk?  Can you then turn around and put the money you would have spent on the car payment in the bank to buildup a nice DP for a condo?

Just my 2 cents.

[Anonymous]

pay off the car loan. get it out of the way. do you really want 3 installment loans? Interest rates on savings accounts aren't worth it right now. Get rid of the debt.

[Anonymous]

The best thing to do is pay off the car loan first. Well I think I can pay it off with in a year after sending that extra cash I have in my savings. Well thanks everybody for your insight.

[Anonymous]

If you don't have an emergency fund and you decide to throw the 15k at one of your loans, I would suggest you keep some aside in case something comes up. Another thought to throw out there, if your company offers a 401k and has a matching program, make sure you take advantage of it. You're probably aware of both of these but just in case..

Anyway, if it were me I'd go for the car loan too.