I currently make about 65k/year and have almost $30k in student loans. should I pay 200-300/month and slowly chip away at my debt or try to make larger lumps of payments to get rid of my debt “faster”? I’m thinking $1,000-1,500 a month.
should I pay my loans as quickly as possible, or just stick to a low monthly payment?
byu/Original_Ad_6957 inStudentLoans
Posted by Original_Ad_6957
1 Comment
Honestly, you’re the only one who can answer this! If you have other debt or are trying to save for something (retirement, down payment on a house, etc) and have low interest rates, you might want/need to just make smaller payments. But if you have the means and already have an emergency fund and are contributing to a retirement account, I’d say throw every extra dollar at it and be done in a few years so you can move on with your life. Just depends where you’re at in life and what your priorities are, though! If you’re not saving, I might do a hybrid, like save $500/mo and pay $500/mo on your student loan. That’s basically what I’m doing, and it’s allowing me to build my emergency fund back up and maximize my Roth but also hopefully be done with my student loans in two years, all things that are equally important to me.