Hi all,

    I'll keep this as brief as possible. I'm looking for advice on how I should tackle my loans for the best financial health long term.

    Here are the main details:

    -32M

    -Laid off, but recently secured a job. Will make $63k/year.

    -Living at home currently, so I don't pay much in rent (only $500).

    -I have $45k in student loan debt at an interest rate of 4.250%. (I was on SAVE so I'm not sure if this interest rate will change and I do not have any significant progress towards forgiveness, if at all).

    -I have about $100k of savings rotting in a shit bank account that's not even high yield.

    -My biggest goal is to be smarter with my money and get on a more thoughtful path going forward.

    My plan: dump an instant 5-10k payment into my loans, then take 80% of every monthly paycheck and put them directly into my loans. This should be like 4k a month or so I think. Next, I would eventually take the remainder of my savings and put it into a Roth or HYSA (TBD….bigget prio is the loans).

    Does this seem reasonable to you guys or do you think paying off the loans this aggressively is unwise (I've heard people say you can get bigger returns by investing your money or trying to work towards forgiveness).

    Looking for advice on plan to tackle loans
    byu/wanna_be_consultant inStudentLoans



    Posted by wanna_be_consultant

    1 Comment

    1. FlatDecision8155 on

      If you have 100k just sitting around I’d pay off the loans. Easier to be smarter and invest when you dont have debt due monthly.

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