I know this sounds like a really dumb question. It probably is. But now that interest will be waived and essentially will no longer build, doesn't it make more sense to put any savings or money into a HYSA, money market funds, or retirement?
Here is my situation:
-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…I've actually worked a job that would qualify me towards PSLF, but I tragically wasn't making payments due to my lack of education on PSLF 🤡🤡).
-I could start working towards PSLF, but not sure if it's worth it because I haven't decided if I want to work in education long-term or if I want to try to do something on the corporate side. If PSLF doesn't work out, then it would just be more interest.
-I have about $100k of savings rotting in a shit bank account that's not even high yield.
With the new interest waiver, is paying off your loans still the best bet or does it make more sense to just pay the minimum monthly payment?
New RAP plan– is there a point to paying off my loans if interest will get waived?
byu/wanna_be_consultant inStudentLoans
Posted by wanna_be_consultant