I have roughly $7k in student loans and have enough in savings to get rid of it. It's not an easy decision as my job put me on a PIP(Performance Improvement Plan).
Trying to figure out my best options (currently make $80k AGI)
Part of me feels like if I pick a plan and there's a court case it will only impact those that didn't switch on their own.
I received my email July 1.
Posted by social_gamer
2 Comments
What do you have in savings? Your first priority should be housing, food, and utilities.
7k is within the range of “lump sum pay-it-off” and get it out of your life, but unless you have enough emergency funds for, say, 6 months to a year without a job (or longer in this godawful job market), I would not recommend you do this.
I would ignore any “what-if” thoughts about court cases and focus on the things you can immediately do.
You’re not fired yet.
Get on the plan with the lowest payment. Make your monthly payment and be sure it covers interest plus a little more so your balance continues to go down.
Start putting as much as you can toward your savings with the expectation you may have to live off that money soon and start applying for jobs now.