I graduated nursing school last year with about $30k (6.28% interest) in student loans, Im paying off 2k/ month because I HATE owing people. My monthly living expenses are ~2.6k
As much, im working to get rid of it, im curious to how much others are paying because some weeks I feel like I could be doing something better with my money.
For example, maxing out retirement accounts or saving up to buy a house.
Idk, I guess Im trying to see if I should decrease payments and use my money differently.
For those quickly paying off loans, how much are y’all paying monthly?
byu/EnRoute_Paradise inStudentLoans
Posted by EnRoute_Paradise
3 Comments
Don’t pay extra on federal student loans at the expense of an emergency fund and retirement savings.
No use swapping student loan debt for credit car debt. Student loans = simple interest. Retirement investments = compound interest, tax benefits, and potential free money from your employer.
Personally I’m paying the minimum on my loans until they’re paid off and maxing my 401k instead. Also just bought my first home a little over 2 years ago. Now I have ~$20k left on the loans and they’ll be paid off in 2031. I don’t really care about the debt since I can comfortably pay it and the interest ranges from 3.5-4.25%
Definitely have some sort of cash savings and don’t limit your investing. A nurse with $30k debt isn’t bad at all.