I have a few loans taken out under my parents at a very high rate (~7.9%) for around $100k. It was one of those situations where they had to take out loans for me with the promise that I'd pay them back. I don't plan on tarnishing my relationship with my family and not paying them back since it's legally under their name.
I have a well paying job (>$100k/year) and around $30k in cash and other assets (I like to at least keep $10k around for an emergency fund). I am planning on consolidating/refinancing under my name for a lower, fixed rate of 3.75-4% (my credit rating is >800). Is this a good idea to undertake so much debt under my name? I likely plan on kids/house in about 5 years and I was going to take out the loan for 7 years.
If I do succeed in getting a lower rate should I attempt to aggressively pay off the debt or to continue to put into retirement or other funds? (~5-7% return)
I'm not looking to be scolded for taking on so much debt because of my education. I can kick myself all I want without doing any good. I'm in a hole now and would like to try to figure out the best way of climbing out of it while still thinking of my future.
Any help is greatly appreciated! Thank you.
Submitted January 03, 2017 at 12:28PM by kingdeslok http://ift.tt/2izQ7rQ
