Unfortunately, a dear family member has only a few months to live. After everything, the trust will conservatively leave me with 400k.
I graduated law school in 2015. I have 184,000 in student loan debt. This total is distributed amongst several loans with interest rates as follows:
3,600 at 5.75% (interest subsidized) 4,700 at 5.35% (interest subsidized) 26,800 at 6.55% 5,700 at 4.45% (interest subsidized) 5,700 at 3.15% (interest subsidized) 24,000 at 5.16% 24,000 at 5.96% 12,000 at 7.65% 37,000 at 6.16% 37,000 at 6.96% 2,000 at 4%
The figures don't quite add up because of rounding.
I gross 100k per year. I am on an income based repayment plan that is about 700 per month and I try to pay more towards the highest interest rate when I can. I have a mortgage of 1,500 per month. I owe 214k on a house worth ~275k. Interest on the mortgage is 4 percent. I have a Roth IRA with 4k that I recently began attributing about 450 dollars per month to. I have no credit card, car or other type of debts. I am not married, in good health and am in my mid-twenties. I have no savings aside from money for the next month's bills and a small emergency fund. Credit scores range from 750-780.
I would like to put this money to as good of use as possible and want to put myself in a good position for the future. Of course, I am driving a car that is 20 years and would like a new one. I would also like to move to a neighborhood with fewer gunshots, but I understand both of these luxuries would greatly hinder any loan payoff or investment possibilities.
Any advice on investing and paying off my loans? Has anybody faced a situation with similar debt figures? I don't care about holding debt, I just want to make the best play for my future.
Thank you in advance for any thoughts.
Submitted July 14, 2017 at 05:50PM by anjcolli http://ift.tt/2tbJeW6
