My student loan payment is $832 a month and the interest rate is pretty high at 5.5%. I also have a car payment of $344.12 a month because I chose a fast payoff route, but the interest rate is below 3%.
Those are my only 2 "real" expenses. I have medication and dr appointments, but those add up to a max of $200 a month, averaging ~$130 a month. And gas is below $150 a month (even with the recent price hike in gas). Everything else my parents pay for. So I pay a max of $1526.12 a month in "necessities".
Anyway, I currently take home ~$4.4k a month after taxes etc, but I live at home. Do you think it's worth paying off this loan in 1 year, or should I refinance to get my own place? I really want my own place, but with these high student loan payments, it seems impossible!
I'm using YNAB software to manage my money and I set a "goal" for when I want to pay off the student loans by. If I choose to pay $955.28 a month, it says "You're on track to reach your $13,373.89 goal by November of 2018." So basically 1 year.
Do you think I could get away with negotiating a lower monthly student loan payment? Or is it better to just pay off those loans in 1 year? I'm 26.
Submitted September 10, 2017 at 09:29AM by jrt364 http://ift.tt/2gVGLtO
