I'm 21 years old with 6 more months of school left. I'll be coming out with roughly $15,000 in loans. I have a savings of $24,000 I accumulated during the past 4 years working part time. I have 6 different loans with the highest interest rate being 4.99% and most being less than 4%.
I'm not sure what I want to do with the $24,000. I know I need to save for a safety fund of 6 months of my yearly income post graduation so I'm estimating I need $24,000 (post tax income).
- Do I pay off all or some of the loans with the $24,000 savings?
- Do I invest it all into a high growth fund/other type of investment that will make a higher return over the next 15-20 years?
- Do I just pay the minimums on my loans or pay more each month?
I spoke to a financial ad visor and they recommended not paying ahead on school loans and save a 6 month nest egg then send extra money into stocks/investments.
I've started saving for a house and would like to purchase one in the next 5-6 years and I have retirement savings started as well.
Submitted November 27, 2017 at 02:39PM by springhettit http://ift.tt/2zJR0tC
