I’m currently enrolled in the PSLF program with 7 applicable payments. Payments are approx $150/mo (determined before my raise). I have $30k in student loans that are going to be consolidated for approx 4.5% interest. This cost is for a bachelors and masters degree at public uni. Hopefully for doctorate when financially steady.
I have an auto loan for $17K that has approx 1.99% interest with $350/mo payment.
I know the advice is usually to pay down the debt that has the highest interest, but since I’m doing PSLF should I just put extra cash to the auto-loan? Another thing to consider is I want my PhD and I’m hoping maybe PSLF would apply to that cost too?
I’be invested $15K into my retirement, $1K worth in a mutual fund, and $9K in my savings.
Anyone interested in the figures: I’ve always had 2-3 jobs, got lots of scholarships at school, and tried to live frugally. I have an unhealthy relationship with money because my parents are financially irresponsible and I saw my sister (who never learned money skills from our parents either) get $20K+ into debt. I am desperate for financial security and peace of mind.
On top of my $80K job, I also earn $1K/mo doing a low stress part time job.
Submitted August 27, 2023 at 02:04AM by altfindadoginSATX https://ift.tt/XNmScd3
