Hi all,
Here's a breakdown of my situation:
- 24 y/o
- Net about $5200 a month in income
- Don't pay rent
- $25k in student loans under Parent PLUS: $19k of that at 7% interest, the rest at 5%
- $10k in student loans under my own name: Federal loans that were subsidized - not sure what the rate is here but should be very low
- around $36k in savings to my name
- Car debt $26k @ 3.74% rate
- Insurance: $163/mo
- Gas: $180-$240/mo
- Payment: $500/mo
Now that payments are resuming, I don't want to accrue any interest: is it worth paying off all my student debt and basically use my whole savings? The anxiety would be lifted off my shoulders but I'd essentially be starting from scratch again, which I wouldn't mind...
I've been pretty bad with saving so lately I've only been putting away $2k a month which means other than my car payments which run me about $900/mo, I'm spending $2k a month... which is nuts.
I think paying off my student loans would help me start saving for future goals such as a house but I want to make sure I go about it in the best way.
Any input????
Submitted August 10, 2023 at 10:38PM by LouEaze https://ift.tt/hEovUOA
