Is it worth paying stud loan debt quicker or saving for house down payment?
Posted in Debt Management on 06/16/2009 01:36 am by
wow asked:
I don’t HAVE to ever buy a house because I’m single (&planning on staying that way) and happily sharing a large house with a roommate(only $450/mo.). I make about $3300/mo., but I have a $36,000 stud loan I’m paying on. I have no other debt and I can write-off the interest from the stud loan on my taxes.
I don’t HAVE to ever buy a house because I’m single (&planning on staying that way) and happily sharing a large house with a roommate(only $450/mo.). I make about $3300/mo., but I have a $36,000 stud loan I’m paying on. I have no other debt and I can write-off the interest from the stud loan on my taxes.
I’ve been paying double payments on that loan recently, but I’m wondering if this is a bad idea. Should I only pay the minimum payments instead and save for a future house down payment in case I change my mind??????????????????
Alice
06/16/2009 at 7:33 pm
Bernard
i am for paying off the student loan as quickly as possible — having a 36K student loan i know is common but i would get it paid and worry about saving for a home in the future!!!
06/18/2009 at 11:33 am
Suzanne
Go ahead and pay off that debt. Get it out of your life. If you sacrifice for a short while and put as much as you can towards the loan you should be able to get it paid off pretty quickly.
Without that payment in your life, you’ll have an amazing freedom by not owing someone money.
06/20/2009 at 3:12 am
Natalie
Pay the debt down first. That way when you do get a house, that payment won’t be weighing you down. There is absolutely no reason to be in a hurry to buy the house.
Hope this helps!