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Posted in Student Loans
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HeWhoCanNotBeNamed

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Pay Off Student Loans Or Save My Money?
I have 38,000 in student loans, no credit card bills, no car loans, no mortgage, no nothing. I finally got out of CC debt ~10,000 and just got a new job at a nice salary I have 3 kids and a wife, so this and that can easily add up really quickly. I just hate knowing I owe anyone anything. At the moment I could easily save 2k a month.

I feel like telling everyone the daddy ATM is closing for the year and just pay off the **** loan between saving and next years bonus.

Or I can keep carrying the loan and save money. I'm only paying about 4k a year on the loan. I'm hoping to get promoted in the next year or 2 and the next bump up would allow me to pay the loan off on bonus alone.

Bite the bullet now and live debt free within the year or keep giving the lender 4k a year (6.8%) in interest and hope I get the promotion? I don't care about credit scores, mines about 720 I care more about not having a noose around my neck. But in uncertain times a nice savings account is good also.

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Pay off the student loans because they remain collectable until such time as they are paid off, no matter how long that takes.

And please read the articles on this site because you will find yourself in financial difficulties if you don't have an established credit history.  That  doesn't mean be in debt, it means being able to borrow money when needed and at a lower interest rate.  As I discovered, cash only doesn't work very well. 

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