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Posted in Student Loans
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LoanMinnow

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Should I pay off student loans if they are my only loan source?
I am aggressively paying off my 5 student loans. I plan on having them paid off in under 2 years. They are my second oldest account (3.5 years). My oldest credit card is about 6.5 years. I have no other fixed loans (no car, house etc). I am worried about 2 things
1) Closing the accounts will make overall age of credit younger.
2) Not having a diversified credit (only revolving)
I was thinking about keeping ~$50 in each loan account and paying ~$1 a month. That way I will still be making payments, the interest won't amount to much and I can keep that loan type open for a while.
Should I do this?

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When repaying student loans, there is usually a minimum payment scheduled so you may not be able to get away with a $1/mo payment as you propose.  Best to get them paid off as quickly as possible and work on building a more diversified credit portfolio after these loans are out of the way.  

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Do it!

Pay off those suckers. Eliminating debt allows you to focus your extra funds on investments and cash purchases. Who knows, maybe you could purchase a home in cash in the process.

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