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HateRenting

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Student loan vs auto loan. What to pay? I want to buy a house.
Just finished my PhD. Found a new job. Thank God! But I make less than what I did before getting my masters. I owe $200,000 in student loans,$30,000 in auto loans. I have no credit card debt and my credit score is 750. I don't want to continue throwing money away in rent like I have these last 13 years. So, I'd like to buy a house in a year, but my debt to income ratio is too high (mostly due to student loans). What should I pay? My monthly payment on car stays the same unless I pay it off completely. Plus interest rate on car is much lower than student loans. Any suggestions? I'm leaning toward paying off 1 student loan at a time.

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Since the car loan interest is lower than student loans, continue those payments as they are until the car is paid off.

Student loans will remain due and collectable until they are paid off, as in forever.  Have you looked into consolidation?  Sometimes that provides a lower rate or better monthly payment.  I have never heard of being able to pay off only one loan at a time since my loans all were deferred on repayment until after graduation and repayment was to begin 6 months later.  Those loans will have an influence on your credit rating for their lifetime, so you may not be able to buy a house for a while. 

Renting is not throwing money away.  Have you checked into property taxes?  And there is maintenance, because something in a house will break or wear out an need replacing.  Then there is the need for insurance.  The cost of buying a house is usually at least 25% more than the payment you'd calculate.  I know, because I've been in both positions and renting is not that bad an idea.

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