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angelcutie | I have 20,000 in student loans and I want to invest some of it in mutual funds and put the rest in a CD's? |
to make more money and pay the loans back. Is this legal? or would it better to just pay the loans back all at once since the interest rate in 6.8%. Is there a penealty for paying federall stafford students loans off all at one time in one lump sum?
Additional Details
I've been to school I just saved all my student loan money |
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Kristie L
 |
I can only answer part of the question...
6.8% interest is very low. I would not pay it back any faster than you have to because you can make more interest (called a "return on your money") investing it. But if you just got out of school, I would look riskier than CD's. Maybe learn a little about how Exchange Traded Funds work (go to Yahoo Finance and scroll down until you see ETF on the left side. Read a lot before you buy one, or better yet, a few, and before you buy decide at what point you will sell. Some days the ETF will lose money and some days it will gain money, so expect that, but look for an overall increase. ETF's are a nice way to begin learning about investing. CD's have their place, but for a young person just out of school, learn to manage more risk and you can turn that 20K into 40K in a few years. If you do go that route, look into the concept of trailing stops to help you decide when to sell the fund.
Once you understand ETF, you can try some stock trades and maybe somtimes every once in while make 6.8 percent in one day.
Anyway, Yahoo finance is a wonderful place to start. Good luck. |
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scottredd
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I'm not terribly money-minded, but I think you'd save more paying back the loan than you would get back in investments. Also, consider that mutual funds are not guaranteed, and you could lose the money. |
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BigBen
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better to pay loans. you still have -3% cash flow if you invest in CD. unless your mutual fund can give higher return than 6.8% p.a. |
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derobake
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You are probably better off paying back any money that you know you will not need. In order for this proposal to work, you would have to gain a return with your mutual fund that is greater than 6.8%. There is no guarantee of that, so just pay back your loan. |
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zhongda j
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Hi, i recommand you a good and basic tutorial for investing. it covers all Issues related to your Investing and everything around it.
http://www.tutorialforyou.net/investing/
wish it will help you. |
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towanda
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What are you talking about? You got a student loan for 20k and they gave you the cash? And you want to invest it rather than go to school? You're kidding right? |
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