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EF | Which should I do with found/saved money - invest or payoff student loans? |
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kindergranny
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Unless your investment will yield a higher rate of return than your student loans, pay off your student loans or other loans you may have, paying off the highest interest ones first.
Remember that when you start paying on your student loans you are also paying interest. The stock market has been very rocky lately, so its possible you could lose money on it. You would have to make investments that regularly pay a higher rate of return than the interest you pay on your loans in order for it to be profitable. |
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Luv2Answer
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Pay off any credit card debt first. Most school loans are very low interest and unless you are going to make a higher percentage by investing it you might as well just carry them. School loans help your credit rating by giving you a stable payment history. |
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Sportsmomof3
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I agree with holding on paying off student loans that have low interest. Also, that when you have debt and savings that counter productive.
To build your credit and pay down debt, you should pay down the highest interest loan/credit card. Then apply that payment and add it to another. But you are talking about paying it off with a lump sum. So, I suggest to pay off something that will add money to your pocket monthly. Figure out what monthly payment , for example, paying off a $600 car payoff could save you the monthly bill of $171.00.
This would increase your credit score, allowing you the opportunity to get other loans at a low intrest rate. |
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Matthew H
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Spend it if you found it, have a good time! |
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amaya7
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payoff your student loans |
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nomming
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Pay off student loans and invest your money over time...get the debt out of the way |
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zebo007
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Pay off your highest interest debt. Or if you can invest in something that will give you higher interest than your student loans are charging you. Then what you do is pay off your student loans with that money after it has accrued enough interest.. |
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beauty s
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pay off student loans |
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Brad H
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If this was me I would pay off any other debt that I have such as credit cards because student loans tend to have a very low interest rate. If you don't have any debt other than student loans I would do half and half. It won't be as much fun for you to get rid of the money all at once, you should enjoy some of it! |
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