Should You Pay Off the Loan?
There has been an uptick in questions recently about whether paying off existing student loans is a good idea. To be clear, we are talking about the reality that many folks live with every day of being multiple years out of college, and still paying on those loans.
Dave Ramsey says this is part of Baby Step #2, where you are paying off your debt using the "snowball" method. Every person's priority debt list is going to be different, and as you approach peak earning years, you may find yourself in a position to pay things off more quickly, but wonder if the potential tax savings and low interest rates are worth holding on to in favor of other debts.
Check out what Capstone has to say in this article: Paying off Student Loans. Joe Messinger does a nice job of laying out clearly the options you have based on your own personal situation. The more you know, the easier your path will be to financial security!
AskHeatherJarvis.com is also a great resource for student loan information. Heather has links to calculators and program details, and her own personal experience may resonate with you. Her "how I paid for my education" story is not unique, but her approach to dealing with the consequences sure has been!
Dave Ramsey says this is part of Baby Step #2, where you are paying off your debt using the "snowball" method. Every person's priority debt list is going to be different, and as you approach peak earning years, you may find yourself in a position to pay things off more quickly, but wonder if the potential tax savings and low interest rates are worth holding on to in favor of other debts.
Check out what Capstone has to say in this article: Paying off Student Loans. Joe Messinger does a nice job of laying out clearly the options you have based on your own personal situation. The more you know, the easier your path will be to financial security!
AskHeatherJarvis.com is also a great resource for student loan information. Heather has links to calculators and program details, and her own personal experience may resonate with you. Her "how I paid for my education" story is not unique, but her approach to dealing with the consequences sure has been!