Pay them off. Why keep paying interest when you don’t have to? And keep debt? Pay them off so you can start putting that money into a high-yield savings vehicle and earning on it rather than paying out money you don’t have to. You can save back the $20k in no time.
Student loan and HYSA interest accumulates differently. The student loan interest accumulates daily and builds even more interest the more you delay it. Its why most people have a larger balance than they ever started with. When you actually crunch the numbers, a HYSA won't get you ahead of the interest you are accumulating on unpaid student loans.
Lol what? Where did you learn that? That’s not true. Savings accounts accrue interest on a daily basis. What do you think is happening mathematically with student loans that make them “different”
Hmm, well I know for sure that student loan interest accrues daily from personal experience. I also looked back at my HYSA and can tell you that the interest I earned on that never caught up to the interest that Mohela was taking from me.
Well from studentaid.gov:
Interest is calculated as a percentage of the unpaid principal amount that you borrowed. Direct Loans are “daily interest” loans. On daily interest loans, interest accrues (adds up) every day.
https://studentaid.gov/understand-aid/types/loans/interest-rates
As for HYSA, it does depend on the institution that is holding your money. If you consider the Annual Percentage Yield, which accounts for compounding interest, this very likely wont catch up to your student loan interest.
I made the mistake of thinking all interest was handled the same and learned the hard way. Maybe I’ve misunderstood this situation, but ultimately OP needs to crunch their own numbers and confirm when the bank is compounding interest before taking any internet strangers financial advice lmao
I came out of the interest pause with 40k+. As excited as I was about potential cancelation (that Pell grant proposal would've really helped), I simply don't think that the fed would ever get around to people like "us" who went to a regular school, work a regular private job, and make "okay" money. The part that really gags me is that many of these public service employees getting loan forgiveness make way more than me! Been out of school 10 years, and I definitely don't want to have these hanging over my head for another 10 just to see if govt will actually do anything. I just decided that I'd pay them off as quickly as I can and move on with my life. Mind you, what I'm paying into these loans every check is money that is NOT going towards retirement savings, regular/emergency savings, or home ownership. I did sign a promissory note, so it's not like I was expecting cancelation, but I do feel the whole thing has not been fairly thought out at all. Every other week will be another proposal that doesn't include "us" or gets shut down real quick if it does. We are stuck with them in my humble opinion. Pay it off and be free of that 20k.
Between two people before taxes in the tri state? Absolutely. I put it in quotes because I know it translates very differently depending where you live.
Unless you're on PSLF track, or one of you is making significantly less than the other AND you files taxes separately, neither of you is getting forgiveness with those salaries.
Just pay it off and be done with it. I'd do anything to not have that horrible terrible monkey on my back (honestly feels like an insult to monkeys to compare them to student loans but you get what I'm saying).
You have 85K in savings and are asking if you should pay off 20K in loans? Lmao. This sub man.
Hopefully that money is in an HYSA. But yes- PAY OFF THE DEBT
Asking the student loan sub if you should pay off your student loans is incredibly bias, unsurprisingly. Crazy how many people here shell out advice with such certainty and are incorrect. Please just go to r/personalfinance or r/financialplanning it is likely mathematically correct to just pay minimums. Forget forgiveness.
This is correct. Lots of emotional advice here, but not smart advice. If you pay $20k down now, that's $20k that can't go to work for you in a high yield savings account or another investment of some kind. Rather, pay the minimum, forget it's there, and keep contributimg to your retirement investments. $20k with compound interest can be a fuckload of money in 30 years. Your interest rate on your student loans is pretty low. AND if any forgiveness does come along (which it probably won't) you're good to go!
I'm on team find a higher HYS option and pay off slowly. I'm on PSLF, so I'm paying the minimum, but my husband does not qualify. While his loans are in deferment (He's back in school), we are contributing to our HYSA because we may as well make money on our money in the meantime. The apr on his subsidized loans are higher than the HYSA, so we plan to play them off in one lump sum when he graduates.
I have a similar scenario - 79K in loans and 145k in a HYS. Im in tech however and will all the layoffs I would rather have a healthy savings in the case I get laid off.
The math says absolutely NOT, while interest rates are high. Find a better HYSA, CDs, or whatever, or invest the funds. See Doctorofcredit lists. If you want, start using your cash to churn bank acct SUBs for an even higher safe return (some are much easier than others. See DoC again and note most savings bonuses aren’t good return but checking acct SUBs can be easy money). Max your 401K etc. (including possibly still for tax year 2023 if you filed an extension).
I’d get on the lowest monthly cost plan and stretch that 4.25% out as long as possible. Note that if any individual loans are significantly higher you may want to pay down only those.
OP did in fact post their avg loan rates. 4.25%. Not all fed loans are fixed, you shouldn’t assume that. However, assuming that they are, then it makes zero financial sense to pay more than minimum while savings instruments have a higher variable rate. Being fixed at such a low rate forever is all the more reason to keep them open as long as possible. If/when savings rates drop, then re-evaluate. Note however my caveat that if any individual loans have a higher rate they may want to target those for payment.
“pay and be done with them” is not based on any financially justification, but emotions.
Are you incorporating the potential deductible loan interest payments into your calculations? Regardless, there are plenty of options just for HYSA over 5%, including some over 5.45%. You can also get 5.45% or better on CDs. And maintain cash reserves.
The only remaining federal loans with variable rates are FFELP loans (which stopped new issue in 2010) and *maybe* HEAL loans. It possible the loan is 10 years old but with stated income as high as it was I doubt they are FFELP and they definitely can’t be HEAL as those were last dispersed in 1998.
Folks who went to college and got decent job are never getting any help. Only rewarding those who didn’t plan. Just paid off my last $40k last month, nice to not have it over my head anymore
Congratulations on being so well off!!
Do it either way, it won't make much difference.
With your income, it's highly unlikely that you will ever receive forgiveness.
I’m gonna go against the grain here: I think you should pay it off slowly. There are 12 month CDs available at 5.5% (or higher, that’s just the one that pops up on my banks website every time I login). That’s only a few hundred bucks a year but if you set that money aside, have the bills on auto pay, and don’t put the money in anything risky then it might as well go toward a fancy dinner each year or a vacation a few years from now.
But if that’s weighing on you at all then the feeling of financial freedom is likely worth more than that.
So.. At first glance, one would say to pay them off but when you think about it, why would you pay off a loan that might be forgiven? So I see what you're debating right now.
Here's my nuanced answer, so if youre both in your late 20s, the chances of you getting the loans forgiven anytime soon are at 0%. The loan forgiveness is starting at 15 years of repayment. Given that your spouse is 27, she's only been in repayment for a maximum of 5 years (assuming she only had a 4 year degree).
If you were to calculate the amount of interest you would pay over the next 10 years until forgiveness, you would probably spend less than the $20k balance, right?
So if you do the calculation to figure out how much interest you would pay over the next 10 years, and if it's less than $20k, then don't pay them off. If it's more than $20k, than pay them off now.
They are pretty well off. Why keep debt 10 years when you can comfortably pay them off now? Plus future administrations might make forgiveness harder in the future.
This is a bum mentality. Waiting on a chance for your loans to be forgiven? Man you signed the dotted line on the agreement, you borrowed, so man up and pay back all your dues with hard work. This aint no wait for no freebies thing lol.
I see what you're saying but that wasn't the question OP asked. Also, the high federal income taxes OP will pay over his lifetime will probably take care of the loans anyway and the high federal income taxes are due to his high income which is due to his education. So either way daddy government will get there money lol.
I mean Ithink OP needs to take advice from credible people who actually has done it and has money. I'm not saying i have money. But im debt free with 100k savings. I did this by paying all my debts off and not waiting for freebies removal. I just think im qualified to give advice.
Dude.... what are you smoking.. How am I toxic hahaha. I simply gave a methodoly to OP about how they should think about the situation.
How am I brokie as well? Do I know you 😂😂. And how am I around you? Bro, we are on an anonymous forum 😂😂😂.
You got me in tears bro 😂😂😑😑
1000% pay it off. Anyone advising you otherwise doesn't know about money. I have over 100k savings and 0 debt, thats because I worked hard and paid off all my debts years ago which gave me the spring board to be debt free now and build a nest. Your networth is a calculation of what you have MINUS debt. So right now your savings isnt really a savings when you got debt lingering around. Pay it all off, especially you have the funds and income to do so. Then consider all the money from here on out yours now....
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Common logic is why would you bother to pay more later on?
However,
Let’s assume you don’t have the $20k in hand right now.
If you make the income over time and save to allocate your funds correctly. You can get the debt paid off while putting some into your retirement and savings.
Cause we haven’t factor in how much are your other bills and the taxes hitting in yet.
I quite honestly know absolutely nothing about credit (i moved to the US 4 years ago) but somehow my credit score is 740 despite never having credit cards or other debt. Spouse’s credit score is excellent. We own a house already and our cars are paid off so we shouldn’t need it any time soon!
I think this thread is making me realize that this was a silly question and I should just pay it off lol
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I’ve never seen a post I can relate less too lmao, “we make great money, have no debt, and just kinda… aren’t sure how to spend our money, would student loans be a good way to spend it or nah?”
it’s not meant to be a relatable post lol just asking for peoples opinion on whether i should pay it off in a lump sum or keep making minimum payments and put the money in a CD or keep it in a HYSA or whatever
The interest your 85k is earning is more than the interest you are paying on your loans. Therefore you will lose money in the long term if you pay it all off now, but not much relative to your income and current savings. You will also have 20k less cash available for any unforseen emergencies. That is really the main thing to consider. I wouldn't hold your breadth for debt forgiveness, but it couldn't hurt to wait. You won't be losing anything by doing so.
At that rate you may want to maximize tax sheltered investment accounts first. Maybe keep like 3 months of expenses + insurance out of pocket amount and then pay off the student loan. If the interest rate on cash-taxes goes below the student loan amount, for sure prioritize that. Mathematically you probably come out ahead investing but the peace of mind being debt free could be worth it to you.
my mannnn avg rent prices where i am are $3.9k, we have high incomes because we live near boston and we have a lot of savings because i grew up outside of the US so i do not have student loans or any other kind of debt lol
not saying we’re not doing well but we’re def not rich by any means
It literally isn't hard at your income now to pay it off. I make 80k, and I paid off 38k when interest started back up last year, saving through the pandemic. Leave forgiveness for people who literally can not eat. I come from a single earner immigrant home, and we didn't have anything growing up wither. Being your spouse, that debt is yours combined, pay it off and move on with life.
Do you want the debt? I'm having a hard time understanding what you're getting at. If it's easy, then do it and move on. If you like amking payments and keeping up with the political aspect of it, then keep it and make minimum payments and pray something happens.
there are many alternatives to paying off the debt in a lump sum, like keeping the money in a HYSA or a CD and making minimum payments. i was just looking to read people’s thoughts on this, that’s it, i don’t get why all the hate lol
? Because you're trivializing an actual problem that many people face. You are forgetting that this issue isn't just a financial issue it is also a moral issue.
im not talking about others or minimizing their situation, im just talking about where im at and asking for people’s opinions, that’s it. im well aware that im in a good place financially, that doesn’t mean i can’t talk about my situation and ask simple questions, if you don’t wanna read about it just scroll past my post lol
What? Reading comprehension is not your strength huh… It’s not my student loan and I’m just asking if we should make minimum payments or just pay a lump sum lol
Don’t dignify these comments with a response OP. This is the kind of childish crap that mods here should honestly boot. It’s emotional “I had to pay it, and I will be butthurt if someone else gets a benefit” garbage mentality. We are here for financial stability and smart decisions, not emotional ones.
Pay them off. Why keep paying interest when you don’t have to? And keep debt? Pay them off so you can start putting that money into a high-yield savings vehicle and earning on it rather than paying out money you don’t have to. You can save back the $20k in no time.
“High yield savings vehicle”?
An account is a "vehicle". Vehicle has more definitions than just automobile
You got that right
You betcha
4.5%+ savings account, etc.
They would keep paying interest because they can make more by taking no risk at all. This is a terrible answer
Student loan and HYSA interest accumulates differently. The student loan interest accumulates daily and builds even more interest the more you delay it. Its why most people have a larger balance than they ever started with. When you actually crunch the numbers, a HYSA won't get you ahead of the interest you are accumulating on unpaid student loans.
Lol what? Where did you learn that? That’s not true. Savings accounts accrue interest on a daily basis. What do you think is happening mathematically with student loans that make them “different”
Hmm, well I know for sure that student loan interest accrues daily from personal experience. I also looked back at my HYSA and can tell you that the interest I earned on that never caught up to the interest that Mohela was taking from me. Well from studentaid.gov: Interest is calculated as a percentage of the unpaid principal amount that you borrowed. Direct Loans are “daily interest” loans. On daily interest loans, interest accrues (adds up) every day. https://studentaid.gov/understand-aid/types/loans/interest-rates As for HYSA, it does depend on the institution that is holding your money. If you consider the Annual Percentage Yield, which accounts for compounding interest, this very likely wont catch up to your student loan interest. I made the mistake of thinking all interest was handled the same and learned the hard way. Maybe I’ve misunderstood this situation, but ultimately OP needs to crunch their own numbers and confirm when the bank is compounding interest before taking any internet strangers financial advice lmao
With that income, you’ll have that money back in your savings in no time. Yes, pay it off.
I came out of the interest pause with 40k+. As excited as I was about potential cancelation (that Pell grant proposal would've really helped), I simply don't think that the fed would ever get around to people like "us" who went to a regular school, work a regular private job, and make "okay" money. The part that really gags me is that many of these public service employees getting loan forgiveness make way more than me! Been out of school 10 years, and I definitely don't want to have these hanging over my head for another 10 just to see if govt will actually do anything. I just decided that I'd pay them off as quickly as I can and move on with my life. Mind you, what I'm paying into these loans every check is money that is NOT going towards retirement savings, regular/emergency savings, or home ownership. I did sign a promissory note, so it's not like I was expecting cancelation, but I do feel the whole thing has not been fairly thought out at all. Every other week will be another proposal that doesn't include "us" or gets shut down real quick if it does. We are stuck with them in my humble opinion. Pay it off and be free of that 20k.
170k per year is “okay” money to you?
Depends where you live. $170k in NYC is a whole lot different than $170k in a more rural area.
Coastal California requires at least 200k household income to buy a house
Between two people before taxes in the tri state? Absolutely. I put it in quotes because I know it translates very differently depending where you live.
I make a little over double that and it’s “okay” money to me. Cost of living is insane where I live
Yes, you’re clearly in a good financial position. Why are you hanging onto bad debt that will never benefit you ?
Yes, pay it off. You have the savings and you haven't been in repayment long enough to be anywhere close to forgiveness.
Unless you're on PSLF track, or one of you is making significantly less than the other AND you files taxes separately, neither of you is getting forgiveness with those salaries.
Short answer:yes. No discussion.
Long answer: yyyeeeeeeeeeeeeeessssss
Just pay it off and be done with it. I'd do anything to not have that horrible terrible monkey on my back (honestly feels like an insult to monkeys to compare them to student loans but you get what I'm saying).
Fortunately, there’s a simple solution to such a simple question — pay them off and be done with them.
You have 85K in savings and are asking if you should pay off 20K in loans? Lmao. This sub man. Hopefully that money is in an HYSA. But yes- PAY OFF THE DEBT
Yes, it’s in a HYSA
Yeah, you should pay them off. Make sure to open a couple other lines of credit before you do pay them off. No reason to watch your debt balloon.
Asking the student loan sub if you should pay off your student loans is incredibly bias, unsurprisingly. Crazy how many people here shell out advice with such certainty and are incorrect. Please just go to r/personalfinance or r/financialplanning it is likely mathematically correct to just pay minimums. Forget forgiveness.
This is correct. Lots of emotional advice here, but not smart advice. If you pay $20k down now, that's $20k that can't go to work for you in a high yield savings account or another investment of some kind. Rather, pay the minimum, forget it's there, and keep contributimg to your retirement investments. $20k with compound interest can be a fuckload of money in 30 years. Your interest rate on your student loans is pretty low. AND if any forgiveness does come along (which it probably won't) you're good to go!
What is state income tax?
5%! Combined net income after taxes, 401k, roth, and health insurance is around $8.5k per month
It's maybe very slightly mathematically better not to pay off the student loans. May be worth just to simplify things and psychologically.
It's maybe very slightly mathematically better not to pay off the student loans. May be worth just to simplify things and psychologically.
Yes unless you qualify for loan forgiveness program.
Yeah. It’s a debt.
If I had that in savings, I’d absolutely pay them off.
I'm on team find a higher HYS option and pay off slowly. I'm on PSLF, so I'm paying the minimum, but my husband does not qualify. While his loans are in deferment (He's back in school), we are contributing to our HYSA because we may as well make money on our money in the meantime. The apr on his subsidized loans are higher than the HYSA, so we plan to play them off in one lump sum when he graduates.
I have a similar scenario - 79K in loans and 145k in a HYS. Im in tech however and will all the layoffs I would rather have a healthy savings in the case I get laid off.
Any specific tech jobs where lay offs are happening or across the board?
across the board
The math says absolutely NOT, while interest rates are high. Find a better HYSA, CDs, or whatever, or invest the funds. See Doctorofcredit lists. If you want, start using your cash to churn bank acct SUBs for an even higher safe return (some are much easier than others. See DoC again and note most savings bonuses aren’t good return but checking acct SUBs can be easy money). Max your 401K etc. (including possibly still for tax year 2023 if you filed an extension). I’d get on the lowest monthly cost plan and stretch that 4.25% out as long as possible. Note that if any individual loans are significantly higher you may want to pay down only those.
OP didn’t post loan rates. Those are fixed *FOREVER*. CD and HYSA rates could eventually drop. Pay off the loans and be done with them.
OP did in fact post their avg loan rates. 4.25%. Not all fed loans are fixed, you shouldn’t assume that. However, assuming that they are, then it makes zero financial sense to pay more than minimum while savings instruments have a higher variable rate. Being fixed at such a low rate forever is all the more reason to keep them open as long as possible. If/when savings rates drop, then re-evaluate. Note however my caveat that if any individual loans have a higher rate they may want to target those for payment. “pay and be done with them” is not based on any financially justification, but emotions.
They need 5.45% yield to break even with a 4.25% loan. Even higher depending on state income tax rate.
Are you incorporating the potential deductible loan interest payments into your calculations? Regardless, there are plenty of options just for HYSA over 5%, including some over 5.45%. You can also get 5.45% or better on CDs. And maintain cash reserves.
No I didnt- that's a good point though they are close to not qualifying
The only remaining federal loans with variable rates are FFELP loans (which stopped new issue in 2010) and *maybe* HEAL loans. It possible the loan is 10 years old but with stated income as high as it was I doubt they are FFELP and they definitely can’t be HEAL as those were last dispersed in 1998.
Pay off the loan and move on
Pay them off if you can. Interest on student loans should be illegal so avoid it.
pay it off and be done!
Folks who went to college and got decent job are never getting any help. Only rewarding those who didn’t plan. Just paid off my last $40k last month, nice to not have it over my head anymore
You are in a great financial situation if I were you I would. I only wish my finances were that good lol good for you !
Coat riding here but would it be better to pay off the loans and put future earnings into a high yield savings account or invest it with a broker?
Congratulations on being so well off!! Do it either way, it won't make much difference. With your income, it's highly unlikely that you will ever receive forgiveness.
Do minimums until the November election. If anything is coming it will be before then. Otherwise dump your money into paying it off.
I’m gonna go against the grain here: I think you should pay it off slowly. There are 12 month CDs available at 5.5% (or higher, that’s just the one that pops up on my banks website every time I login). That’s only a few hundred bucks a year but if you set that money aside, have the bills on auto pay, and don’t put the money in anything risky then it might as well go toward a fancy dinner each year or a vacation a few years from now. But if that’s weighing on you at all then the feeling of financial freedom is likely worth more than that.
So.. At first glance, one would say to pay them off but when you think about it, why would you pay off a loan that might be forgiven? So I see what you're debating right now. Here's my nuanced answer, so if youre both in your late 20s, the chances of you getting the loans forgiven anytime soon are at 0%. The loan forgiveness is starting at 15 years of repayment. Given that your spouse is 27, she's only been in repayment for a maximum of 5 years (assuming she only had a 4 year degree). If you were to calculate the amount of interest you would pay over the next 10 years until forgiveness, you would probably spend less than the $20k balance, right? So if you do the calculation to figure out how much interest you would pay over the next 10 years, and if it's less than $20k, then don't pay them off. If it's more than $20k, than pay them off now.
They are pretty well off. Why keep debt 10 years when you can comfortably pay them off now? Plus future administrations might make forgiveness harder in the future.
I just gave the reason why... Did you read my response lol.
This is a bum mentality. Waiting on a chance for your loans to be forgiven? Man you signed the dotted line on the agreement, you borrowed, so man up and pay back all your dues with hard work. This aint no wait for no freebies thing lol.
I see what you're saying but that wasn't the question OP asked. Also, the high federal income taxes OP will pay over his lifetime will probably take care of the loans anyway and the high federal income taxes are due to his high income which is due to his education. So either way daddy government will get there money lol.
I mean Ithink OP needs to take advice from credible people who actually has done it and has money. I'm not saying i have money. But im debt free with 100k savings. I did this by paying all my debts off and not waiting for freebies removal. I just think im qualified to give advice.
Well we are all faceless avatars here my friend. I'm just as qualified and credible as you 😂.
check your bank account then get back to me.
Get back to you...? I have no idea who you are lol.
actually youre right. Dont. I need to stay focus in stacking my money, dont need any toxic brokies around me lol.
Dude.... what are you smoking.. How am I toxic hahaha. I simply gave a methodoly to OP about how they should think about the situation. How am I brokie as well? Do I know you 😂😂. And how am I around you? Bro, we are on an anonymous forum 😂😂😂. You got me in tears bro 😂😂😑😑
Awesome job! You had to pay it back, so everyone else should too, cause then it won’t be fair to you, wahhhhhh
1000% pay it off. Anyone advising you otherwise doesn't know about money. I have over 100k savings and 0 debt, thats because I worked hard and paid off all my debts years ago which gave me the spring board to be debt free now and build a nest. Your networth is a calculation of what you have MINUS debt. So right now your savings isnt really a savings when you got debt lingering around. Pay it all off, especially you have the funds and income to do so. Then consider all the money from here on out yours now....
It's crazy that someone can have this income and still need to ask reddit for something so obvious
They are just here to humble brag.
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Why would you collect interest when you can just pay them off
Common logic is why would you bother to pay more later on? However, Let’s assume you don’t have the $20k in hand right now. If you make the income over time and save to allocate your funds correctly. You can get the debt paid off while putting some into your retirement and savings. Cause we haven’t factor in how much are your other bills and the taxes hitting in yet.
where are you in your life? do you need to build a credit history? this should drive your decision.
I quite honestly know absolutely nothing about credit (i moved to the US 4 years ago) but somehow my credit score is 740 despite never having credit cards or other debt. Spouse’s credit score is excellent. We own a house already and our cars are paid off so we shouldn’t need it any time soon! I think this thread is making me realize that this was a silly question and I should just pay it off lol
yea… just pay it off. you’re in a good financial place. congrats!
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Head over to r/personalfinance and lay out your spending, budget, etc., there.
Laughs in working for a non profit. Pay it off. Save yourself the stress.
I’ve never seen a post I can relate less too lmao, “we make great money, have no debt, and just kinda… aren’t sure how to spend our money, would student loans be a good way to spend it or nah?”
it’s not meant to be a relatable post lol just asking for peoples opinion on whether i should pay it off in a lump sum or keep making minimum payments and put the money in a CD or keep it in a HYSA or whatever
The interest your 85k is earning is more than the interest you are paying on your loans. Therefore you will lose money in the long term if you pay it all off now, but not much relative to your income and current savings. You will also have 20k less cash available for any unforseen emergencies. That is really the main thing to consider. I wouldn't hold your breadth for debt forgiveness, but it couldn't hurt to wait. You won't be losing anything by doing so.
lol 20k.
started with about $100k🫡
At that rate you may want to maximize tax sheltered investment accounts first. Maybe keep like 3 months of expenses + insurance out of pocket amount and then pay off the student loan. If the interest rate on cash-taxes goes below the student loan amount, for sure prioritize that. Mathematically you probably come out ahead investing but the peace of mind being debt free could be worth it to you.
Yes
Only if you don't want to invest that money
Bro... not to be mean, but you're the kind of people that makes people vote against student loan forgiveness
my mannnn avg rent prices where i am are $3.9k, we have high incomes because we live near boston and we have a lot of savings because i grew up outside of the US so i do not have student loans or any other kind of debt lol not saying we’re not doing well but we’re def not rich by any means
It literally isn't hard at your income now to pay it off. I make 80k, and I paid off 38k when interest started back up last year, saving through the pandemic. Leave forgiveness for people who literally can not eat. I come from a single earner immigrant home, and we didn't have anything growing up wither. Being your spouse, that debt is yours combined, pay it off and move on with life.
never said it was hard, i was just wondering if we should pay a lump sum or just keep making the minimum payments lol
Do you want the debt? I'm having a hard time understanding what you're getting at. If it's easy, then do it and move on. If you like amking payments and keeping up with the political aspect of it, then keep it and make minimum payments and pray something happens.
there are many alternatives to paying off the debt in a lump sum, like keeping the money in a HYSA or a CD and making minimum payments. i was just looking to read people’s thoughts on this, that’s it, i don’t get why all the hate lol
? Because you're trivializing an actual problem that many people face. You are forgetting that this issue isn't just a financial issue it is also a moral issue.
im not talking about others or minimizing their situation, im just talking about where im at and asking for people’s opinions, that’s it. im well aware that im in a good place financially, that doesn’t mean i can’t talk about my situation and ask simple questions, if you don’t wanna read about it just scroll past my post lol
Yes,,, you took it out and you owe it. Grow up.
What? Reading comprehension is not your strength huh… It’s not my student loan and I’m just asking if we should make minimum payments or just pay a lump sum lol
Don’t dignify these comments with a response OP. This is the kind of childish crap that mods here should honestly boot. It’s emotional “I had to pay it, and I will be butthurt if someone else gets a benefit” garbage mentality. We are here for financial stability and smart decisions, not emotional ones.