Ok, so here is the situation. How bad is this debt?
I am one of the lucky few that was able to consolidate all my loans and get into a decent interest rate (sub 4%).
However, with all the talk about coming inflation, new repayment programs coming out, and just overall instability in the financial system, how much effort should I put into paying these things back immediately?
Someone correct me if I am way off here, but being able to write the interest off (at least while my income is below a set point), and with the interest rate and minimum payment being so low...should I be putting other things on hold and focusing on getting these knocked out in the next 4 or 5 years?
I have a coworker who until recently I assumed was just very poorly paid, that actually makes great money, but spends like 50% of his paycheck to pay off his student loans ASAP. Maybe I am wrong, but for me, I would much rather put it into a 401, pay off any other debt I have, or just save it. Am I going about this wrong, should I be eating ramen noodles and living in the ghetto for 400 a month rent so I can free up cash to put towards these loans?
I am one of the lucky few that was able to consolidate all my loans and get into a decent interest rate (sub 4%).
However, with all the talk about coming inflation, new repayment programs coming out, and just overall instability in the financial system, how much effort should I put into paying these things back immediately?
Someone correct me if I am way off here, but being able to write the interest off (at least while my income is below a set point), and with the interest rate and minimum payment being so low...should I be putting other things on hold and focusing on getting these knocked out in the next 4 or 5 years?
I have a coworker who until recently I assumed was just very poorly paid, that actually makes great money, but spends like 50% of his paycheck to pay off his student loans ASAP. Maybe I am wrong, but for me, I would much rather put it into a 401, pay off any other debt I have, or just save it. Am I going about this wrong, should I be eating ramen noodles and living in the ghetto for 400 a month rent so I can free up cash to put towards these loans?