Hey all, I graduated last december with $104k in student loans. Landed software job with $140k total compensation. This year I maxed Roth 401k/Roth IRA (not the mega backdoor) plus employer match. I also contributed to my roth IRA while in school, so i have about $40k after tax saved for retirement and im 23 years old. The question is should I scale that back (combo of contributing less and making some pre tax) or should i continue to max it out after-tax and take longer to pay off the student loans. i also paid some more of my sturent loans with my take home so the loans are down to $85k now. Mathematically, saving money to grow tax-free for 30 years makes more sense than paying down 5% interest loans, but ive heard paying off student loans can be incredibly liberating. TC: $140k 1YOE Loc: midwest
how much is your monthly payment on the loan
About $600
Def not worried about ever not making that payment. But it’s just annoying to see that come out every month and only half of it be principle
No need to pay off the 5% interest loan early. Keep doing what you are doing.
I’d say pay it off ASAP, but if the dems win they may forgive student loans. Something to consider, we don’t know whether this would be applied retrospectively
Even being this far into debt I think it would be completely terrible if they pass a forgiveness program like that. Someone who just worked their ass off to pay off their student loans yesterday shouldn’t be charged in taxes on their trading for my loans today.
The dems would need to win 13 seats in the Senate to overcome the filibuster. And those new Senators would need to be extremely liberal, and all current democratic Senators would need to go along with it. And the Democrats need to get elected to the White House and keep the House of Representatives. Long story short: there won't be any student loan forgiveness. Bernie and Warren and all of these other Democrats are lying when they say student loan forgiveness is within reach. Be an adult and pay your debts like everyone else