Comments on: Paying Off Student Loan Debt Early

By: james

james — Thu, 01 Jan 1970 00:00:00 +0000

simple math- If you can beat the interest rate in other investments than invest in other things- stocks, first time home buyer tax credit since real estate is relatively cheap in recent history, and you are looking to buy a home. Student loans provide great tax relief even if you don’t itemize
age 25
27,000 in student loans

By: John Rivers

John Rivers — Thu, 01 Jan 1970 00:00:00 +0000

I have about $30,000 in student loans. I have desperately been trying to pay it back.

By: Trish

Trish — Thu, 01 Jan 1970 00:00:00 +0000

I am paying of my student loans in small installments. While i would prefer to pay it off in one big chunk, hence avoiding paying a large amount of interest, i am just not able to do so due to other financial commitments.

By: Ria

Ria — Thu, 01 Jan 1970 00:00:00 +0000

Hello Thank you for the conversation on student loans. I am lucky to only have $6500 from Undergrad and Grad. I am very tempted to use the $8K home buyers tax credit that I will receive to pay this off. However, I am also really interested in investing in the stock market with stock being so low. I was thinking of paying half of the student loans and investing the other half in the market.

Any ideas?

By: PT Money

PT Money — Thu, 01 Jan 1970 00:00:00 +0000

@carl – Thanks for sharing your plan, man.

@My Journey – Thanks for sharing the article and reminding us about the IRS’ rule on punishing earners.

@Doctor S – Good to have you back. I need to swing by your blog soon.

@Matt, Stephanie, Single Guy, Tony – Thanks for sharing your plan.

@J – Dude, you need to write up that guest post on daily interest accruals on student loans.

@Pete – I like that…”kick Sallie Mae to the curb!”

By: Bible Money Matters

Bible Money Matters — Thu, 01 Jan 1970 00:00:00 +0000

I paid my student loan off early, just because it was the only non-mortgage debt that I had left. The interest was low, and it was tax deductible, but i just don’t like holding onto any debt, no matter how low the interest. I still remember the nice feeling I got after we cut that last $2500 check and paid it off for good. Phew.. no more sallie mae – kicked her to the curb.

By: J

Thu, 01 Jan 1970 00:00:00 +0000

I’ve always favored getting rid of student loan debts as quickly as possible. The daily interest accrual means you have to look not only at the dollar amount borrowed, but the extra money paid over time. When I got the balance low enough, I transferred the remaining to a 0% credit card and killed the rest.
Then again, that was before the credit market self-destructed…

By: Tony

Tony — Thu, 01 Jan 1970 00:00:00 +0000

My fiance and I are doing the same thing. Slamming one at at time until we pay it off and creating the snowball.

By: Single Guy Money

Single Guy Money — Thu, 01 Jan 1970 00:00:00 +0000

My student loan is my only other debt after my mortgage. I haven’t really done much to get rid of it since the rate and payments are low and I get to write off the interest.

Last year, I made too much to take the full deduction so it is time to start paying it off.

By: Stephanie PTY

Stephanie PTY — Thu, 01 Jan 1970 00:00:00 +0000

The first of my loans just entered repayment last month. My other two loans will enter repayment in September. I have no plans to pay them off early, at least not in the next five years (as far as I can tell). I have other goals to take care of during that time, so it’s simply not prudent. Someday, when other things are taken care of, I might change my tune, but I’m happy with paying just the minimums for a while.