Best way to pay off 25k in student loans?
I am a recent college grad with $25,000 in student loans. I am working abroad and can pay $1,500 a month towards the debt. I was wondering if I should try to pay it all off as quickly as possible (I want to get my masters degree and am a little weary of getting into MORE debt) OR if I should just pay the principal and put the money into a money market. PLEASE HELP!!!
Is the loan fixed rate or adjustible? Emigrantdirect.com will give you 4.75% on your savings account… if that’s more than the rate you are paying on your loans, keep the loans and make the regular payments. If the loan rate is more than this (in mine it was) then you want to pay it down as quickly as you can afford to. There are other internet savings banks besides emigrant, but they have the best rate I’ve seen – you might also consider CD’s or bonds.
