original posted by pwilleterno to r/personalfinance on Sun, 05 Nov 2023 00:07:34 GMT.
I'm completely on the fence about whether or not to payoff my student loans right now. I'm in the early stages of my wedding planning. My loans are costing me $300/mo. that I would love back in my pocket. Here's a break down of my situation:
- Cash: $15,000
- Current Savings rate: I put away $500/mo. currently
- Left in student loans: $6,000 @ 5.5% interest rate (I pay $300/mo.)
Context: I have a $350/mo car payment that will be paid off in 10 months, so if I paid off my student loans now, I'd have an extra $300 in my pocket & I'd be debt free in 10 months with another 6 months until my wedding.
Should I just pay off my loans now, pocket that $300/mo. to save more, that way I won't have ANY debt in 10 months, which would be 6 months before my wedding?