Student loans vs savings
Hi Terry! I see you on WGN all the time and Love hearing your tips for financial stability. I have a question : I’m a nurse practitioner and have about $90k in my savings account. However, I also have $92k in student loan debt. What is the the smartest way to handle this? My interest alone on the loans is about $400 a month. Should do I pay At least half of my student loan debt down with my savings now? Or just try to make double the minimum payments to knock it down a in less time ? I’m tempted to just pay my loans off and deplete my savings just to be debt-free. Please Help!
Terry Says
I’m on your side!! Do leave yourself about $5,000 in cash for emergencies. But the sooner you pay off those loans the better! Those high rates are ridiculous. And if you had the self discipline to save that much already, you can do it again! I’m betting on you!!
