How fast should I pay off my student loans?
If my loans are on a fixed rate is their anyway I could pay it all at once or will I have to stay with the monthly rate?
#LOANS
2 answers
Dee’s Answer
Depending on the type of loan you may be able to pay it off early. You will need to review the loan agreement document you signed to see if there's an early payoff penalty. If there isn't a penalty then you are welcome to pay it off at anytime.
Dee recommends the following next steps:
James J. (Jamie)’s Answer
You also need to balance between your other obligations. For example, if you have credit card debt which is typically at a very high interest rate, you may want to pay that down first before your student loans.
Also, do you have other priorities? For example, do you want to save money for a down-payment on house, a car, etc.? Are you missing out on company-matching of your 401k? You need to figure out which makes the most sense to pay down first.