Firm is giving an extra bonus this year. After taxes theyll be just about the amount of interest on my law school loans (so much interest it’s disgusting). Do I immediately use all of it to pay off that interest, pay off one of the loans in full and put the rest toward interest, invest some, or other? I have about 190K total (loans are my only debt) and am of the group that’s fine paying off slower overtime for more cash flow now but w/ interest so high I’m thinking paying itwould put me ahead?!

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Paying off student loans was a huge financial and psychological burden lift. Especially if it comes from a one-time bonus because it doesn’t feel like I had all that money that I’m giving up. It just came in one day and out the next and poof no more loans.

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Ohhh I see. I thought you meant pay off the 190K in full lol. Yeah different sorry cause you’re likely stuck with it a while and going to be a part of life/regular budget for a while.

I personally like to “tick boxes” to feel more accomplished when there’s a huge goal like that, so would do whatever box I’m closer to ticking off (1) max out current year tax advantaged account (2) top off emergency fund so it’s healthy (3) clear out the small debt in full.

$190K is a lot so probably just need to make it part of your monthly budget. But as your income increases, it’ll be easier to wipe out in future years. I was in a similar position and had made PMTS for 5-years (for a 10yr PMT plan) but then was able to wipe out using 2-years of bonus/tax refund in years 4 and 5 once I got a few promotions.

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Agreed with above but encourage you to read through your contract in the long term - some lenders charge a penalty fee for early pay off.

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Correct, I haven’t refinanced. Specifically I have one summer loan that was only one class so it’s significantly less than a full semester. I know lower interest comes from refinancing but it doesn’t make sense for me atm given that interest would capitalize and I’m currently collecting zero interest and utilize the benefits of federal loans.

Also wait to see if Dems take the senate, night end up forgiving some college debt

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