I have $25k of student loan debt that I’m currently making minimum payments that just cover the yearly interest. I haven’t yet bought a home. Should I first work towards buying my first home or should I pay off the student loan first?

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I worked four jobs to pay off my student loan and do not regret it. I gave myself a pay raise by getting rid of that bill. Buying a house will start off being a blessing but will quickly turn into a curse if your house poor every month.

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Giving myself a raise. That’s a great way to think about it! I’m tracking almost 700 per month on my loan - can’t wait to get that back into my budget!

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Buy the home then you have another two tax deductions, when you build enough equity, you can take a low interest equity loan and pay off some of the loan or hope Biden expands loan forgiveness program.

likefunny

Not necessarily.

For a lot of people, the standard deduction after Trump’s “tax reform” exceeds the amount of property taxes and mortgage interest they pay during the year.

That’s the case with me.

Home.

You can balance transfer that $25k

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I bought my home first.

Then I took the amount of money I was socking away every paycheck for my down payment to pay off my student loans. I got rid of them 8 months after I closed on my home.

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