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I would keep enough for an emergency fund if you don't have one and then put the rest toward the loan.
What is the interest rate of the student loans?
Can you re-fi / consolidate that lower? If yes, do that and then emergency fund + invest the rest in an IRA (trad or Roth) then a brokerage acc.
If no, that’s pretty high - emergency fund then all student loans if the car isn’t a necessity.
Always eat the debt 1st. Use your salary for saving and investments. Being debt free is rare my man/gal
I’d just put it all on the loan. Feels meant to be that it’s the same amount.
Personally, I'd get rid of your student loans. If they're 50k and you have 50k, pay that off and be DEBT FREE! No longer owing money to anyone is going to be so psychologically freeing. You'll start your marriage off with zero debt and with some smart financial moves with your wife, as a teammate, you'll do great things and set your family up for success for years to come. Don't borrow money from anyone for anything. Follow the following steps and pay it forward:
1) Save $1,000 as a starter emergency fund.
2) Pay off all debt, except the house.
3) Expand emergency fund to 3-6 months of expenses.
4) Save 15% of income for retirement.
5) Save money for kids college/continued education fund.
6) Pay off mortgage.
7) Build wealth and be generous with your wealth.
Live like no one else will now so you can live and give like no one else in the future.
Understanding interest rates is the best way to build wealth, not paying off debt.
Pay off the loan.
If you don’t have 3-6 months expenses saved in an emergency fund, that is step 1. Then you can decide if you want to put the rest towards the loans. Hard to buy a car for $10k these days, so would be financing that too? If so, it comes down to the math of do the student loans or the auto loan have the better interest rate and dumping the cash towards the other.
I’ll prob get boo’ed for this, but don’t use it to pay down your student loan (if it’s a federal loan). At 6.8% that’s barely above inflation.
I’d invest or use it as a down payment for a house if you’re in the market.