I need advice: currently owe ~30k in student loans, have about 20k in savings, and 8k in company stocks. Sometimes I want to pull the trigger and just pay off my loan, which would leave me with maybe 2k. I’m also planning on buying a house with the low interest rates, and since I’m a veteran I get benefits on mortgages (aka no need to put 20% down to avoid PMI). I’m staying with family but I’m desperate to leave and it just doesn’t make sense to pay rent if I’m already pre-approved ct’d

like
Posting as :
works at
You are currently posting as works at

Student loans are usually such low interest rate that I wouldn’t do that. Keep the cushion and emergency fund and make some extra payments here and there.

likehelpful

The best feeling in my life was paying off my student loan!!

likeuplifting

Depends on the interest rate. I’m a firm believer that any debt over 4% (my worst case scenario for index fund returns) should be paid off. Personally I used a 3% threshold myself.

One thing to consider is that by wiping out your loans, your debt to income ratio will be favorable for when you do apply for a home. And since you won’t be hit with a PMI, the urgency to save up for a down payment isn’t really there.

I will say that once you buy a home, it will be considerably harder to pay off your student loans because you’ll have less to work with each month and mentally it will be tough to stay disciplined.

likesmarthelpful

Wait a little longer before paying off the loans. We live in uncertain times and you don’t know when you may need access to some cash. Buying a home can be expensive and come with a lot of unexpected costs. Even with a VA loan you will have to have some cash in reserve.

likesmart

I had been saving a little bit to have cash in case anything happened. I have an 80k salary and don’t spend money besides the necessities. Could have had a lot more savings if I hadn’t payed already 35k in loans. I just help my family out and pay for my personal expenses. What would you do?

like

I’d follow Dave Ramsey (google him if necessary) and set $1k aside and put everything else on paying off that debt (assuming that’s your only debt). You can’t imagine the feeling of being debt free. You’re so close so go for it! Good luck!

likesmart

I think the intention is $1k/month to savings and the rest into paying down the debt. You have a good cushion of savings already, likely around 3-6 months of expenses. I would stay patient and aggressively pay off your student loans. You could probably get it done in a year or so. Want to move out earlier? Pay more aggressively.

cash is king. Do what you need to do to buy the house but don't put all the cash into paying off your student loan. You may need that cash later.

like

Keep your liquid assets as a cushion and/or buy a house. Don’t worry about paying down a student loan. There are all kinds of protection you get on low interest caps, loan deferrals (depending on the student loan type). If you pay it off, it feels good, but you also now have less free cash for when it might be needed. If you buy a home you can always use it (worst case) as collateral if you need some emergency money as well. Another thought - if you can make more money in an investment with the cash than the loan interest, you are always better off investing the money vs paying off low interest low risk debt, provided you are able to make the loan payments.

like

Just refinanced my student loans with PenFed: 1.06%

Not sure. I applied and the initial offer was 1.5%. After all the processing, the final offer came out 1.06%

Do the cost Bennifts analysis for yourself based on age and ROR. I just took from my savings to pay off mine for my personal mental health.

Related Posts

Deloitte 🐠 what’s the salary range for senior manager in healthcare with consulting experience from a non-big four with a masters degree... Chicago

like

I feel like this is a dumb question, but I work at a small local firm, and my salary is good (52k) for my area seeing a lot only make 30-40k. It’s a LCOL/MCOL area, but I am attempting to get into the housing market at 25 yrs old with no real debt other then my car (8k). Currently I am saving 12% of my salary into my SIMPLE, and another 5% into my savings account. Should I use my SIMPLE to help cover a down payment? Or just wait and save for another year or so?

like

Don’t mix Investment and Insurance.
Buy term insurance in your early age.
Invest mix mode equity and debt .
Ping me for invest and insurance help.
Also get discount price for insurance

like

GitHub Does github provide more benefits and salary than microsoft employees @github Microsoft LinkedIn Nuance Communications

like

Hello,
I graduated in June with a dual BSBA in healthcare management and human resources management/organizational management and two associates degrees in business and arts. I have twelve years of experience as a certified clinical medical assistant.

I'm having trouble finding my first job as a healthcare manager. After submitting many applications and receiving so many rejection emails, I've become frustrated. Any advice anyone can give is greatly appreciated.

like
like

What are the employee benefits provided by UBS Krakow, poland?

like

Worthwhile investments when you hit your late 20s/early 30s? Just got a house cleaner, life insurance, good coat and watch, monthly facials. Investing in retirement vehicles. Curious what else you ladies would recommend! Personal care, luxury goods, or work related ☺️

like

I hit my FIRE number today at 50yo!!!! Had to tell somebody.

likeuplifting

Hi Fishes,
Can anyone please help me in calculating in-hand salary?
I have 1.5lac investment under 80C
and 96k for house rent

Post Photo
like

Can anyone shed some light on quant funds please? https://groww.in/mutual-funds/escorts-tax-plan-direct-growth
I am seeing stellar returns and extremely low expense ratios but apparently since they're quantitatively managed algorithms, they don't account for things like corona for example.

like

What are some benefits that would entice you to work over 40 hours a week if it wasn’t a requirement?

like

Any doctors in here? 31/M and get occasional sharp chest pains. Any notion to what my outlook for causes are? No health insurance currently and little in reserves.

like

What are the contents of experience letter when you leave any organization? Does it include mention of maternity leave and continuous 30+ days paid leaves?

like

If you could choose, which foreign country would you choose to settle down?
(Keeping in mind the work culture, growth opportunity, WLB, tax, infrastructure, weather, safety, healthcare, etc etc)

like

Did anyone faked internet bill? Did you get reimbursement?

like

Any benefits if we complete wings 1 assessment..?

likesmart

I'm a 35 year old Officer in Indian Navy with 14+ years of experience(good job security). I'm planning to switch to corporate world due to mundane job profile. I've developed many niche software for Navy and am good with Python, Java, JSP, SQL. For perspective - TCS quoted 20 cr for similar s/w that I've singularly designed & developed. Plz help me make a decision-
Quit Navy and lookout for a job right away or Stay in the current role for another 7 yrs(will be 42 by then) for pension eligibility

like

Has anyone used the Warton Group to purchase 401k leads? How was your experience?

Does someone have information about Kearney Dubai. Would be highly interested in getting some insights about team events, benefits besides salary as well as hotels or flight classes. 

like

More Posts

Hi guys,
What will be the in-hand salary for the below salary breakup. Your answers will be much appreciated.Manhattan Associates

Post Photo
like

What is the current industry standard remuneration for Manager with 10+ YOE in a business research/consulting domain?

like

Any advice for bacne marks 😞

I saw that the Warner Bros. Discovery group has started with massive layoffs over at CNN. Is any job safe right now?

like

Would appreciate thoughts from fish who have recently made the jump from fed to commercial consulting. Pros/Cons

like

10/21 Thread (General):

like

Is Vertcoin one to short given that miner’s fees are halved?

Can I get 11 likes to unlock DM, please?

like

What's a good wedding gift for your cousin? (aside from money)

like

Hi Fishes,

After how many days of technical interview Offer interview is scheduled in EPAM?

Do let me know or DM me as on 13th April HR told me that she will be sending the offer on 14th but I haven't receiver yet.

like

I’m an AE that wants to make the switch over to PM. But I also want to leave the agency life some point soon. Anyone have any advice? I’m also not sure how different PM responsibilities are in house vs. an agency

like

If you had (1) a Big Law offer (year four) which would be a step up from your current firm or (2) could go directly in-house (which is your eventual plan), what would you choose to do? Get additional experience with bigger clients or move in-house?

like

Does Barclays revise the offer if you get higher package before you join them ? Because they offered me comparatively average package even after negotiation. I genuinely want to join Barclays but due to inflation and all want decent package too. Please suggest

like

What’s it like working at EY FIDS? What are the differences from audit?

If we moved to onsite. Tcs will provide any allowance for relocation??

like

Anyone know corporate banking associate/ senior associate salaries in Dallas? Would greatly appreciate any insight.

like

Hey everyone! 1st post.I’m a recent culinary grad , my side gig is baking hoping I can make it into a full time career. I’m selling hoilday cheesecakes, pies and rum cake perfect to bring to any family event. I’m taking orders till the 22nd of December. The cheesecake cakes are $35,pies are $15 and @rum cakes are $40 You can find me on Instagram @brown.sugar.pastries. A follow is free a like is free ans sharing is also free help small business anyway you can, thank you happy holidays.

likesmart
like

Single and spending 40k a year (rent, expenses). how much do you all spend?

like

Hello all,

I attended NIT Nagpur in the class of 2019, presently working as Senior Planning Engineer in L&T.
I'm looking for a change and I'm interested to be a part of Management consulting firm. Would you guys be open to share with me the opportunities about any such role?
Happy to chat more if you have the time. Looking forward to hearing from you.

— Nishant

like

Additional Posts in Compensation

What is an appropriate range to ask on base and TC for a VP level at a start-up? I’m coming from a large public company and a bit lost on what the going rate is these days. Strategy & Ops lead at a mid stage start-up. Trying not to undersell myself. Thanks in advance for the help!!

like

Accenture bonuses light despite stocks doubling!?

like

Anyone know the salary for a vp at Marcus?

like

I transferred into advisory from another function at the firm. I had about a year of experience in the other group, some of which is transferable so I'm considered "experienced" hire. My salary was kept the same and I was just happy not to take a pay cut. Now I'm wondering what other associates in this group start at/make after a year for comparison. Any ideas? I'm based in NYC.

Anyone have any idea what bonus (%) usually looks like for a first year C?

like

Anyone have any insight on salary for a Sr. project Manager w/ Masters & PMP , 10 YOE in Financial industry can get at Citi or Discover? I have interviews with both coming up and not sure the most I can get. Located in Florida

like
Post Gif
like

Recruiter reached out about Hatch Advisory Energy and Infrastructure practice. Anyone have an idea regarding compensation and bonus for Hatch Engagement Manager?

like

Hi everyone. I’m currently going through the interview process of a Sr Business Planner role at Microsoft. In speaking with the recruiter, I shared my expected salary TC $300K. Can anyone with experience share of this salary is attainable for a Sr Business Planner role?

like

Canadians - Position/Years of Experience/Salary?

like

Deloitte fish, asking for a friend on salary expectations for Deloitte GPS senior consultant, manager role?

Thanks!

like

What’s the general range for Sr. Manager in Accenture Digital? Considering a position there and I already have been given an acceptable base salary range. Need to gauge the over/under.

like

Big tech (Google, Meta) vs medium tech (Uber) for the $$?

like
like

I went from 2 Federal Deductions in my paycheck a month ago to 0 Federal Deductions now and I’m not sure why. My take home salary went up... how is this all of the sudden the case?! Will I have to pay more in taxes later as a result of this change?

like

Nike Director salary range and bonus structure can anyone help?

like

Have been fortunate enough to see large comp/responsibility increases in my early career (~$320K TC, 7-8 YOE) but starting to feel really stuck. Looking to make a move but most opptys are either slightly worse pay or have limited career growth runway.

Finding that low <10 YOE is really holding me back from the truly great opportunities. Anybody else feeling the same thing / have advice?

Thinking about a lateral move (~10-15K paycut) to PE/VC space but finding thought of stepping back scary

like

Does HireRight verify the information uploaded to your potential employer’s portal? If not, what is used to verify

like

I hate taxes

likesmartfunny

What’s a good comp range for SC Deep Learning data scientist? For an R&D role in consulting.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal