So today I had my first ever compensation and bonus discussion, following my first ever yearly review a few weeks ago!
While it was not quite the increase I was hoping for, I think I got a pretty reasonable salary increase for my non-profit, about 2.2%.
However, the big surprise was my bonus! I will be receiving $2K as a bonus.
Going in to the meeting, I had an idea in my head about what I would do with my bonus, regardless of amount-put it all towards student loans. However, in the meeting I was told that I also have the option to contribute up to 75% of that bonus into my 401K, which has made me want to consider all options before making a decision. Stats on my student loans and my 401K are below:
$4,996.16 3.15%
$5,811.54 6.55%
$4,310.71 6.55%
$2,092.03 6.55%
$5,064.94 3.15%
$1,537.01 6.55%
Total: $23,812.39
401K:
$2,355 in account to date
$1,183 company contribution being put in account
Recently discovered that I have a high-fee account, with fees ranging from .61% at the lowest to 1.45% at the highest.
My question is, what would you do with the money? I still think the best thing to do would be to take that bonus, completely kill one loan, and get started on another! Am I wrong?