Pay off student loans or max 401k?!

[Madams135]

Hey folks!  I need advice on how to attack my student loan debt/savings.  The numbers:

28 y.o.
Income:$80k 2016 with extensive OT, BUT base around $45k if OT is removed(not looking like i'll lose this option anytime soon, but you never know)

401k-$18,000

Savings-$15,000 at 3.0%(Lake Michigan CU)
             -$10,000 at 1.0%(Ally)

Student Loans- $4883 at 4.55%
                           $6217 at 5.55
                            $4162 at 6
                            $6822 at 4.25

Costs: Per year I will spend in total around $17,000 including housing, food, minimum loan payments, gas, insurance, and a 2k buffer for fun.  Living very frugally at the moment.

Need to buy a used car soon as I am done making the mistake of leasing.  Expect to spend sub $10k( thinking pay in cash, although great credit (~800) could get me a low rate loan).  Saving for a house in the future, but I don't see this any time in the next few years atleast.  Should I max out my 401k to not only make sure I am on track for retirement, but to shield $18k from taxes?   I'm flirting with the idea of FIRE lately, and don't plan on being in a higher tax bracket upon retirement.  Or, should I attack the student loans first?  I'm thinking of refinancing with SoFi, so I will have a rate around 4.5-5.0. If I max 401k, I would have a decent amount of money left over to gradually pay down loans.  I would greatly appreciate any thoughts!

[ShoulderThingThatGoesUp]

Why not both? Eliminate your two or three highest rates with your savings, and start maxing out your 401k.

[rubybeth]

I would also suggest using some of the savings to pay down (or totally pay off) some of the higher interest loans. Why do you need $25,000 in savings when you have over $22,000 in debt? Unless there's some non-obvious reason, at least use all the money at 1% to pay off your 5.55% and 6% loans. I would also use the money at 3% to pay off the 4.55% and 4.2% loans--you're paying more in interest than you're earning in interest on these savings accounts, so your rate of return on paying off the debt is better than interest accrued.

Then sock extra money into the 401k. If it's more comfortable and your employer allows it, instead of doing dollar amounts per paycheck, do a percentage to 401k (like 20% or whatever, instead of $200), so that, if there's overtime, that goes into the 401k, and if there's not, your budget doesn't get too tight.

[NoStacheOhio]

At the very least, I would use the Ally money toward student loan debt. That also frees up monthly cash flow.

[BrickByBrick]

Take the Ally money and some change and eliminate the $6217 loan at 5.55% and the $4162 loan at 6%.  There probably would be no point refinancing at SoFi once that is done.  Then max out your 401k.  Keep the LMCU money as an emergency fund and car fund (~5K/10K respectively).  Throw your monthly cash flow from then on out at the remaining loans.  You should be loan free by the end of the year or shortly thereafter.

[ShoulderThingThatGoesUp]

Better to use savings to eliminate the high-interest debt and get a small car loan at 2% for your used Leaf.

[Madams135]

This is my first post after lurking for some time.  Thanks for all of the quick, well thiught out responses!  I think I was overthinking all of this and agree with all of this advice. There is a reason we all frequent this site 😉

[aschmidt2930]

I'd go 401k up to any company match and then all towards your loans.