Hello everyone! I've been a lurker for a few months, but I decided to register to ask a question. I'm trying to decide if I should use the money that I currently have saved for retirement to put toward paying down my student loans. The money is in a Roth IRA at Vanguard, 100% in VTSMX, and it's just over $9k. Here's the details on my student loans:
1. Subsidized Stafford, 4.25%, $5659
2. Subsidized Stafford, 3.15%, $5643
3. Subsidized Stafford, 3.15%, $3815
4. Unsubsidized Stafford, 6.55%, $8993
5. Unsubsidized Stafford, 6.55%, $8719
6. Unsubsidized Stafford, 6.55%, $5605
These loans are from my Bachelors degree. I'm in school quarter time right now for my Masters, and when fall semester starts I'll be attending half time, so the subsidized loans will go into deferment and I won't be paying interest on them then. I was thinking I could at least pay off the highest balance unsubsidized loan, but I'm hesitant because then I won't have any money saved for retirement.
Further information: I'm 26, engaged with 2 kids (3 and 1.5). My job prospects after graduation are good. I'm attending a top rated school for software engineering. My mom is loaning me a portion of the current tuition at 1% interest, and the rest I'm trying to apply for scholarships and/or pay with my own cash.