Author Topic: Should I pay off student loans or save to avoid getting new ones?  (Read 818 times)

ElbertClark

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Should I pay off student loans or save to avoid getting new ones?
« on: September 27, 2014, 01:26:22 PM »
My fiancÚ and are getting married next year. We are pretty good with money, but there is one big battle we need to fight: my fiancÚ is in her second year of a four year medical program and is receiving unsubsidized loans at 6.2%.

Meanwhile, I have a good job and good income and I am trying to put that income to use in the best way possible so we can be debt-free as soon as possible.

When we are married, we will likely loose the financial aid because of my income, so I am saving cash to cover the fourth year in full.

I will hit that goal before the fourth year actually starts and once I do, I'm trying to decide: do I keep saving, trying to stash enough cash for the third year? Or do I start dumping money into loan repayments?

Basically, is it better to pay down the principle on existing loans or try to save enough cash to not need new loans in the first place?

mozar

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Re: Should I pay off student loans or save to avoid getting new ones?
« Reply #1 on: September 27, 2014, 07:51:06 PM »
Can you delay doing the marriage paperwork another year? You don't have to tell anyone.
To answer your question it depends on how much the student loans are and how much she will be making.