Hi MMM, Fellow-Mustachians
I have rid myself of all debt (credit card, loans, etc) but my wife has one $40k student loan left @5.5% to pay off. I'm looking into all debt forgiveness, as well as things like so-fi to lower rates, but putting that aside for a moment, if we continue to pay the min monthly payment will never be free.
My question is do we immediately stop paying into the 401k, Roth, etc. (basically stop all saving) and I think in doing so we could pay this loan off in about 1.5 years?
Or do we continue to pay the minimum on her student loan and just invest wisely? If our investment returns beat 5.5% then we're better off, plus we'll have the magic of compounding returns working for us.
Advice is much appreciated.
Thanks all. :)