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Old 09-24-2010, 10:56 AM
 
Location: West Orange, NJ
12,546 posts, read 21,353,711 times
Reputation: 3730

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Quote:
Originally Posted by RowingMunkeyCU View Post
Pay it off... but don't touch the 6 month savings... it's for unplanned emergencies. With the current state of the economy you can never count on your job to last.
while this is true for most jobs, it's not true for all. for instance, my wife is a pharmacist. it will take a much larger catastrophe than this economic downturn for her to have any threat to job security, especially since she's good at her job. but in a horrible economy, he pharmacy has continued to increase the # of scripts it fills per week consistently for 5 straight years. of course, that will level off, but it's not dropping anytime soon. people always need medication
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Old 09-30-2010, 04:50 AM
 
16 posts, read 31,749 times
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I would definitely pay this student debt off and feel easy and out of at least one trouble. Repay this loan and began planning your further life. This debt will only ruin all your plans for future. So just get rid of this trouble.
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Old 09-30-2010, 07:18 PM
 
48,505 posts, read 96,610,333 times
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Also rememeber that paying the loan off will raise your income to debt which can be important more today than i the recent past. It all depends if you need the moeny or have other higher interest debts really.
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Old 10-02-2010, 07:21 PM
 
Location: Missouri
6,044 posts, read 24,043,494 times
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How awesome to have your student loans paid off. Just the thought makes me jealous!
I would pay it off; you can then take the money you are currently using every month on your monthly payment, and put it into savings towards a house.
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Old 10-08-2010, 07:09 AM
 
Location: West Orange, NJ
12,546 posts, read 21,353,711 times
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Quote:
Originally Posted by texdav View Post
Also rememeber that paying the loan off will raise your income to debt which can be important more today than i the recent past. It all depends if you need the moeny or have other higher interest debts really.
this is true, but honestly, how much gain do you get? i have 55,000 in student loans all at 3% or less. i have a 766 FICO and am refinancing my 4.875% mortgage into a 3.875% mortgage. i'm not sure how increasing my debt to income ratio puts me in any better position, but i can easily invest money at moderate risk and gain more than 3% in returns.

with such low cost debt, there's very few reasons to pay it off other than the emotional feel good ones, which shouldn't be written off, but that doesn't make it a good financial decision.
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Old 10-08-2010, 07:42 AM
 
Location: Planet Earth
1,084 posts, read 3,279,383 times
Reputation: 857
Yeah, I'm not sure how much it would help my income to debt since this small payment is the only debt I have (minus the montly living expenses) and my FICO is in the upper 700s. I've pretty much decided NOT to pay it off, for now.
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Old 10-08-2010, 08:14 AM
 
Location: West Orange, NJ
12,546 posts, read 21,353,711 times
Reputation: 3730
Quote:
Originally Posted by ZenMaster2008 View Post
Yeah, I'm not sure how much it would help my income to debt since this small payment is the only debt I have (minus the montly living expenses) and my FICO is in the upper 700s. I've pretty much decided NOT to pay it off, for now.
just remember, be wise with the money or this decision is useless.
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