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It would take you 6 months to pay off your loan. Do it. Or get your ass back to school.
depending on the interest rate, this could be very bad or very good advice
it's not always the best idea to pay back loans. for a while i had student loans whose interest rate was lower than the return on a high yield savings account
not anymore, but back then it was a no brainer to hold off on repayment
depending on the interest rate, this could be very bad or very good advice
it's not always the best idea to pay back loans. for a while i had student loans whose interest rate was lower than the return on a high yield savings account
not anymore, but back then it was a no brainer to hold off on repayment
True that would be only only exception, but in the OP's case I don't think he even has money for investments.
That might be true assuming the OP actually HAD money for investments. It's clear that he does not.
if he has money to pay off loans he could just as easily invest that money
EDIT - ok it makes more sense once you rephrased. but nevertheless, if he is considering further schooling he might also hold off (I think that's what you were getting at). likewise if he had other debts with higher rates, or if his rate was particularly low (sometimes it is worth holding onto a loan with a rate of just a few percent due to combination of inflation and needing the money now more than later)
but anyway the point was that it's hard to give strong advice like that without knowing the particulars
if he has money to pay off loans he could just as easily invest that money
EDIT - ok it makes more sense once you rephrased. but nevertheless, if he is considering further schooling he might also hold off (I think that's what you were getting at). likewise if he had other debts with higher rates, or if his rate was particularly low (sometimes it is worth holding onto a loan with a rate of just a few percent due to combination of inflation and needing the money now more than later)
but anyway the point was that it's hard to give strong advice like that without knowing the particulars
Yep, agreed!
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