I personally am probably not going to benefit much from the payroll tax cuts but I think a lot of people will. More student loan deferments will be a huge boon. All in all Covid has put enough in my pockets to just about pay off the whole thing in a lump sum. Anyone with student debt please be smart and use this time to attack that principle balance of you can.
Actually that’s not a smart play. Government backed public student loan debt sucks for society, but it’s ‘good’ debt to an individual. If you don’t have private loans, there’s no reason to pay off any student loans with a rate generally below a 4-5%. You’re better off minimizing your payment and investing the rest and turn a 6-10% yearly with it.
Besides. It’d be my luck I make my last payment right before they wipe them all. (Not likely or desired...I’ll pay my debt back, but that’s exactly what would happen; I know it!)
The sneaky, low risk, cleverly smart play is to make money with money that costs nothing, so you have more money at the end of the year, and can pay off the loan quicker overall.
I personally am probably not going to benefit much from the payroll tax cuts but I think a lot of people will. More student loan deferments will be a huge boon. All in all Covid has put enough in my pockets to just about pay off the whole thing in a lump sum. Anyone with student debt please be smart and use this time to attack that principle balance of you can.
I love the student loan interest deferment! I bumped my payments up a little bit even because I love watching the principle fall so much faster.
Actually that’s not a smart play. Government backed public student loan debt sucks for society, but it’s ‘good’ debt to an individual. If you don’t have private loans, there’s no reason to pay off any student loans with a rate generally below a 4-5%. You’re better off minimizing your payment and investing the rest and turn a 6-10% yearly with it.
Besides. It’d be my luck I make my last payment right before they wipe them all. (Not likely or desired...I’ll pay my debt back, but that’s exactly what would happen; I know it!)
Smart play is owing nothing to nobody, imho.
Certainly won’t argue with that.
The sneaky, low risk, cleverly smart play is to make money with money that costs nothing, so you have more money at the end of the year, and can pay off the loan quicker overall.
If you make money, and you haven't made 135k by July 1st, you should be benefiting.