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Should I pay off pharmacy school loans $322 with no 401K or still contribute 5% 401K with company matching and take longer to pay off loan?
I am 30 and have 2 kids age 3 and 5, I just refinanced my school loans again now down to 4.1% from a previous 4.25% 10 year loan. We want to buy a house but we agreed that the school loans have to be paid off first. From having kids, should I delay/stop/freeze 401k to speed up the process or still continue my 5% 401K contribution which the company also matches and take a bit longer to pay off school loans (~1-2 years longer maybe).
5 Answers
- Anonymous1 year ago
Figure what the matching is over the period of time it will take you to pay off your loan and compare that with the interest you are flushing down the toilet. Choose your best option. I'm not going to do your work for you. You have a brain, right? Use it. Anyway, it's almost 11 p.m. I don't use my brain much at this hour.
- A HunchLv 71 year ago
You bothered with refinancing over .15%????
I hope you didn't pay any fees to do that.
Even if you didn't, I can't see how, with all the things you have going on, it would have been beneficial.
Probably paying an extra $20 a month would have likely saved you more money.
- Anonymous1 year ago
Why is it going to take 1 1/2 to 2 years to pay off $322?
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