Best Way To Pay Off Student Loans Reddit – STOP Paying Your Student Loans – Here’s Why | 0% Interest Until October 2021
Best Way To Pay Off Student Loans Reddit – Best Deal Right Now?
These are the reasons why I’m not paying off my student loans yet. Thanks for watching the video!
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Before I get into why, let me first say I started with just over $31,000 of student loan debt from attending school in Texas at The University of Texas at Austin. Those 4 and a half years feels like it was a lifetime ago, and I did have to take an additional semester due to having to retake a class and other things that were probably a waste of time.
I had a mix of subsidized and unsubsidized loans with an average interest rate of 4-5% some as low as 3%. If you’re unfamiliar with these two different types of loans, unsubsidized loans accrue interest AS SOON AS they are dispersed while subsidized loans do not.
So to be exact, my loans started at $31,365. The first year, I paid over $3000 in interest. I still haven’t paid off my student loans even though I could have. From 2016 to the beginning of 2020, I really only paid off the minimum amount and in my case it was around $200/mo. Interest would accrue, but over time it would chip down. But everything changed when the fire nation attacked… I mean when the illness happened.
All of my loans are federal student loans and with the CARES Act, interest rates went to 0% and will be until the end of September 2021.
1. Short-term, it’s like another $200/mo in my pocket until September or if the government decides to extend the moratorium
2. I can pay off high interest credit card debt. For the last year and a half I carried a balance on one of my credit cards because of a 0% APR promotion when I purchased our appliances back in 2019 when we moved in. This can help chip away at that balance until interest kicks back in later this year
3. An emergency fund is an important thing to have. It’s been found that almost 40-50% of Americans can’t even afford a $400 expense in the event of an emergency which if the last year has taught us anything, there were a lot of layoffs due to the illness.
4.. I can invest the money for a potential higher rate of return. I was semi kidding about waiting because instead I wanted to make better use of that money and when you compare things whether debt, savings, or investing, you should calculate the rate of return.
That said, everyone’s situation is different and I’ve discussed this topic before in terms of student loan payments don’t have to be your top priority right now which should be your safety and health in these trying times.
🕰 Chapters 🕰
0:00 – Intro
0:47 – One Year Ago…
1:50 – How much student debt I have
3:16 – Don’t Skip!
4:53 – Here’s Why
5:58 – Short Term, extra $200
6:40 – Payoff high interest debt instead
7:49 – Buffer my emergency fund
9:03 – Invest instead!
11:13 – Don’t pay the government lol
11:53 – Outro & Vital Information 📰
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☝🏾 Disclaimer: This is strictly for entertainment only and I am in no way shape or form a financial advisor. This video, and the ideas presented in it, should not be construed as financial advice ☝🏾
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