Student Loans

Pros And Cons Of Paying Off Student Loans Early – Why It's So Important to Pay Off Your Student Loans in 2021!

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Pros And Cons Of Paying Off Student Loans Early – How to Choose

Why It’s So Important to Pay Off Your Student Loans in 2021!
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14 Comments

  1. CAPTAIN AMERICA
    July 23, 2021 at 6:13 am

    college is scam! you all need to stop payments 100% and crash them!!! its already happening 80% arent paying need to 100% still some freaking morons out eher

  2. Ross Coleman
    July 23, 2021 at 6:13 am

    How do you factor in the student loan interest tax deduction of up to $2500?

  3. Mad Money Millennial
    July 23, 2021 at 6:13 am

    Great story!! I paid off over $100,000 in student loan debt myself in just over 3 years! I just posted a video on my channel explaining how I did it!

  4. Michael Leahy
    July 23, 2021 at 6:13 am

    If you are at 10k of debt remaining, should you park into savings anything in excess of your monthly minimum payment until the possibility of student loan forgiveness is either reality or dismissed?

  5. Joe S
    July 23, 2021 at 6:13 am

    I took out 10k of student loans just for the chance that they get forgiven, had/have plenty in savings to pay for everything. It's getting close with these stimulus packages, I am maxing my 401k/Roth IRA but holding on to my 4% loans

  6. Colin Late - Wealth, Tech Careers, Habits
    July 23, 2021 at 6:13 am

    Totally doable. I paid off $100k of mostly high interest debt in just a couple of years. Now I've got no bad debt, a growing rental real estate portfolio, and fast growing investments + income. Totally doable!

  7. kbsmooth84
    July 23, 2021 at 6:13 am

    Its more complicated than just paying it off. If you qualify for public service loan forgiveness you shouldn't just pay them off, if you don't qualify you should look into other IBR plans like PAYE or REPAYE depending on your income and save in a taxable account for the tax bomb. If your loans are less that 1x your income then you can refinance to a lower interest rate which is very low right now ~3% and pay it off gradually.

  8. Chris T
    July 23, 2021 at 6:13 am

    after dumping $8.5k into my loans at the start of this month my new student loan balance is $17k. I plan to put $1500 into my loans each month until they are gone. Peace of mind.

  9. Will M
    July 23, 2021 at 6:13 am

    It’s more than peace of mind when paying these things off, people. ESPECIALLY if you’re getting married/are married and are thinking about kids. Not paying off your consumer obligations while you’re DINK is an ingredient to get you right in the rat race.

  10. kat williams
    July 23, 2021 at 6:13 am

    Mine are less than 4% but I'm still going to prioritize student debt so I can have that peace of mind.

  11. Terrell P 22
    July 23, 2021 at 6:13 am

    it's very important, it's not going to go away & like 95% of the reason why people have bad credit, I'm currently paying mines off, started paying it off back in May, I owed over $26k, now currently owe over $19k & the projection to pay it all off is April or May 2021, I would've paid it off this year, had I started back in 2017 2018 with just a measly over $300/month, smh 🤦🏾‍♂️
    pay your student loans off, your credit & score will sky 🚀 I promise

  12. Andy W
    July 23, 2021 at 6:13 am

    Pay off the smallest loan first, then work up momentum. Create a "debt snowball".

  13. Bill Ervin
    July 23, 2021 at 6:13 am

    If I’m already investing 25% of my income at age 26, is it okay to put extra towards my 4% interest rate student loans?

  14. Andrew Schappacher
    July 23, 2021 at 6:13 am

    First