Which Student Loans To Pay Off First – How To Invest While Paying Off Your Student Loans
Which Student Loans To Pay Off First – Whats The Best?
“How can I save or invest when I have student loans” is a pretty common question for recent graduates. According to Student Loan Hero, the average student loan debt for the class of 2018 reached nearly $30k. With student debt repayment as a top priority it can be difficult to set aside for retirement.
Erin Lowry, author of “Broke Millennial Takes on Investing,” says you can invest for retirement and pay off your student loans at the same time. “It’s really the question on most millennials’ minds,” Lowry tells CNBC Make It. “No one ever said they regretted paying off their debt, but at the same time if you take a 10-year hiatus on investing those are critical years that your money can be compounding and growing.”
Investing early provides a big advantage when it comes to retirement savings. For younger investors, the money you save has more time to earn compounded interest.
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How To Invest While Paying Off Your Student Loans