What kind of salary..

[ironchef]

actually there is no point to rushing to pay off school loans... if you have 100k in school loans you are looking at an approx 600 payment depending on the interest rates you got. if you die they don't transfer... take 30 years to pay them off b/c rushing to pay them off isn't going to gain you anything. you could die tomorrow and knowing you passed on enjoying life to be a jew would suck

Kind of unnecessary don't you think? I don't get why a person has to be ridiculed just because they're smart about their money.

[4dmin]

Kind of unnecessary don't you think? I don't get why a person has to be ridiculed just because they're smart about their money.

it all goes on what you think "smart about their money" means... personally rushing to pay off loans of that amount is kinda crazy. unless you happen to have a extra 100k lying around.

[ironchef]

it all goes on what you think "smart about their money" means... personally rushing to pay off loans of that amount is kinda crazy. unless you happen to have a extra 100k lying around.

Why not try to pay it off asap if you can afford to within reason? Whats the point of letting it sit around and keep incurring extra interest. Yea you could die tomorrow, and it wouldn't have mattered. Or you could die in 60 years and still be paying for that loan not being able to have a comfortable retirement.

[4dmin]

Why not try to pay it off asap if you can afford to within reason? Whats the point of letting it sit around and keep incurring extra interest. Yea you could die tomorrow, and it wouldn't have mattered. Or you could die in 60 years and still be paying for that loan not being able to have a comfortable retirement.

there are a couple of good reasons...

1) you could die and the entire time you passed on enjoying life you had to settle b/c of loans

2) due to the low interest rates on such loans you can pay them off easily in 30 years much like having a 2nd mortgage and these loans will be basically nothing more then a new BMW payment

3) if you put in 8+ years for school you need to be thinking about retirement b/c your getting started working around 30 years of age; anything that can be saved should, putting any extra money towards your 401k, ira, home, etc are way better investments then rushing off to pay off high school loans w/ low interest. even if you make 100+k a year you aren't going to pay off high loans like that in a short period of time; just isn't going to happen.

i would agree that if you have the money such as family member gave it to you, home equity, etc. that would be reason to pay it off. if you make 100k a year you are roughly bringing home $5500(base of 8k a month). it will still take a long time to pay off 100+k in school loans.