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Comment on my Financial Plan - Student Loans, Investments, Savings, etc.
Alrighty, I made the below plan but I wanted to run it by you guys as well to see what you think. Here are the details:
Late twenties, married, renting and not looking to buy a home in the next few years. I'm currently in my last semester of grad school and will be graduating in May. I pay my tuition in full each month to avoid loans this time around. 3 month emergency fund saved.
Retirement Savings:
$40,000 - 401K
$12,000 - Roth IRA
$52,000 - Total
Undergrad Student Loans:
$19,000 - Private Loan at 2.75% - Interest currently accruing
$3,000 - Perkins Loan 5% - Currently in deferment due to grad school. Interest will begin accruing again in January.
$10,000 - Stafford Loan at 1.9% - Currently in deferment due to grad school. Interest will begin accruing again in June 2013 or January 2014, I'm not quite sure. Does anyone know if interest will resume accruing interest again right after grad school or is there a grace period?
$32,000 - Total
I think I've given more than enough info but let me know if I'm missing anything.
I had a good year at work and just received a sizable amount of money and I'm trying to determine the best way to use it. I want to rid myself of my student loans but I also want to be smart about it and use the money in the most efficient way possible. And just to reiterate, the Perkins and Stafford loans are currently in deferment and not accruing interest because I'm in grad school.
So here's the way I'm currently thinking about things:
1.) Pay off the $19,000 in private loans immediately (2.75% - currently accruing interest).
2.) Next, tackle the 5% Perkins loan that is currently in deferment and not accruing interest until January 2014. Beginning in March I'll pay $300/month and have it paid off by the time it would begin earning interest in January.
3.) Last, I'll tackle the Stafford Loan. The rate is pretty low so I'm thinking I should take advantage of it and pay this $10K over a few years. I'm rounding here but by my calculations I can pay this off in 5 years with a monthly payment of about $175 and only pay about $500 in interest.
Thoughts? Would you do anything differently?
Late twenties, married, renting and not looking to buy a home in the next few years. I'm currently in my last semester of grad school and will be graduating in May. I pay my tuition in full each month to avoid loans this time around. 3 month emergency fund saved.
Retirement Savings:
$40,000 - 401K
$12,000 - Roth IRA
$52,000 - Total
Undergrad Student Loans:
$19,000 - Private Loan at 2.75% - Interest currently accruing
$3,000 - Perkins Loan 5% - Currently in deferment due to grad school. Interest will begin accruing again in January.
$10,000 - Stafford Loan at 1.9% - Currently in deferment due to grad school. Interest will begin accruing again in June 2013 or January 2014, I'm not quite sure. Does anyone know if interest will resume accruing interest again right after grad school or is there a grace period?
$32,000 - Total
I think I've given more than enough info but let me know if I'm missing anything.
I had a good year at work and just received a sizable amount of money and I'm trying to determine the best way to use it. I want to rid myself of my student loans but I also want to be smart about it and use the money in the most efficient way possible. And just to reiterate, the Perkins and Stafford loans are currently in deferment and not accruing interest because I'm in grad school.
So here's the way I'm currently thinking about things:
1.) Pay off the $19,000 in private loans immediately (2.75% - currently accruing interest).
2.) Next, tackle the 5% Perkins loan that is currently in deferment and not accruing interest until January 2014. Beginning in March I'll pay $300/month and have it paid off by the time it would begin earning interest in January.
3.) Last, I'll tackle the Stafford Loan. The rate is pretty low so I'm thinking I should take advantage of it and pay this $10K over a few years. I'm rounding here but by my calculations I can pay this off in 5 years with a monthly payment of about $175 and only pay about $500 in interest.
Thoughts? Would you do anything differently?
