Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I am a 35 year old with a wife and two small kids making 70 thousand a year and no credit card debt. I am paying for 2 new cars. I just finished my post grad degree and have 85 thousand in student debt. My wife does not work out side of the home, and the only savings we have are in my employeer based savings plan, and it is not much as I graduated last year. I have read the postings on conslidation and July 1, but my questions are:

1. Is it better to put every penny into paying back the student loans, or to build emergency and long-term savings while paying back?

2. Should I try to pay it off sooner (10 year plan, 500 to 1000 a month) or over thirty years (a steady 500 a month).

Thank you all for helping.

Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.