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Should I pay down my mortgage, student loans, or put more in savings?

May 28, 2016
I am an unmarried 25 year old that makes $65K a year and will receive a financial gift of $15K this year. I have no credit card debt, $29K in student loans (I pay an extra $100/mo on these), I max out my IRA, match my 401K at work, and recently bought a house through an FHA new home buyer program. I am diligent with savings and have a 2.5 month...

Advisor answers

Since you have no credit card debt, you could actually pay off the largest federal loan, and put the balance of $9k in savings. Then, you can continue to accelerate the payments on the smaller loans totaling $3.5k and pay them off by the end of the year.

Once the above loans are paid in full, the monies that you were paying on them can be applied toward your mortgage. Visit http://Powerpay.org to strategically pay off debt. I hope that this helps!

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