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Updated over 5 years ago,
Drowning in Student Loan Debt -Help!
I want to start investing and have an investment plan, but there is one thing standing in my way: debt. Should I pay debt off first and then invest? Should I invest first and slowly pay off loans?
So a bit about me. I am just about to start my first job and am about to have to make payments towards my student loans. I have $38,876 in student loan debt. I know a LOT of people have a LOT more in debt, but I am still concerned. (I also have about $10,000 in car payments left - another stupid choice I made when I was younger; I do have a credit score of 752 and absolutely no credit card debt.) As far as student loan debt pay-down goes, how should I approach this?
My current loans are:
| Amount | Interest rate | Time (years) | Monthly Payment | |
| Private | $ 7,000.00 | 8.24% | 10 | $ 78.49 |
| Private | $ 5,000.00 | 6.24% | 10 | $ 50.00 |
| Federal | $ 26,875.99 | 4.96% | 10 | $ 290.54 |
The student loan refinancing company said they could give me this:
| Amount | Interest rate | Time (years) | Monthly Payment | |
| Total | $ 38,875.99 | 4.44% | 10 | $ 394.00 |
Should I refi my student loans through the company then? Thanks for the help!