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Updated over 4 years ago,

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3
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1
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Matthew Shaw
1
Votes |
3
Posts

Student Loans, Savings or REI

Matthew Shaw
Posted

I just graduated from school with $56,000 worth of loans (I had $74,000 and paid $18,000 immediately. I acted hastily and regretfully did not consider what I could have done with that $18,000) with rates of 5.8% and now have about $4,500 left in my bank account. I have a job that makes $35,000 per year. I am interested in finding a part time job (hopefully driver for doordash but waiting on confirmation) and I am living at home so my expenses are basically zero. If I were to spend $1,750/month on loans, I believe (some web-app told me) I could pay off my loans in 3 years. That being said, at 25 I would have no savings, or passive income. Has anyone had a similar experience and can recommend their opinion on whether I should go hard on eliminating my loans or rather work on building a savings/property deposit?

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