Six Figure Student Debt

[Brian Panasuk]

I'm 23 and graduated college last year and have thus far paid my student loans down to $163,000 (yikes), with an interest rate of 6.62%. Before taxes I will make ~$80,000 this year. I work in a very stable industry and my company gives a raise between 4-8% every year so my income stream is a minimal concern. I currently have $8,000 in savings and $25,000 in a brokerage account. I am currently renting an apartment but will be moving back to my parents once my lease expires (June 2021) as covid has paved way for me to permanently work from home (no need to be close to the city). From there my expenses will be almost non-existent as my parents are much more than understanding of the amount of money I owe and willing to help me in any way possible. We have a great relationship so I'm not in any rush to get out but I would like to buy my own home as quickly as possible so they can retire and not have to think about supporting me in any way. I have a multitude of questions on how I should be allocating my money... Should I empty my brokerage account into my loans? When is the best time to refinance my loans? Should I try to completely elimate the loans before I start saving for a home? Money management has never been a big problem for me and its almost natural for me to live somewhat frugally but its a big number to have in front of you at such a young age and I would appreciate the advice from someone who has a little more life experience than myself. Thanks in advance!

[Chris Pasternak]

I don't agree with moving back into parents house.  Otherwise, commit to paying the loans off in 2 years.  Refinance those down to cut interest rate in half.  Get second gig at night delivering pizza, Uber, whatever.  You'll be set with no loans at 25-26 and strong income then get out of your parents basement immediately.