pay off first? Your mortgage (pretend your have one if you dont) or pay off your student loan?
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Student loans because they have a higher interest rate than our mortgage does.
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Whichever has the higher interest rate would go first! So loans for me
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We don't have any student loans. Currently extra money is going straight in to savings for the down payment on our next home instead of the mortgage on this one.
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@Mae: ditto.
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I'd probably pay off whichever had a higher interest rate.
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Student loans - much higher rate of interest than our mortgage (and smaller too).
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I guess it would depend on how much. Our student loans (when we had them) were $20k, while our mortgage is $400k. Sooooooo....
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I'd pay off DH's student loans & 1 of our car. We don't have a mortgage so there's no interest in our house payments!
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It would have been mortgage. When I had student loans, the rate was 2.75%!
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Mortgage = 3%
Student Loan = 8%student loan no doubt.
that said, I paid off my student loan and we are still house hunting. -
Student loans, higher interest rates and I hate paying them every month!
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These days I am just SO SICK of my student loans because I have been slowly but surely paying on them FOREVER!
Plus it would take less than $3000 to pay them off, I'm sure a mortgage would be much more! -
whichever has the higher interest rate!
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Student Loans for sure, they are a cloud over my head.
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Mortgage. That's the only debt we have!
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Student loans are evil. I would pay that off in a heartbeat.
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Before I saw the choices, I thought - take a trip!! my student loans are pretty inexpensive, so I guess I'd just get rid of them entirely...so I could take that trip.
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What are your rates? I would need to know that to determine. Also, do you have an emergency reserve?
Also, what kind of dent could you make in each? For example, I've had times where clients could pay off their student loans completely (usually a smaller number) and then re-direct their student loan payments towards the mortgage. This provides sort of a win-win situation.
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Student loans because we are phased out of the tax deduction on student loan interest.
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I'd really have to look at the numbers to decide. My student loan interest is super low but we get tax benefit from mortgage interest. The student loan balance is low so I'd probably just pay that off and then put that monthly payment towards the mortgage.
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Our mortgage has a higher interest rate than DH's student loans, so that's what we would put it towards. We're lucky that DH has such a low interest rate on his student loans!
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Mortgage bc it's a higher interest rate and a lot more money. Once the mortgage is paid off i would use the extra money towards paying down my student loans
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Well, I don't have a mortgage. But even if I did, it would be DH's student loans. They have a higher interest than mortgage, and would be a lesser amount.
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We don't have student loans but have a mortgage. It would feel so wonderful to pay that thing off!
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