Does it make sense for me to pay off my student loan early?
My situation:
25
Married
$12k emergency fund
$500 available for long-term savings each month (401k's funded separately)
$12k in 401k
$4k in wife's 401k
$10,187 student loan at 6.5%, $102 monthly payments
$4957 student loan at 6.8%, $61 monthly payments (wife's)
$10,000 student loan, unsure of rate but less than the other two, $115 monthly payments (wife's)
I had not payed attention for a while and was surprised to see the 6.5 and 6.8 rates. We are currently earning somewhere around 1.75% interest in an online savings account with our emergency fund.
Does it make sense in this situation to deplete some savings to pay off some/all of one/both of the student loans?
If we did, the extra money each month would go back to build the emergency fund although it would take some time. Other savings would be split between setting up Roth IRAs for us both and other long-term savings.
More info required?
Any other suggestions?
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