I am new to this forum and I am actually looking for some advice. Thank you all in advance for all your advice and support.
Here is my situation.
I make 1700 monthly after tax.
Total student loan Amount Owed as off today: $127,642.84, making monthly payment of $587.66 or $587.68 depending on the month. The APR on the loan is now 1.875% for the remaining life of the loan. Thank you Lord!
Here are my monthly expenses:
Student loan $587.68
Gas $40 every 2 weeks
Tithe to church $20 every 2 weeks
Telephone between $80 to $90 every month
Car insurance $456 every 6 months
Thus I save $80/ month so I can pay the full amount every 6 months instead of every month
Making my total expenses to be $800/ month
I have NO cc debt
I live at Home for now therefore very grateful for parents and contribute every now and then as they want me to focus and pay off student loan!!!!
I have some savings ( i am 36 yo, single graduate student) and they are as followed:
$6200 distributed bewtween Roth and traditional Ira. I contribute $60 to the Roth each month. I don't add anything to the traditional.
$47491 in savings @ 0.80% monthly.
I have been saving so I can reach a point where I can pay off the stu loan and use a portion to buy my own home in the future.
I can also mention that I have just decided to save $760 a month
Now that the APR has gone down to 1.875%, than you Lord all Mighty
, God knows I need this break, I am planning on rounding up the stu loan payment to $600 and add an extra $100 each month making the total payment $700 monthly.
In a nutshell I would be paying $700 towards the student loan and save $760 monthly, leaving me to live on $40 monthly.
Can anyone help me out and let me know if I am doing this properly?
Am I on the right track?
Should I be paying more towards the stu loan ( knowing that with earning .80% in savins and paying off 1.875% in interest, i am loosing 1%) or continue to build up cash up to the point that I can pay off? I have also learned that in this economy CASH is KING!
I totally dislike having debt! I feel like a slave and I am ready to be lender instead. And yes, I am guilt of listening to Dave Ramsey and I have read one of his books actually. I think that is what pushed me towards this. I feel like I had an epiphany once the APR went down to 1.875%.
Can someone please tell me if I am on the right path or is there another way of doing this that I am not aware of.
Thank you agin so much all of you.
Here is my situation.
I make 1700 monthly after tax.
Total student loan Amount Owed as off today: $127,642.84, making monthly payment of $587.66 or $587.68 depending on the month. The APR on the loan is now 1.875% for the remaining life of the loan. Thank you Lord!



Here are my monthly expenses:
Student loan $587.68
Gas $40 every 2 weeks
Tithe to church $20 every 2 weeks
Telephone between $80 to $90 every month
Car insurance $456 every 6 months
Thus I save $80/ month so I can pay the full amount every 6 months instead of every month
Making my total expenses to be $800/ month
I have NO cc debt
I live at Home for now therefore very grateful for parents and contribute every now and then as they want me to focus and pay off student loan!!!!
I have some savings ( i am 36 yo, single graduate student) and they are as followed:
$6200 distributed bewtween Roth and traditional Ira. I contribute $60 to the Roth each month. I don't add anything to the traditional.
$47491 in savings @ 0.80% monthly.
I have been saving so I can reach a point where I can pay off the stu loan and use a portion to buy my own home in the future.
I can also mention that I have just decided to save $760 a month
Now that the APR has gone down to 1.875%, than you Lord all Mighty

In a nutshell I would be paying $700 towards the student loan and save $760 monthly, leaving me to live on $40 monthly.
Can anyone help me out and let me know if I am doing this properly?
Am I on the right track?
Should I be paying more towards the stu loan ( knowing that with earning .80% in savins and paying off 1.875% in interest, i am loosing 1%) or continue to build up cash up to the point that I can pay off? I have also learned that in this economy CASH is KING!
I totally dislike having debt! I feel like a slave and I am ready to be lender instead. And yes, I am guilt of listening to Dave Ramsey and I have read one of his books actually. I think that is what pushed me towards this. I feel like I had an epiphany once the APR went down to 1.875%.
Can someone please tell me if I am on the right path or is there another way of doing this that I am not aware of.
Thank you agin so much all of you.
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