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So here is my situation I am trying to pay down my student loans and I have a lot left (somewhere around 29k) I am woundering if it would be in my best intetrest to cash out a mutual fund through edward jones abouty 1,100 which I have had for between 10-15 years and had only grown 200 maybe 300 since I have had it.
Another option would be to keep the mutual fund and maybe move around what I I have it invested in OR send it to my RothIRA?
One of the finacial guys at my bank told me that if I withdrew I would have taxes taken out for me to send it to my roth or I could use it to pay off part of my student loans and not pay the taxes. Now is this because of the tax credit for the amount I pay in interest or is there something else I dont know about? I believe this was a mutual fund that has to deal with education of some sorts but my parents dont even really know what it is and they took it out for me.
Another option would be to keep the mutual fund and maybe move around what I I have it invested in OR send it to my RothIRA?
One of the finacial guys at my bank told me that if I withdrew I would have taxes taken out for me to send it to my roth or I could use it to pay off part of my student loans and not pay the taxes. Now is this because of the tax credit for the amount I pay in interest or is there something else I dont know about? I believe this was a mutual fund that has to deal with education of some sorts but my parents dont even really know what it is and they took it out for me.