Personal Finance on Yik Yak | Graduated with 40k in student loans and am making 55k gross income. Do I pay off loans asap or do I make minimum payments and put the money elsewhere? What should my next steps be?

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Personal Finance 12w

Graduated with 40k in student loans and am making 55k gross income. Do I pay off loans asap or do I make minimum payments and put the money elsewhere? What should my next steps be?

Anonymous 12w

i’d start paying the loans off so the interest doesn’t go up to some insane amount and save or invest the rest

Anonymous 12w

Anonymous 11w

Live at home and pay it off asap

Anonymous

#2 12w

Ah I just realized you can’t click to make it bigger. Search up personal finance on Reddit and you’ll probably find this infographic in the FAQs. Basically try to avalanche or snowball, depending on your circumstances

Anonymous

#2 11w

Depends on the interest rates. Anything over basically 4% pay down immediately after you establish an emergency fund that will carry you for 6 months (if you feel good about your job or 12 months if you feel like your about to be fired), I would also make sure you’re prioritizing your 401k match over paying down debt, cuz being young, even a little more time in the market pays huge dividends at the end of your life.