Im gonna have to wait to get a truck until atleast fall. I am graduating (PSU) in May and will have to deal with loans. I want to pay them off asap, so the truck is going to have to wait. Hopefully in the fall I will be able to get my truck.

 

I'm sorry you have to wait for the truck, but I'm glad you have your priorities right. You don't see a lot of that in young folks these days.

Keep your head on straight and in the long run you'll be glad you did.

 

Thanks crob. I am just very **** about paying interest if I dont have to. I thought I would be able to handle car payments and pay off the loan, but its not looking that way in my head. Plus I dont think having that much debt right out of school is the best thing for me. I have 6 months after I graduate to pay off the loans interest free. I am selling my car, hopefully it sells, and that will be close to 65% of the loan right there. Being responsible is no fun tho!!

 

Just remember that in a couple of years you will probably be trying to work closing fees and a mortgage payment into your budget...

Paying the student loans off now is a really good idea.

Intellegent of you also to be looking at one a couple of years old.

I guess I could have gotten a used truck and put more toward my retirement, or to stepping up to a better house, so I suppose it never ends...

 

Agreed with Jeff,
Smart move to pay off the school loans as quick as you can.
Plus, you picked an excellent school, you won't have a problem getting a good paying job


~PSUERIEClassof1997Rob

 

Eh? At 2.65% interest, it doesn't make any sense to pay the school loans faster than the house or truck. Sure I'll have 10 years of payments, but if I put that money towards the house payment it takes the 30 year house loan down to 22 years and have saved 2-3x the value of the school loan. Plus, it's equity.

brandon. - who can't even spell financial

 

That is a good point, but on the flip side of that coin, when they look at your debt ratio (monthly recurring debts versus income) when qualifying for a home loan, it is nice to not be near the percentage limit. You can qualify for more money (ie more house) with a lower debt ratio.

~disclaimer*anothernonfinancepersonRob

 

Yeah, Im just gonna take the money I get from the car and invest it in a while. Once I get out of school I am going to be living with very little expenses at all. No house payment, just gas, auto insurance, and phone. My girl and I are going to try and be buying a house this time next year, so I guess its in my best interest to save up as much money as possible now.

hotdram, nice to see another PSU alum!!

 

You got that right, but you better get used to it!

 

Reality sucks don't it. I had to cancel my trip to costa rica because I've gotta pay taxes. At least your getting it out of the way now instead of later. Smart man.