Recent MSW grad, totally overwhelmed trying to figure out which student loans to tackle first with savings. Need advice!
u/Mountain-Activity-142026年8月3日r/personalfinance
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u/Mundane_Nature_4548
You don't have a job yet, and the job you do expect to get will not pay enough to comfortably make your student loan payments. That means you need an emergency fund and additional options.
Keep a 1-3 month emergency fund depending on the rest of your safety net, prioritize paying off the private loan first, and then work on the federal loans in order of interest rate.
Big focus should be on increasing income and minimizing expenses, because that's the only way to get where you want to go.
M
u/Mountain-Activity-14OP
since mr private loan has a slightly lower interest rate why does everyone say i should pay this first? might be a dumb question but tbh i never received help with these so im lost
M
u/Mundane_Nature_4548
target the private loan since it has zero safety nets
For the exact reason you said in your post.
You may find these links helpful:
Student Loans
Student Debt Relief Megathread
"How to handle $"
Debt
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You don't have a job yet, and the job you do expect to get will not pay enough to comfortably make your student loan payments. That means you need an emergency fund and additional options. Keep a 1-3 month emergency fund depending on the rest of your safety net, prioritize paying off the private loan first, and then work on the federal loans in order of interest rate. Big focus should be on increasing income and minimizing expenses, because that's the only way to get where you want to go.
since mr private loan has a slightly lower interest rate why does everyone say i should pay this first? might be a dumb question but tbh i never received help with these so im lost
target the private loan since it has zero safety nets For the exact reason you said in your post.
Follow this: https://www.reddit.com/r/personalfinance/w/commontopics
You may find these links helpful: Student Loans Student Debt Relief Megathread "How to handle $" Debt I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.