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Pay Off Student Loans

Dora Said:

Should I pay off student loans or start a retirement account?

We Answered:

Start your IRA. Student loan interest is soo low, and doesn't really affect your credit.

Bruce Said:

Is it ok to do this to pay off student loans?

We Answered:

That is completely up to you. Will you sign a promissory note and stick to it? Or is this a gift?

If someone gives you the money they can give it to you in increments or not if it is a gift. Student Loans have to be paid back no matter what so if a family member will not hold this over your head or you have to pay it back to them and can stick to it then take the money. However be aware unless it is a gift, money can cause all kinds of problems in relationships, family or not.

Pray about it.

Melvin Said:

Is it smart to pay off student loans with a credit card?

We Answered:

consolidate to a lower rate, but don't do it on a credit card. contact who the loans are with and see what they will offer you

Peggy Said:

Is it better to pay off student loans or continue a Roth IRA?

We Answered:

The decision really depends on what your interest rate is on the studen loans. Many people consolidated in the last several years at very attractive rates, between 3 and 5%. If you have one of those, I'd say go ahead and pay the monthly minimums on those, and use the money in the IRA.

If you have higher rates, paying off that loan looks pretty good.

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