Quote:
Originally Posted by osumatt
Thanks for the info. I have no illusions of them backing off the principal but thought they may forgive a bit of the interest built over the years. I did talk with my financial advisor and he did suggest paying this off instead of making the lump sum payment on my house note as the interest rate on the house is below the interest rate on the student LOANS. Once we get these paid off, we'll just roll what we were paying on the loans towards our house payment.
No auto loans for us. Been without a car loan for three years and hope to never have another one.
I think we'll just call the banks and see what they have to say. It couldn't hurt.
Seriously, I get on here daily for the past 18 years and have posted a total of 61 times. I think this is the first thread I ever started and I f*** up the title thread....  |
Sounds like a good plan, except, possibly, for paying down the home mortgage faster. Depending on the rate, that may not be a terribly exciting thing to do. Once you factor in the tax deduction (assuming you're not capped by SALT), the effective cost of a home mortgage at prevailing rates is very low.
I'd be maxing out 401(k) deductions, IRA deductions, etc., before I'd be worrying about paying down the mortgage faster.