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- Welcome to Family Finance Blog. This is a periodic blog about our finance management to prepare for and be with our coming family (baby is due in August!)
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June 25th, 2008 at 8:00 am
Congrats! It helps mentally to have achievements along the way.
A car will get repossessed faster than a house. The education can’t be repossessed. The fewer debts, the lower risk for something funny happening on any single one of them.
Getting your house repossessed would take months.
The main way the student loan can hurt is by hurting credit. If you are not dependent upon credit, than you are fairly immune to this threat.
And the stu loan is low interest. I consolidated two into one, and accepted the deal that the interet cost would be rolled into the loan, and I owe the total (i.e., I can’t pay off early and save money).
For these reasons, I will pay off the house (80K; hopefully pd in the next 8 yrs) before the student loan (30k; should be around 8K when the house is paid).