In today’s video, I break down where my money goes when I invest it with my M1 fiance into my Roth IRA account, along with sharing my concerns regarding the student loan repayment resumption coming at the end of this month! #studentloans #studentdebt #debtfreejourney
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a little fyi you could pop into your m1 account to see the max amount you can contribute. in the app just click funding history i think. upper left corner
Great job, Michael! Have you considered being a guest on the Bigger Pockets Money Finance Friday show? It would give your channel exposure and you could get some advice, maybe things you haven't thought about, to move your financial position forward.
$6500 is the max for 2023 IRAs. I'd consider what your interest rate on your loans are and what the interest on your account is to determine when to make the payment. Will you earn more money than you owe if you let it sit in your account? Consider those things and then make your decision.
I assume you will be transferred to the SAVE plan so this is what I would do: I would continue to keep in all in a HYSA because you are earning decent money with it. On the SAVE plan you will not accrue interest, due to new rules. So your monthly payment will go to interest and then all interest not covered by that payment is waived. Since the SAVE plan is an income based plan, it will take 10% or your current income regardless of if you pay down your loans in September or not. You also have to remember: they will not be recertifying your income until late 2024- whatever your payment was before then pause, will be the payment for the next year. Since it is likely you will save enough to pay off your loans in full over the next year: I would keep saving it all to keep earning interest and set your student loan auto-debit to come out of that account. So I guess what it comes down to: whether you plunk down a huge chunk of change in September or not, will not change your monthly payment. Lowering your student loan amount will not change your monthly payment for the next year. You have the opportunity to earn $1000-2000 in interest over the next year. The emotional relief from having less debt in September is not that great, IMO, since you’re so close to the finish line and you would be cheating yourself out of $1000 in interest. This plan only works though in your unique situation: you have grad student loans, under the SAVE plan, and can easily save up the total to pay them fully off by the end of 2024. Once you’ve saved up your total balance I would pay it in one lump sum, and do it before the end of 2024. Frankly you’ve set yourself up for success. Most of student loans come down to emotional relief vs. mathematical sense but I don’t think emotional relief should be a huge consideration in your case- so take the extra cash while you can.
Pay it when the interst starts, unless the interest on your loans is lower than your ally interest earned.
Pay it off for the interest❤
Regarding student loans,if it's all about the math, I would say pay it when the interest starts accruing unless your loan interest rate is lower than the rate you are getting from savings. I know some are still waiting for some kind of intervention from the government, but if it were me, I'd just pay it off and move on to the next goal.
I looked it up – interest starts accruing on 9/1. I would drop it all on the loan early in the last week of August – so that big payment has plenty of time to get credited and so the loan servicer doesn't compound interest on 9/1 on the balance sitting in your account now. I'd want the reduced balance reflected there for interest accrual on 9/1. There's a lot of confusion and incompetence by servicers about to happen, and I'd get out well ahead of the loans restarting.
If the interest on the student loans is higher than what you are making at Ally then you would loose money keeping it in the savings account. The interest would be higher than that $150 a month you are making. Personally I would put the money on the loans before it starts accruing interest. The lower the principal the less amount of interest you would be charged each month.