POLL: Pay Off Private Student Loans or Save Up for a Home? (Poll Closes 05/15/2007)

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always pay off debt when you can. ALWAYS.

― Oilyrags, Tuesday, 8 May 2007 02:51 (sixteen years ago) link

ILX AGREES: DEBT SUCKS

― David R., Tuesday, 8 May 2007 02:53 (sixteen years ago) link

LOANS LOANS LOANS

― 696, Friday, 11 May 2007 10:40 (sixteen years ago) link

Oh: I didn't read this properly before voting - a private higher interest loan, yes pay off :( Low interest government issued student loan = not worth it. I've only got one credit card to pay off and am "quietly confident" I can do this soon - I paid off about half the balance, but then oops! bought a laptop! But I can't think of any other high value purchases I'd need to make on it in the next couple of years so by then hopefully it will be all nicely paid off and then the cash from those payments can go nicely into an ISA or what have you (if I can put that much money in an ISA that is, my payments are [voluntarily] really quite high).

― Sarah, Friday, 11 May 2007 10:46 (sixteen years ago) link

Short answer, loans.
Long answer, in fact this is a simple math question really: How can you "make" more off each marginal dollar? Compare the interest rate on the loan you would pay down vs. the capital appreciation on the home you would invest in. Virtually all of the time, you will benefit more from paying down the loan. (The math is oversimplified, but I don't think that voids it as a rule of thumb.)

― mitya, Friday, 11 May 2007 11:40 (sixteen years ago) link

thanks for the input -- esp. since it confirms what i was gonna do anyway.

― Eisbaer, Tuesday, 15 May 2007 00:27 (sixteen years ago) link

confirmation_bias_lolcat.gif.

― remy bean, Tuesday, 15 May 2007 01:42 (sixteen years ago) link

I felt unable to vote in this poll, as "invest in bale of Cocaine" was not an option.

― John Justen, Tuesday, 15 May 2007 01:45 (sixteen years ago) link

haha, "invest in weed/crack-selling ice cream truck" wasn't an option either -- and perhaps it should've been.

― Eisbaer, Tuesday, 15 May 2007 01:46 (sixteen years ago) link

http://www.bobsandersonentertainments.co.uk/live_the_dream.gif

― John Justen, Tuesday, 15 May 2007 01:48 (sixteen years ago) link

Watch these rap niggaz get all up in your guts
French-vanilla, butter-pecan, chocolate-deluxe
Even caramel sundaes is gettin touched
And scooped in my ice cream truck, Wu tears it up
(The ice cream man is coming!)

― Eisbaer, Tuesday, 15 May 2007 01:50 (sixteen years ago) link

eight years pass...

Rate of interest on student loans in the UK (1.5%) is now higher than most saving accounts so i paid mine off today.

― Petite Lamela (ShariVari), Friday, 22 May 2015 07:35 (eight years ago) link

congrats!

― brimstead, Friday, 22 May 2015 07:44 (eight years ago) link

ty!

― Petite Lamela (ShariVari), Friday, 22 May 2015 07:54 (eight years ago) link

Getting unencumbered of debt is generally the way to go every time.

― Aimless, Friday, 22 May 2015 16:48 (eight years ago) link

Well done! If I wasn't on standard maternity pay I'd do likewise

― kinder, Friday, 22 May 2015 17:38 (eight years ago) link

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