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01-25-2009, 09:43 PM
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#1 |
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Registered User
Join Date: Mar 2006
Posts: 9
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Pay my student loan vs. pay into my childs 529?
Hello:
I have about $15k left on my student loan (80% subsidised) and a new born. Should I pay only the minimum on my loan and then any remaining funds towards my childs future education, each month? Or, should I pay off my loans first with extra payments, and then invest in his 529 plan once my loans are out of the way? Thanks! T |
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01-26-2009, 12:45 AM
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#2 |
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Registered User
Join Date: Jan 2007
Posts: 18
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Pay Off Student Loan
It's hard to say without being able to compare the interest rates for each. They are somewhat alike in that they both offer some tax advantages as well. However, one thing that is not to be discounted is that some people just simply sleep better at night once they pay off all of their debt. If you are one of those people then you should pay off the student loan first.
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