I also have been wanting to purchase a home for about 6 months, but with the current market, I’m seriously considering renting for at least another year. If I do that, then should I just throw my cash savings at my student loans?
The other option I’ve considered is to just invest it in a brokerage account and let it accrue interest at a higher (~8%) interest rate than my student loans (4.3%).
I should also add- I have no other debt.
If you can only save 5k/year then you are not even close to being ready to buy a house.
Pay the loans. Even if it’s at prime rate I find that being debt free as a young adult has a value to it that is immeasurable. The obvious comparison here is to compare the loan interest rate to what you could possibly make risking it in the S&P500 but tbh I think it’s better to not mess around with leverage at such a young age and instead sort yourself out first.
What’s the housing prices like where you are?
What’s your cash flow like?
You may find these links helpful:
– [Student Loans](/r/personalfinance/wiki/studentloans)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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What is the interest rate on your loans, and will you possibly be receiving any loan forgiveness?
If your student loan interest is higher than 5% I would say pay off student loans instead of investing on the market. On average if I am not mistaken the market has given a return of 6% avg over the last 25 years
I’ve been paying on student loans for my wife and I for 13 years now. Every day I wish they were no longer there. If I had the cash on hand to pay them off, I would do it in a heartbeat just for the mental freedom. Take what you want from that.
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