Should I just pay off my student loan?
August 18, 2012 12:26 AM Subscribe
Should I just pay off my student loan? I owe $4800 for federal subsidized/unsubsidized loans. I have a three month grace period and already paid off $700. The thing is, I have $6000 in my bank, and if I pay off my loans, I'll have about $1000 (enough to keep my bank from charging me minimum balance fee) and also qualify for food stamps. The food stamp would really help because I have physical illnesses that keep me on a strict diet, and I don't see myself going desperate only with a $1000 now that I have a job that fully pays my rent. I don't really need $6000 for anything. It pretty much just sits there.
posted by kopi to Education (37 answers total) 3 users marked this as a favorite
I have perfect credit (I use a credit card) and also don't see myself buying a car or a house for the next ten years. I heard that in the long run, paying off student loans early is bad because it does nothing for your credit or something. I plan on paying $500 to $1000 a week and get my loans over with in a month before it starts accrueing interest.