While I certainly understand your desire to be debt free, if doing so will potentially jeopardize near or mid term financial goals, then paying off the loans may not be a good idea. You may need the liquidity of the savings, which you will lose if you proceed to empty them.Great questions. I’m a PA so most opportunities are in public service (hospital) but certainly going private pivoting out of clinical medicine may be a decision in the future. I think I can make 10 yrs.. i think.Do you anticipate remaining in public service for the remainder of the term, or is it possible you’ll go to the private sector?
What interest rate(s) are you paying on the loan(s)?
If you paid off all the loans with savings, how much savings would be left? Would that jeopardize any other financial plans you have, such as buying a house? Would it mean you lack a sufficient emergency fund?
6.8% avg interest
I’d say it will deplete all my savings save for an EM fund (still could be better). Still maximizing retirement/hsa to lower AGI. House savings would need to be replenished.
How many months of expenses are in your emergency fund?
Statistics: Posted by Gradient Descent — Sat Feb 17, 2024 1:34 pm — Replies 13 — Views 349
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