Paying off students loans and savings question

[Anonymous]

Hello everyone, i have school loans I’m paying off. I’m wondering if I should take some of my savings to help pay my loans or continue with my current payment plan.
Backstory: I graduated in 2004 with my bachelors owing about I think $22k( federal loans only). I was paying only the minimum until I return to grad school in 2009 for my double masters. I had approximately $16k ‘ish when I started grad school. I put the loan on deferment and when I graduated 2011 I had a total of $75k ’ish still all federal loans. I kept paying the minimum. At one point I considered going to med school so I started taking some pre-med courses and put the loans on derferment again. I changed my mind. So by 2013 I had about $81k in loans with interest. I kept paying the minimum which was around $300. I’m on the IBR plan. Fast forward to Jan 2016 my loan was $83k. I also just recently moved to a new city making $88k. I decided enough was enough I had to get serious with paying of my school loans. The entire time I was paying the minimum I was saving for emergencies. By Jan 2016 I had about 10k saves for emergencies. $7k in my regular checking/savings. Fast forward to today I have been aggressively paying my school loans and I’m down to $67k. I still transferring $200 a month to my emergency savings account in a bank in another state. I have at total of $25k saved. ( $10k for dire emergencies and $15k towards a purchase of a car in the future). My current car is 14 years old with over 180k miles. I’m hoping it lasts for the next 4 years. So far I’ve been doing well maintaining the car. If I do buy a car I do not want to finance it. In my regular checking:savings account I have $8k. I keep this just incase I used up money from checking acct I have backup. I’m 36 years old ,female, single, with no kids and want to be debt free by 40. I have no plans to ever buy a house. My rent currently is $1500 hopefully my landlord doesn’t increase it. I’ve been a good tenant. Also my current salary is around $95k now.

So I was thinking to take some money from my new car savings to help reduce the loan. Or should I just continue with my current payment plan. My minimum required payment with the IBR plan is about $650 plus I’ve been paying an extra $600-$700 a month. I’m hoping paying double I can pay it off in 4 years.
I appreciate any inputs. Please excuse my typos.

[Anonymous]

I think you have enough savings for your car and emergencies and should fund other priorities. Are you saving for retirement? Does your employer match any savings?

What's the interest rate on the Student Loans?

Great advice with explanations to be found here:

https://forum.mrmoneymustache.com/investor-alley/investment-order/

0. Establish an emergency fund to your satisfaction
1. Contribute to your 401k up to any company match
2. Pay off any debts with interest rates ~5% or more above the 10-year Treasury note yield.
3. Max HSA
4. Max Traditional IRA or Roth (or backdoor Roth) based on income level
5. Max 401k (if 401k fees are lower than available in an IRA, or if you need the 401k deduction to be eligible for a tIRA deduction, swap #4 and #5)
6. Fund a mega backdoor Roth if applicable.
7. Pay off any debts with interest rates ~3% or more above the 10-year Treasury note yield.
8. Invest in a taxable account and/or fund a 529 with any extra.

[Anonymous]

A lot of people in your income bracket convert their student loans to sofi. Have you looked into that?

https://www.sofi.com/refinance-student-loan/

If you are earning $95,000 and don't have kids I think you could be paying more aggressively on your student loans. Like make triple the minimum payment, or $1950/month. At only 1200 a month I don't think you'll be paid off in 4 years.

[Anonymous]

What kind of job do you have? You may qualify for PSLF; DO NOT consolidate federal student loans with SoFi.

[Anonymous]

Anonymous wrote:What kind of job do you have? You may qualify for PSLF; DO NOT consolidate federal student loans with SoFi.

Why not?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What kind of job do you have? You may qualify for PSLF; DO NOT consolidate federal student loans with SoFi.

Why not?

Bump. Also curious. For unexpected unemployment, SoFi has a year long deferment period and people on staff to help you find a new job. With considerably lower rates, she could save over 10k plus.

I haven’t pulled the refinance trigger yet with my own grad loans but I’ve been doing a ton of research and it at least seems to make sense pn the surface (I also have a high paying job and nearly 1.5x the loans).

[Anonymous]

Use a loan calculator to see what it would take to pay off in the amount of time you want. A 67K loan at 4% for 4 years is $1513/month. If you can do that and adjust your other savings accordingly, that will get you where you want to be without dipping into your savings.