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[quote=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.
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