Reply to Save for kids' college or pay off my own student loans?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here, thanks.  I'm somewhat surprised by the comments given my low student loan interest rate.  All the calculators I've seen say that it makes more sense to invest rather than pay off a loan with such a low rate.

I also have a $300k mortgage at 3.5%.  Should I focus on paying off that debt after I pay off my loans, especially if the mortgage interest deduction goes away?

And I drive a 20-year-old car, and DH drives a 10 year old car.  I have a $50 Android phone and use Virgin wireless.  [/quote]

If you keep punting paying off your college debt, it will take forever and be a psychological noose.   Do you really want to still be paying it off when your children go to college?

I would put in the minimum $ into your children's 529s to get the tax deductions, then plow the rest into paying off your student debt.  Then in 5-7 years when that is done, plow more into their college accounts. You do not mention retirement, so I am assuming you already have that covered. [/quote]

Sorry for the delayed response.  I don't have a psychological problem with debt.  I would be happy dying with my student loan debt not paid off, in which case it will be forgiven.  [/quote]

You really want to be paying on student loan debt during retirement?   Also, the discharge upon death depends on the loan (not all have it) and the laws of your state (your estate may have to pay, coming out of what would otherwise go to your spouse). [/quote]

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