Reply to s/o Save for kids' college or pay off student loans?

Forum Index » Money and Finances

Reply to "s/o Save for kids' college or pay off student loans?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You claim you live in a shitshack, but with that mortgage, it's tough.  Honestly, I'd sell your place and rent something for awhile.  After all, your kids are moving out within a couple of years anyway.  [b]Throw every cent of anything you make from the sale of the house at your student loan debt.  Then trim EVERYTHING from that budget and start chunking it at your debt. [/b]

Dave Ramsey would tell you to stop all savings -- of all types-- and throw everything at your cc debt until that's gone, then attack your car debt (or sell your nice cars and buy beaters), then go for your student loan debt.

It's going to take you years to pay all of this off and if your wife already has $300k in her 401k, you may just need to let that sit and churn while you get rid of this crazy noose around your necks.[/quote]

I disagree because of the transaction costs of moving.  They will probably spend 80k just to move.  It's not worth spending 80k to pay down 100k or so in loans.

I would definitely consider moving after the kids are gone though.  I'd think about renting a small 2 bedroom in a location where you can walk/transit to work.  Cars are expensive and a huge waste. [/quote]

Who in the hell pays 80k to move?  Who do you hire to move your things?  Mr. Carson and the Downton Abbey crew?[/quote]

I'm sure pp is talking about the fat fees you pay to realtors to sell your house. Considering OP has a really big mortgage payment, they have at least an 800k house. 800x.06=48k just in realtor fees.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics