Financial Planning

Why Not to Rush Paying Off Your Student Loans

by Colin Moynahan

If you are a recent college graduate, you are probably facing student loan debt in some capacity…be it yours or your spouses.

Fear not, you are not alone– over 70% of American undergraduates are in the same boat with a total nationwide student loan debt of over $1.6 trillion. With tuition costs increasing each year, this debt is growing faster than ever.

Debt has the reputation of being incredibly easy to acquire yet nearly impossible to get rid of. Like any financial burden, there comes the notion that student loans must be paid off as soon as possible. This seems especially true when a considerable portion of your monthly income is devoted to making debt payments.

It seems the obvious answer is to wipe it out quickly so you can use this money for other purposes down the line…right?

Not quite.

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