Should I pay off my School Loans in Full?

[Savingmonster]

I owe about 22-23k IN SCHOOL LOANS TOTAL..

If I have about 27k in Savings, do you recommend I pay off the Loans in full? or should I make huge Monthly Payments?

Thanks a lot..

[bjl584]

It depends on a lot of things. What are the interest rates on the loans? What is your rate of return on the money that you have to pay the loans off? Do you have any plans for this money in the next 3 to 5 years? Is there a tax advantage to keeping the loans? You will have to weigh the pros and cons.

[sawlyeee]

I would pay off the student loans.

Just my 2 cents.

[cschin4]

Yes. I would pay them off. It will be very freeing and motivating to you to do so. But, make sure you have a fair EF before you do so.

[cschin4]

I have paid almost all of my loans off early from student loans to car loans to mortgage. It is just a habit and one I am glad I developed. We paid off our mortgage and own our home and cars. And, I pay my cc off in full every month and always done so otherwise I wouldn't use it.