One student loan paid off!! (one to go)
After some deliberation about six months ago, we decided to get really aggressive with our student loan payments. After years and years of paying, we were just sick and tired of having these payments.
We actually reduced the amount of money being withdrawn into my retirement account and have redirected that to the loans.
I know some advisors would advise against this, saying that the money earned in interest in the retirement account is greater than the money paid in interest to the loans.
However, for us, it made sense.
- Psychologically it was just depressing to have these payments. We have both been out of school for some time
- I think debt, in general, is not a good thing
- I pay the student loan immediately once the funds are available, so we do not use that money for other things. This is key.