Hi everyone,
Here we go, not this again you might think, but it's not a drastic situation but more a question of how can I resolve my debt with a well considered financial decision.
I have a similar question as "arfadugus" in the thead below but i didnt want to hijack it.
You tell me what to do. Need advice.
I dont know how to evaluate my situation to make a sound financial decision. (I dont think i'll be a fastlaner that soon)
I have a 5 figure college debt with (only) 0.12% interest. I have been paying it off @ 160 a month with the income of my 40hr /wk Job.
My parents offered to pay off the debt at once and that I pay them monthly instead of the lender.
And everything I pay back I can lend another time (only for things like housing or furniture when I move out)
So I have these options as far as I can think:
I really cant figure out how to compare these to situations and decide what's financially the wisest choice..
can anyone help?
Here we go, not this again you might think, but it's not a drastic situation but more a question of how can I resolve my debt with a well considered financial decision.
I have a similar question as "arfadugus" in the thead below but i didnt want to hijack it.
You tell me what to do. Need advice.
I dont know how to evaluate my situation to make a sound financial decision. (I dont think i'll be a fastlaner that soon)
I have a 5 figure college debt with (only) 0.12% interest. I have been paying it off @ 160 a month with the income of my 40hr /wk Job.
My parents offered to pay off the debt at once and that I pay them monthly instead of the lender.
And everything I pay back I can lend another time (only for things like housing or furniture when I move out)
So I have these options as far as I can think:
- I can pay off the debt with 160 a month (maybe more after a raise) until I buy a house or move out (then the loan is a heavy cut on your mortgage here) and use the excess amount that my parents offer to buy furniture / additional expenses.
- I can let my parents pay off the debt (so that I owe it to them) and pay them 160 a month. When I move out I can use the amount I payed them back to buy furniture or for additional expenses.
I really cant figure out how to compare these to situations and decide what's financially the wisest choice..
can anyone help?
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