I just graduated college and I am $30,000 in debt. Please help!?

Question

I have about $7,000 in savings and I don't know if I should leave my savings account alone or apply that amount towards my loans.

Answer 1

I agree w/ the other members. Leave your savings intact. Tackle your student loans in segments.

Be sure to contribute to your 401(K) and save 10% of you income.

If your student loans are subsidized or fixed at a low interest rate, chances are you will make more on any employer's match to your 401(K).

Read some books and look at websites about financial planning so you can make informed decisions.
examples: "Your Money or Your Life," "Get a Financial Life," "The Neatest Little Guide to Stock Market Investing, "The Neatest Little Guide to Mutual Funds," www.motleyfool.com, Any of the WSJ's guides.

Seriously, the younger you start socking away a little something the longer your savings will have to grow. Don't let that student loan debt overwhelm you. Besides, no one can repossess your education.

Answer 2

Whatever you do, don't use the 7K towards you debt. You need that cushion in case something happens. Leave it alone and let it grow with interest. Pay your debt off the good old fashioned way with consistency and time. Make your payments on time and always pay more than what's due/minimum each month. If you can, make one or more extra principal only payments every year. If you get a tax refund, send the majority of it towards the loan and stash the rest in savings.

Answer 3

Deep breath.

As long as you can make your minmum payments you are ok. Alot of people live their entire life with high debt and still end up with good credit scores and good lives.

Having to much debt is not going to ruin your credit as long as you can continue to make your minimum payments. Dont touch your savings, keep that as a back up in case you need for living expenses on a rainy day.

Answer 4

Try to leave your savings account alone, however pay on your loans every month double your payment when you can. Even if you pay it down by 7000 you are still in debt by 23000! I would recommend that you just collect a little interest on the 7000 and pay your payment every month.

Answer 5

You should always have 3 months worth of living, car and other essential expenses saved. Once you've covered that in your savings, I would use the rest of your savings to put a dent in your student loans.

Answer 6

You don't want you savings deleted and be left with nothing do you? So, I say, leave your savings account alone and go ask your family for help in borrowing money. If not, then set up a payment plan with the loaner.

Answer 7

Don't deplete your savings to put a dent in your loan.

If you haven't already, consolidate your loans. THis will give you one low interest and one low payment.

If you don't have the money now, you can apply for an economic hardship deferrment, and you won't have to make payments on your loan for a year.

Answer 8

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you. There is a lot of information also on consolidating student loans etc..

Answer 9

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