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Alfredo Chavira
  • El Paso, TX
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Question about paying off student loan versus investing

Alfredo Chavira
  • El Paso, TX
Posted Jan 30 2016, 10:25

Hello, I am faced with a decision and would like some advice. I currently have a full time dependable job and about $13,000 saved up. I am wondering if I should put all of my extra income (amount of money left after all monthly expenses are taken care of, around $700 a month) in to making that number larger so I can reach the 20% down on a property in the range of $80,000 to $90,000 and create passive income, OR should I first aggressively pay off my student loans with my extra income which are at $20,000 and a 5-6% interest and then invest when I'm debt free.  

I feel like I'm at a crossroads here. My minimum payment on the loans is $152 so I can either attack that loan amount so I don't have that hanging over my head for the next decade or I can jump in to the REI game soon since I almost have a down payment saved up. Arghh!!

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