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Old 02-20-2009, 01:25 AM
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Join Date: Apr 2008
Location: somewhere, usa
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Default Student Loan Question

Have a student loan from Wells Fargo that I've been paying on for about 2 years now. The balance left on the loan is about $5,000, scheduled payment is $97 per month, interest rate is approximately 12%. I've been paying $200 monthly ever since payments started.
I also have a savings account that is earning approximately 2.5% interest. Would I be smart to take $5,000 out of my savings to pay off the student loan, and then put $200 each month back into the savings account?
Appreciate the help!
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Old 02-20-2009, 01:30 AM
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Join Date: Feb 2009
Location: Ontario/Essex Canada
Posts: 104
Default Re: Student Loan Question

Yes you would be very smart to payoff the debt 12 - 2.5 = 9.5 why wuld you pay anyone extra money. Your first goal in life is get rid of all debt but your mortgage.

Last edited by RobertD; 02-20-2009 at 01:30 AM. Reason: typo
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