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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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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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