Student Loan Debt
In the midst of our current crisis, should my finanical priority be focused on paying off my student loan debt or preparing for an economic collapse? I'd like to try to pay it off as fast as possible, but preparing is costly too. Any ideas?
Make sure your preparations include some paper money and some precious metals.. even if not much.. outside the banking system. Just keep up with your obligations for now.. you can always use your emergency savings to make extra payments later if by some miracle the system does not collapse.
I'm in the Long Descent camp. Especially because I believe the United States will likely be the last bastion of fiat currency after the euro, yen, and pound. It likely will last longer than you think.
Therefore, I suggest keeping up on your payments while taking care of the basics. For example:
1. 72-hour bug-out bag(s) with cash.($200), a little junk silver ($50 worth).
2. Two weeks of food, water, and toilet paper in your home. Medicines, tools, etc.
3. $1,500 emergency fund in the bank.
4. Pay off all other high interest debt (debt higher than 5%), applying extra money. Consider that you're paying most debt with after-tax money and it's not likely that most people will see large, risk-less gains in the market. On the other hand, the banks are happy to get a high rate of return off you.
5. Breathe a little easier and do more things to prep. Focus on paying off more debt.
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The loan taken by the student has to pay off all the debt they had. Is they has to pay interest on the loan they had taken ?
Worrying about money in university is really hard. In fact, it could stress a student out way too much and affect grades. Fortunately, a cash advance can help a student get by when they need cash before a paycheck comes. Maybe you have to print off a final project or pay for some supplies halfway through the year. Get the help you have to get through school. Find out more at: Is College Worth the Cost of Student Loans