Student Loan Debt

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Kdonohue11's picture
Kdonohue11
Status: Member (Offline)
Joined: Apr 29 2013
Posts: 1
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?

Jim H's picture
Jim H
Status: Diamond Member (Offline)
Joined: Jun 8 2009
Posts: 2362
Prepare

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.    

Poet's picture
Poet
Status: Diamond Member (Offline)
Joined: Jan 21 2009
Posts: 1887
Keep Paying On Your Student Loans...

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.

Poet

DennisMatt's picture
DennisMatt
Status: Member (Offline)
Joined: Jul 15 2013
Posts: 1
The loan taken by the student

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 ?

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