i have college loans to pay off for my two sons. Some are $5,000…..some are combined to $85,000.

Question by Eva: i have college loans to pay off for my two sons.
i have college loans to pay off for my two sons. Some are $ 5,000…..some are combined to $ 85,000……I have received about $ 15,000 from a parent recently. All loans are in forbearance but accruing interest…they come out of forbearence in March. They are all Government PLUS loans.

Shall I begin to chop away at the 85,000 or pay off the smaller loans if I can?

Best answer:

Answer by Sharon T
How much did you have in savings before this new money came in? If it is not sufficient for six months’ living expenses, stash it in your rainy day fund and don’t pay off the loans early. You should not run on empty.

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