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How fast should I pay off my student loans?

If my loans are on a fixed rate is their anyway I could pay it all at once or will I have to stay with the monthly rate?
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Dee’s Answer

Depending on the type of loan you may be able to pay it off early. You will need to review the loan agreement document you signed to see if there's an early payoff penalty. If there isn't a penalty then you are welcome to pay it off at anytime.

Dee recommends the following next steps:

Check your loan agreement for an early payoff penalty.
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James J. (Jamie)’s Answer

This depends on the opportunity cost of the money you use to pay it back. If your interest rate is super low, then it is probably not as important to pay them back right away. For example, your loan may not be assessed interest while you are in school. It is might be important to have some money set aside in case you have an emergency or some other need for the funds. Once your student loan payments start becoming due, it is very important to have the money to start making the payments and to make the payments on time.

You also need to balance between your other obligations. For example, if you have credit card debt which is typically at a very high interest rate, you may want to pay that down first before your student loans.

Also, do you have other priorities? For example, do you want to save money for a down-payment on house, a car, etc.? Are you missing out on company-matching of your 401k? You need to figure out which makes the most sense to pay down first.
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