Party Poker Viagra Loan Home Loans Xanax
We Just Got Married, I Have Student Loan, He Has A Two 401 K's And More $. Should We Use His To Pay Off Mine?
Melaine-Burch, 2006-09-18 09:38:41
He has no problem doing this but thinks he can't cash in his 401K without being penalized big time. (he has another one we wouldn't touch) he also has an annuity worth the greater part of my loan but it wouldn't cover it completely.we would like to buy a condo next year but ass long as I have the loan over my heaad (now over both of our heads) I won't be able to contribute as much towrads the mortgage each month.okay, no one answered my part in the question about using his annuity. fine I get not to use the 401 k though and yes I have a job, we each do - that isn't the point. single family residence or condo -whatever, we live in New York - maybe I should have clarified and said apartment and lastly, my loans were consolidated already - can't consolidate again. we are a team financially anyone who is married knows this - my debt becomes an issue for him as well. our finances get combined so WE BOTH pay off whatever. Paying the student loan as quickly as possible would seem to be the smarted path as otherwise we end up paying heaps in interest.for those of you asuming the interest rate is low...wrong...I was told to consolidate when aI got out of school back in 2000. I did and got locked into a rate of 8.25%. THEN the interest rates dropped insanely but too late, I'm locked in....believe me I have tried and tried to geet it changed but the best I could do was drop it to 7.25 with a good record of payments.no real rush to buy a place but we would like to by next summer.
2006-09-18 11:02:33 Ethan-Lear wrote: Do you have a job? I suggest using your own income to pay off your own student loans. If your husband has the cash in the bank to pay off your loans without touching the 401k plans - that is the preferred route. I would buy a single family residence rather than a condo lil fizz and remy ma on party poker december 2004. Condos are hard to sell and do not gain value as quickly as single family residences rules of the card and dice game party poker.
2006-09-19 15:46:32 Cassidy-Treeby wrote: the student loan interest rate is very low and can be paid over 10 years. i don't know what the big rush is on buying a condo. the return on your investment, over the long run, should be more than the 5% interest on your student loans. you can have up to 15% of your income in loan debt and still afford a house.since your loans are consolidated, more than likely your interest rate is pathetically low. if it is under 5%, pay the minimum on the loan each month, and the money you were going to use to pay extra on the loan, invest into the market. real estate is very expensive in ny and prices are just starting to drop. the power of compounding interest is an amazing thing. or better, increase contributions to your 401k's since that will lower your tax bill. cashing in the 401k or annuity will cost you more when it comes to retirement. thus, if you were to pay off your student loan early, you would actually end up, in the long run, with less money.
2006-09-18 11:02:06 Jayme-Thomas wrote: No, no, no! The value of the 401(k) money is TIME. Compound interest will grow that money over time, and if you take a chunk out now, you will lose. Just pay the student loan off over time (I assume you have a fixed interest rate) and do not touch the 401(k) unless you have a life-threatening, actual emergency!!! Study up on compound interest and you will see that the younger you are, the less money you have to save because compound interest will add up faster than it would if you started saving, say, when you were older like 40 or 50.
2006-09-18 10:55:39 Gerald-Dimsdale wrote: You should save his 401K lil fizz and remy ma on party poker december 2004 lil fizz and remy ma on party poker december 2004. Most 401K's allow you to withdraw money without a penalty if its for the purchase of a home. So I would save the money to buy the condo. If you're concerned about the student loan, find out if you can consolidate the loans. If you do so, you can have a longer period to pay off the loans which will reduce the monthly payments as well.
2006-09-18 10:56:58 Lashawn-Woollard wrote: no just Wait
2006-09-18 11:02:52 Maris-Carmichael wrote: His 401K would be penalized. I wouldn't do it, think about it, what is the difference here, it is either his money that pays your student loan or more of his money for a mortgage, either way he is the one paying.Speaking from personal experience, I can tell you that you are not penalized when using the 401k to pay for education, same as for first time home ownership. Wait a minute...maybe it's an IRA I'm thinking of...I'm not a good with money person, but the perpetual student. Instead of soliciting opinions from people on here or may not know what they are talkinga bout and there's no way to tell for sure, I'd meet with a financial advisor to get the answers to your financial questions.
2006-09-18 19:53:24 Chase-Trout wrote: get a job
