Financial advice

[ChipperChop]

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I am a fellow and I have had an inherited ira for a few years. There is enouf to pay off my 170k student loan debt but I planned to use pslf. Now that pslf is up in the air I want to figure out if I should continue investing or some how try to pay off my loans.

Who exactly do I have to talk to to calculate these numbers? The bank personal advisors are clueless and biased.

Thanks

 

[ThoracicGuy]

I am a fellow and I have had an inherited ira for a few years. There is enouf to pay off my 170k student loan debt but I planned to use pslf. Now that pslf is up in the air I want to figure out if I should continue investing or some how try to pay off my loans.

Who exactly do I have to talk to to calculate these numbers? The bank personal advisors are clueless and biased.

Thanks

What are your loan interest rates? If psfl ends, it would not likely affect current loans under the current rules.

 

[The White Coat Investor]

I probably wouldn't pull it out of the IRS to pay it off, but assuming you're not going to go for PSLF, I'd definitely use the annual RMDs to pay off loans.

 

[ChipperChop]

What are your loan interest rates? If psfl ends, it would not likely affect current loans under the current rules.

My interest rates range from 5.5-6.5%. I’ve been paying using IBR and my debt has increased from 150k to 170k over the last 3 years. It’s a frightening rise

 

[ThoracicGuy]

My interest rates range from 5.5-6.5%. I’ve been paying using IBR and my debt has increased from 150k to 170k over the last 3 years. It’s a frightening rise

By spending down your loans, you're getting a 5.5-6.5% return on investment. That's not a bad deal.

 

[bravotwozero]

My interest rates range from 5.5-6.5%. I’ve been paying using IBR and my debt has increased from 150k to 170k over the last 3 years. It’s a frightening rise

That last line of yours answers your own question. Use the IRA and pay off your loan. Those interest rates are terrible by the way. I refinanced my loans down to 2.88 variable.

Free yourself and your paycheck from debt. Then use your new found cash flow to save for retirement/buy a house/emergency fund etc.


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[ChipperChop]

does anyone know the job title of someone i can crunch numbers with? I need to consider taxes and penalties but don't know who to talk to

 

[doc05]

does anyone know the job title of someone i can crunch numbers with? I need to consider taxes and penalties but don't know who to talk to

You'll need to find a good accountant or tax attorney. You could also figure it out yourself, as it's not really that complicated.

 

[Mass Effect]

If PSLF goes away without us grandfathered in, there's going to likely be a class action lawsuit.

 

[slappy]

If PSLF goes away without us grandfathered in, there's going to likely be a class action lawsuit.

Class action suits rarely help the consumers. They're there as a check against companies and to make lawyers rich.

To the OP, you should pay off your loans. Don't ask financial advisers (at banks or elsewhere) who would just try to sell you their products (unless you find one who has no products to sell and charges an hourly rate).