Sorry if this topic has beaten to death, but I couldn't find an answer that applied to my specific situation:
I have no consumer debt.
I have about $130,000 in med school debt; about 1/2 of that is at a 2.9% fixed interest rate, the next 1/4 at 4.75%, and the last 1/4 at 6.8%. It's all under economic hardship forbearance right now but is accruing interest.
I'm in my first year of residency and am starting to learn about investing. The sources I've read so far really stress the importance of investing your money ASAP (the whole time is on your side and power of compound interest thing) after paying off credit card debt (which I don't have).
So, now I'm wondering, should I start putting aside a fixed part of my (very modest) paycheck into paying down the interest on my student loans (the highest-interest one first?), or should I use that money to invest, or a combination of both? I'd really appreciate any advice or thoughts... thanks!!
I have no consumer debt.
I have about $130,000 in med school debt; about 1/2 of that is at a 2.9% fixed interest rate, the next 1/4 at 4.75%, and the last 1/4 at 6.8%. It's all under economic hardship forbearance right now but is accruing interest.
I'm in my first year of residency and am starting to learn about investing. The sources I've read so far really stress the importance of investing your money ASAP (the whole time is on your side and power of compound interest thing) after paying off credit card debt (which I don't have).
So, now I'm wondering, should I start putting aside a fixed part of my (very modest) paycheck into paying down the interest on my student loans (the highest-interest one first?), or should I use that money to invest, or a combination of both? I'd really appreciate any advice or thoughts... thanks!!