How to Get Out of Debt Forum

Canadian Citizen With U.S. Student Loan Debt

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3:44 am
March 12, 2010

Jon Emge

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posts 1018

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Ray,

The fact you can repay the loans is a good thing, as for paying them quickly or slowly can be debated about.

My thinking is the sooner you are out of debt is a good thing.

However as some interest on student loans can be used as a deduction on your taxes and not fully knowing your tax situation, some people like the tax break and can use it to their advantage.

You can consult a tax advisor on this.

Again, I am of the opinion getting out of debt as soon as you can is a good thing.

I invite others to post their thoughts as well.

I wish you the best.

Jon

1:26 pm
March 11, 2010

Ray23

New Member

posts 1

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I'm a Canadian citizen who went to college here in the U.S. and am now working here on an H1B visa. I took out approximatly 150K in student loans from sallie mae to complete my graduate program. My loans are getting near the repayment date. the interest rate averages about 5.5%.

Am i better off paying it off slowly or as fast as I can? I make about 150K before taxes and keep about 100K after taxes, single, and no home. What is my best move at this point?

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