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Ask Dave

Paying Deferred Loans

Micah and his wife have her student loans left to pay off. They're deferred because she's working on a Ph.D. Should they start paying them or save up to pay them off when she graduates?

QUESTION: Micah in Lexington and his wife have her student loans left to pay off. They’re deferred because she’s working on a Ph.D. Should they start paying them as if they were coming due or save up to pay them off when she graduates?

ANSWER: I’d just go ahead and knock them out. You’ve got about a year to go based on your current rate. I’d just go ahead and knock it out. You’ve got to knock it out sooner rather than later. It’s got to come around. It’s pay me now, pay me later. Just get rid of the stupid thing. It’s not a pet.

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