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Monday, September 28, 2009
Dayana Yochim :: Townhall.com Columnist
Die, Student Loan, Die!
by Dayana Yochim
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Make fun of the so-called "professional students" all you want. You know, the ones who, unlike the TAs, remember the original Dukes of HazzardTV show. But would yoube in a huge hurry to check out of the ivory tower and into debtors' prison?

More and more, recent graduates are trading their sheepskins for student-loan debt payments. Plenty of college grads face five-figure debts, and for those with professional degrees, loans of $100,000 or more aren't uncommon.

But what if you had the means to wipe the student-loan slate clean? Those who are fortunate enough to get good-paying jobs out of school may accumulate savings rapidly enough that they can pay off their loans early. If you can choose, which should you do: Kill off the loan, or keep cash in the bank? Well, it depends.

Wipe out that loan ASAP if:

Sit on your student loan if:

When it comes to paying off debt, do a side-by-side interest-rate comparison of all of your loans to see which one you should knock off first.

More reading to get smart about student loans:

60-Second Guide to College Savings Strategies Fast Facts on 529s The How-to Guide to Paying for College 

In addition, our Paying for College discussion boardis a good place to ask questions you may have. The Motley Fool's Guide to Paying for School by Robert Brokamp is also a handy resource.

This article was originally published as Die, Student Loan, Die!on Fool.com

Copyright 2009 The Motley Fool, LLC. All rights reserved.
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About The Author

Dayana Yochim is a consumer finance expert who offers concrete, actionable advice that helps people measurably improve their finances and make every dollar count.

Be the first to read Dayana Yochim's column. Sign up today and receive Townhall.com delivered each morning to your inbox.

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