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bobby96

Federal Student Aid Interest

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Now that Federal Portion of your student loan will be 0 until January 2023 how does this impact your financial decisions. Would you pay your Ontario portion of loans quicker or your student line of credit? Curious on your view point

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I wanted to share this debt calculator because you are asking the question that you are: https://www.vertex42.com/Calculators/debt-reduction-calculator.html

The website looks pretty janky, but it is a company that makes a lot of the Microsoft office templates. 

I use the Avalanche approach. 

If you asked this question, use any extra money to pay off higher interest debt. If there is no other debt, put money into the TFSA and into something like VGRO/XGRO. If you are needing to purchase a property, pull that money out and pay off the student loan. 

0% interest is essentially free money and you can earn interest on your extra money elsewhere which will help you pay off that student loan. 

 

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