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Savings vs Paying Down Loans
April 27, 2016
4:35 pm

Michael and the SL community,

Has anyone created an excel sheet or another calculator that inputs all the variables necessary to really look at how best to pay down debt or plan for the future?

I’m looking around the internet and can’t find much. I’m doing my best to create one from scratch but there is a lot that needs to go into it.

Given the new REPAYE plan and high loan balances, it might be in the best interest of myself and others to save/invest rather than try to pay down the loan. Given different salary considerations and timetables to pay down debt, there is hundreds of scenarios that can change yearly which may affect my decision. I would imagine if you hired a financial advisor, you could make them build one for you to give you the proper advice. Unfortunately, i don’t have enough assets where that makes sense.

Any help or ideas is much appreciated!

May 5, 2016
6:34 pm
Forum Posts: 351
Member Since:
May 3, 2014
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This would be a great idea, but something that would be nearly impossible to do right.

For starters there are a ton of variables that factor into putting together a plan. Marriage status alone would require half a dozen questions. Are you married? Does your spouse have loans? Are they federal or private? Might you get married in the future? How much does your spouse make?

Then we get into issues like risk aversion. Some people want to be very conservative with their money, while others are more comfortable with being aggressive and less fearful about a potential future job loss.

I can’t speak for others, but personally, when it comes to financial decisions I read up on the topic as much as possible. The more educated I can get myself, the better informed I can be when making decisions. Sometimes the questions do not have clear answers.

If you are weighing certain options feel free to ask here. We can’t tell you exactly what you should be doing, but we can give you some ideas and some suggestions.

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