Got some debt, want to get through school
Hey guys,
As the title states I'm about $7500 in debt right now and I am planning to attend college in September.
Thankfully (I guess) the vast majority of that debt is in a Student Line of Credit SLC)
As of today I'm carrying $6600 on my SLC at 3.7% interest. Being a student I am not required to pay any principle, just interest and insurance. Roughly $16 per month.
The rest of my debt belongs to a Visa credit card. About $900. Interest rate is 19.99%. Minimum of $10.
Other bills include $300 for room/board and $63 for my cellphone. Both monthly.
My current income is around $300-$350 per week, roughly $1200-$1400 a month.
The school I plan on going to will run me around $2000 per school year. Including books/supplies. My parents will be paying for my living costs while away at school but I am responsible for any school related costs.
I will not be in school during the summer so I will also be working in between school years. I generally make upwards of $3000 during the summer. Ideally I'd like to finish school debt free.
Though I've read the wiki and I understand that paying my credit card off is the biggest priority I am unsure if I should pay off my SLC and use that for school or if I should simply let my SLC be and save the money so that I have what I need in cash.
Any help/recommendations would be great. Thanks!
Posted Feb 21, 2016, 8:51 PM UTC