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Need advice really quick please! :) POLL

Posted by on Aug. 31, 2010 at 11:32 AM
  • 8 Replies

 

Poll

Question: Pay off debts or give money back?

Options:

Debts

Give money back to school


Only group members can vote in this poll.

Total Votes: 14

View Results

So DH and I have been in the process of paying off our debts. We have about 50 000 in debt. We recently read Dave Ramsey's book but are unsure what to do in this situation. In a week or I am getting back about $3,000 from left over financial aid student loans from my college. It is there for me to spend on whatever. I bought a laptop last year I needed and paid the rest back. I have two options. Either I pay back the money to the school or we use that money to pay off some of our smaller debts. The way Dave Ramsey has us do it is a debt snowball where we pay off the smallest debts first and then work our way up. I could pay off at least 2 or 3 small debts. So...

Pay money back to school

OR

Pay off some small debts

by on Aug. 31, 2010 at 11:32 AM
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Replies (1-8):
SadiasMomma
by Janet B. Benson on Aug. 31, 2010 at 11:35 AM
But then you would need to pay back the student loan.... I guess it ifs deffered or low interest id probably keep it
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Brandy.B
by on Aug. 31, 2010 at 11:36 AM

How can I find out what the interest rate it? I know that is dumb I don't even know.

Quoting SadiasMomma:

But then you would need to pay back the student loan.... I guess it ifs deffered or low interest id probably keep it


cinnabunch
by on Aug. 31, 2010 at 11:37 AM

isn't the money specifically for school?

megarooniduh
by on Aug. 31, 2010 at 11:38 AM

Follow Dave Ramseys plan!  He knows what he's talking about. I took his class 2 1/2 years ago, and although I didn't have any debt his plan REALLY worked for the other people in my class (including my parents!) Stick to the plan and it will all work!way to go

Brandy.B
by on Aug. 31, 2010 at 11:38 AM

No, I just filed for student loans and then they always give me too much and then it is sent back to me and they told me I can do whatever I please with it. I'm the one who will be paying it back.

Quoting cinnabunch:

isn't the money specifically for school?


Pnukey
by on Aug. 31, 2010 at 11:39 AM

I'd give it back to the school because it's just more debt in and of itself.

Brandy.B
by on Aug. 31, 2010 at 11:40 AM

Well, that is what I'm not sure about. Do you think he would say to pay it back or pay off small debts? I am betting he would say pay off debts, right?

Quoting megarooniduh:

Follow Dave Ramseys plan!  He knows what he's talking about. I took his class 2 1/2 years ago, and although I didn't have any debt his plan REALLY worked for the other people in my class (including my parents!) Stick to the plan and it will all work!way to go


Devious103102
by on Aug. 31, 2010 at 11:55 AM

I've always thought you work to pay whatever has the highest rates first.

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