I proudly told Michael tonight that 7 days ago I resolved to pay my 20 year student loans in 7 years (a random number I picked). Proudly told him that I made a 600 dollar payment this month (the day I made my resolution) on a 200 dollar minimum. Iâ€™m also going to be eating ramen more often now. He groaned.
He said the point of student loans is to take my time with them. And accumulate money that will grow in interest over the years and that if I paid all my debt now, Iâ€™d have nothing later.
â€œLinda, student loans are GOOD debt.â€
â€œBut, itâ€™s my ONLY debt so wouldnâ€™t it also be my BAD debt?â€
He sighed and told me he didnâ€™t have time for me right now and hung up. Hahaâ€¦ :)
I want to be money smart but I really don’t get it.