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Are these philosophies translatable to a student loan repayment?

Submitted by Mike on June 3, 2007 - 12:54.

Greetings everyone.

I find myself at an interesting juncture of my life. I'm 24 years old, and after 18 years as a professional student, it's finally time to begin my actual career.

The problem is, my 4 years of private undergraduate and 2 years of graduate study have racked up quite a debt. $92,000 to be exact.

I'm planning on trying to consolidate all of my loans to lock in the lowest interest rate possible, as some of the loans are variable interest by nature. So I'm probably looking at an average interest rate of 7 or 8 percent.

Is it smarter for me to choose a faster repayment schedule? Or to use the extra money for investments, savings, personal growth, etc.?

Thanks in advance for any responses. And I completely understand if this is outside of everyone's expertise. Thanks again.

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