How to pay off student loan

HiToWaMom
Mon, 13 Jul 2020 22:39:43 +0000

My D is senior in college and she will have $19,000 student loans when she graduates. My husband and I will be paying it off for her.

Which is the ideal way to pay it off?

1. Pay it off all at once. We will be able to pay it off using our savings. It will temporarily lower our savings but we can build up from there and I don't want to pay the interest.

2. My husband thinks paying it off over the course of several months will give my daughter a better credit history. (even though we will be paying interest) I'm a little skeptical about this one.

I appreciate your advice.