Should I Pay Extra on My Mortgage or Student Loans?

– Compare Interest Rates – Pay extra on the loan with the higher interest rate to save more money.

– Federal Student Loans Have Benefits – Income-driven repayment, forgiveness, and deferment options may make extra payments less urgent.

– Mortgage Builds Home Equity – Paying extra on a mortgage helps build equity and reduces long-term interest.

– Private Student Loans Have Fewer Protections – If they have high interest, paying extra can be a good choice.

– Consider Tax Benefits – Mortgage and student loan interest may be tax-deductible, affecting your decision.

– Financial Flexibility Matters – If you need cash for emergencies, focus on saving before making extra payments.

Balance Your Goals – Prioritize based on interest rates, financial security, and long-term benefits.