Pay Off OSAP ASAP?
Here's my situation. I'm graduating in April '08 from University and have about $16k of OSAP in total from my 4 years in university. I will have about $25k of savings (some in high rate savings, some in mutual funds) when I graduate. I am also expecting to be earning $50-60k in gross income afterwards. I do plan on getting my MBA after 2-3 years I start working FT, but it should be covered by my current company.
Do any of you recommend paying off OSAP in full as soon as I can (as soon as I graduate), or should follow the monthly payment schedule?
Assuming the OSAP interest rate is approx 8.5-9%, is it better to pay it off asap... or use my money and try investing for a higher return?
From what I can tell, I should probably pay off OSAP in full as soon as I graduate... but maybe you guys have better insight!
If you guys need more info on the situation to make a better recommendation, let me know what you need!
- I have no other debt whatsoever.
- Changed the new interest rate... now 8.5-9% thanks BBQPorkBun