Is it worth selling all my stocks to pay off my student loans?
I 24M currently have 36K left in my student loans. I refinanced them down to a lower interest rate (5.9%) on a 5 year loan. I am about 2 years in so I would have 3 years left of payments.
I currently live at home in NYC and make 125K base with a 25K bonus. I have 23K in a brokerage account, 10K in my checking account and 10K in my savings account for emergencies.
I honestly hate having the debt over my head and would love to get rid of it asap as I would like to move out in the next year. Is it worth it to sell my 23K in stocks and put that towards my loan? That would leave me with 13K left to pay which I would aggressively work on finishing before the end of the year.
I figure my two options are
- continue to make my monthly payments of $1,030 and when I get my bonus next April, throw the entire 25K (likely 17K post tax) at the loan.
2)sell the 23K in my brokerage account and use the funds to take a massive chunk off my debt.
My question is, is it silly to sell my entire brokerage account when it pretty much makes up the bulk of my savings just to clear my head of the debt? There is also the tax write off from the interest on my student loans to consider as I will no longer have any write offs.
I appreciate any insight! Thanks in advance.
Edit: I also have 50K saved in a 401k that I forgot to mention.