Vocaboly.com

[MegaC]

Hi all,

I am new to this group. Nice to meet you all 

I have a question. I am 34 and a recent new grad from the University
of Saskatchewan here in Canada. I have a Computer Science degree (High
Honours) and I am lucky enough to have a great, secure job that pays me
$65,000 Canadian. That's the good news!!

The bad news is I am also $45,000 is debt from my student loan. My
parents are simple farmers, and couldn't afford to pay for my
education. I also decided NOT to work while in school as I wanted to
get high marks so that I can do my M.CS or MBA later on in life.

I am trying to pay it off as fast as I can. I got a roommate and only
pay $550 a month for rent. I am single and no kids. I put my RRSP
contributions on hold so that I can funnel more $$ into my loan
payments. I am presently paying $900 (bi-weekly) on my loan and could
have it pain off in 2 years at this rate. So all is good I guess.

I want to speed this up though as I HATE debt and I am also 34 years
old. My question is, should I sell my car? I have a 2001 Civic in
Mint shape and I think I could maybe get $10K for it, which I could
further put towards my debt. Also, the money I save on gas and
insurance means that I can channel almost $1250 (bi-weekly) (~$2500) a
month onto my loan and pay it off in 1.5 years. However, it will be a
MAJOR pain in the ASS to not have a car.

Does this sound like a good idea to pay this loan off as FAST AS I CAN?

Your help, comments, thoughts are most welcome.

Cheers,
Derek