I have money, I also have debt -- no clue how to proceed...

[ElDuque]

If anyone could give a little advice I would really, really appreciate it. I have monies (and debts) all over the place, and I would like to consolidate as much as possible. Naturally, I want to maximize the amount of money in my pocket in the long-run.

The greater the detail the better, but my primary concern is the CC debt, the student loans and the CD. I will almost certainly need to dip into the CD (for a fee) to pay off CC and to pay for my move.

Here goes:



Monies:
CD (at 3.5%, matures in October) -- $25, 800
Checking/Savings -- $1500

Debts:
Student Loans (at 6.25% I think) -- $8,125
Credit Card (High%) -- $750

Future Expenses:
Attending wedding in DC (from AZ) at end of June
Moving to new city at end of June as well.
Graduate school in August -- $15000/yr for 2 years

Income:
Will work full-time for 1 month at $15/hr (until ~June 15)
Begin internship at $22/hr on July 1st. Will be full-time until ~Aug 15 when I begin school. At this point I will be at 20 hours a week while I attend school

Thanks a ton.

[chisness]

What are the CD fees? Are they per time you dip in or what?

[ElDuque]

its 3 months worth of interest --- lady at the bank said it would be $250 for the entire amount, and $125 for half the amount.

BTW, i had a 9 month CD at 5% which matured last month. I let it lapse into a 6 month CD @ 3.5%.

[SleeperHE]

Is your student loan subsidized? And how far are you moving?

[ElDuque]

5500 of the loan is subsidized, the rest is not. I am in school currently, so I will have the option to defer the loans until after grad school, I think.

Moving 900 miles -- AZ to TX. Wont be bringing any furniture. Will likely need a couch, bed, dresser, dishes and table for an apartment.

[Dazarath]

CD at 3.5% is not a great deal. There are lots of savings accounts which offer 5%, and your money is liquid. Pay off the CC, of course. Those usually charge nasty interest.

[TheMetetron]

I'd pay off the credit card and as much of the student loan that isn't interest-free until you graduate. Keep the rest in the CD until it matures if it a short-term CD. If not, pay the fees for the full amount and take it all out now. Either way, put the remaining money into a money-market fund with Vanguard at the least.

[SleeperHE]

[ QUOTE ]
I'd pay off the credit card and as much of the student loan that isn't interest-free until you graduate.

[/ QUOTE ]

I would also recommend the above... as far as the cd is concerned; pull the full amount out now and find the best interest rate that you can at www.bankrate.com. You should easily be able to get a 5% yield on an internet savings account. With no lockup. CDs are the suck.

[Karmic]

Will the place you are getting the internship at pay your moving expenses? if so you might be able to stretch it without dipping into the CD. How much will you lose in interest on the CC? It probably makes sense to pull out the entire amount of the CD, budget what you need pay off the CC debt, keep the student loans if you can defer interest while you go to grad school, and put the rest back into a CD at a better rate or a MMA.

[ElDuque]

Thanks a lot for the help so far guys. That 3.5% CD is so jacked -- I thought something was wack, but didnt know what my options were.

Thoughts on this savings account: https://savings.eloan.com/savings/proces...mcode=bkrkwskhh