A little background info...

-Full-time college student, working part-time during school (around $800/mo)

-$16,000 in the bank

-$6,500 remaining on car loan ($150/mo payments, 2.9%)

-$8,000 student loans (Direct student loans, 3.5% interest beginning 6 months after graduation)

-$800/mo total expenses including car payment

-Job lined up after graduation with excellent benefits, $55,000/year

My question is what should I do with my $16,000? Tuition in January will run around $5,000. Would it be worth it to be off my car or student loans? With that low of an interest rate, I am not losing much per month not paying it off early. If your advice is to invest, where should I begin? I plan on dumping money into my 401K when I begin my new job, but I'm lost with what to do for the next 9 months. Thanks so much for any advice! (First reddit post, be gentle please!)
user
$16,000 in the bank, pay off car loan or invest in 401K?
assistant
A little background info...

-Full-time college student, working part-time during school (around $800/mo)

-$16,000 in the bank

-$6,500 remaining on car loan ($150/mo payments, 2.9%)

-$8,000 student loans (Direct student loans, 3.5% interest beginning 6 months after graduation)

-$800/mo total expenses including car payment

-Job lined up after graduation with excellent benefits, $55,000/year

My question is what should I do with my $16,000? Tuition in January will run around $5,000. Would it be worth it to be off my car or student loans? With that low of an interest rate, I am not losing much per month not paying it off early. If your advice is to invest, where should I begin? I plan on dumping money into my 401K when I begin my new job, but I'm lost with what to do for the next 9 months. Thanks so much for any advice! (First reddit post, be gentle please!)
user
College student with good chunk of money saved, is it better to pay off car loan or begin investing?
assistant