I'm wondering if anyone could offer some advice on how to allocate my $$:
After rent/taxes, I net around 2k/month. I am two years into military service (28 y/o female), and it is my hope to serve 20. I have $6k saved for emergencies, and another $3k set aside for a car (mine is still going strong but has 170k miles!). I save $350/month for a car, and just started contributing $200/month towards the Roth TSP (a Roth 401k for military members). I mainly chose this option for low fees and ease of allocating payments as my salary changes. No credit card debt/car payment-- single, do not own a home.
My question is regarding my student loans. After undergrad and grad school, I have about $50k in loans at 6% interest. I am on the income-based repayment plan, and my monthly payments are $40/month--which does not even cover the interest, and I've grown nervous watching interest capitalize for the last year or so. I plan to take advantage of the Public Service Loan Forgiveness Program, in which loans are forgiven after 10 years of military service.
So, how am I doing?? My rank (and therefore income) is low now, and it is important to me to keep cash liquid for an upcoming car purchase. Also important to me to start retirement savings.... however, is it wise to continue paying the minimum on student loans?? Or should I be more aggressive "just in case"??
Any advice would be great.