Seeking Financial Advice (20 Year Old College Student)

Hey all,

I’m a 20-year-old college student and I’m looking for some guidance on what to do with my finances. Here’s a breakdown of my current situation:

Assets:

High Yield Savings Account (HYSA) at Ally Bank with ~$100k at 3.8% interest. I’m considering moving this to higher-interest accounts to maximize returns. Roth IRA maxed out for 2024 tax season, currently sitting at around $15k (from prior contributions). Rainy Day Fund of ~$50k in a regular savings account. I know this is more than I actually need for emergencies, so I’m looking at options to make this money work harder.

Debts:

Student loan balance of ~$16,411.19. My dad has advised me not to pay this off yet, but I’m unsure if this is good advice given my current financial situation.

Living Situation:

Monthly rent, utilities, and Wi-Fi cost ~$1,100, which my income can cover (though some months are tighter than others). I plan to increase my income post-graduation.

My Questions:

• Should I move my money from the HYSA to an institution with higher interest?
• Is it worth paying off my student loan early, or should I focus on growing my savings and investments first?
• Any other general tips on managing my finances more effectively as a student with some savings and low debt?

Thank you in advance!