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Maria | Which student loan do I pay off first? |
I have 5 student loans. I want to pay them off as quickly as possible, but I'm not sure which to pay off first. I've always heard pay off the highest interest rate, but my smallest loan has the lowest interest rate and I've considered paying it off up front and putting the money towards another loan. Not sure if that's a good idea or not?
How much I currently owe:
- 2435.18 (26.52/month) 2%
- 6286.71 (80/month) 5%
- 6506.15 (67.66/month) *10.25% interest rate!*
- 8305.33 (51.62/month) 6%
- 10241.03 (110.45/month) 8% interest rate
I have an additional $384 that can go towards student loans in addition to the 336.35 that I already pay. How should I distribute this? What route should I take? In which order should I pay off my student loans? |
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Wayne Z
 |
The one with the highest interest rate should get all of the extra.
Once that one is paid off, move on to the next one with the highest interest rate and so on. |
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Johnny Ballgame
|
Its always a good idea to pay off your debt with the highest interest rate first, which is what I would suggest you do. This will minimize the total amount you pay over the life of these loans. With five separate loans, you may want to look into consolidating these loans into one loan and set up a payment plan with them. That should also help minimize the total interest paid. Good luck! |
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Thundercat, 007
 |
Mathematically, it would be best to go for the highest rate first. But you seem to have a desire to start eliminating loans. Paying down the lowest one will give you a small victory. Then go on to the next smallest one. It is called a debt snowball. Dave Ramsey uses this term in his teachings.
You have the right mindset to pay those loans. Too many people leave college and want a new car, fancy clothes, electronics, upscale apt all while having big student loans. Try living conservatively instead and pay off the loans so that you don' t have them hovering over your head for 15 or 20 years. |
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La
|
I would pay the highest interest rate per month. It will compound exponentially higher than the others. |
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Alex
 |
There are two schools of thought on how to pay off debt: 1) the highest interest 2) the lowest balance. Paying the highest interest debts will save money in the long run. Paying the lowest balance account will reduce the number of accounts owed and free up those payments for other debts sooner. Decide which account to focus on; make the minimum payments to other debts and put all extra payments toward that one. Once that account is paid, take the money you were paying to it each month and put it toward the second one on your hit list.
Are these all fixed interest rate or variable? If variable, chances are the interest rate and possibly monthly payments will increase in future years. If/when that happens, re-evaluate the order in which your targeting debt. Personally, I'd start with the 2% loan and have it paid off in ~6 months. I like the previous answer about consolidating, but doubt it would be beneficial to consolidate that one as it's already at a very low interest rate. |
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