[ SECRET POST #4574 ]

[case]

⌈ Secret Post #4574 ⌋

Warning: Some secrets are NOT worksafe and may contain SPOILERS.

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Notes:

Secrets Left to Post: 02 pages, 29 secrets from Secret Submission Post #655.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.

Comments

Paying off student loans?

[kaijinscendre]

Should I pay off my biggest one first? Or the one with the highest interest rate? Or the one I can pay off all at once? Or pay extra on all of them equally to finish them all off earlier?

Re: Paying off student loans?

[tabaqui]

Highest interest rate first; you're costing yourself more money the longer you pay on that one.

Re: Paying off student loans?

[kaijinscendre]

Here are the amounts, interest rate, monthly payments, and the Nerdwallet calculator on how much interest I will pay at the end and how many months it will be payed off.



The italicized ones are payed on one bill.

So the smallest one is also the one with highest interest but will have less interest overall.

Re: Paying off student loans?

[(Anonymous)]

Highest interest rate, probably. Otherwise you'd just be out more money.

Re: Paying off student loans?

[kaijinscendre]

The highest interest one is also the smallest one. For the rest of the life of the loan, I will pay $83 in interest as opposed to some of the other ones that are $200+. But, I would be able to pay it off much sooner with extra payments.

Re: Paying off student loans?

[(Anonymous)]

The highest interest one is the one that's being paid off the fastest, so the total interest is less. But if you break it out by month, versus total over repayment, you're paying the loan agency significantly more per loaned dollar every month on the high interest loan than on the other ones.

Pay off the highest interest rate one first. Then focus on the three larger loans, if you're making extra payments. The $500 one also has the lowest interest rate. It's the lowest priority one to pay off.

Re: Paying off student loans?

[(Anonymous)]

If there's one you can pay off all at once (I'm assuming you mean in one payment?), do that, then pay off the one with the highest interest.

Re: Paying off student loans?

[kaijinscendre]

Yeah, I could pay a small $500 one. If I stretch, I could pay a $1000 one.

Re: Paying off student loans?

[(Anonymous)]

Pay off the one with 6.55% and then put some of the monthly payment on that towards the next-highest one?

Re: Paying off student loans?

[kaijinscendre]

Yeah, I think that is what I will do. Thanks!