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Message
re: Student Loan Advice
Posted on 6/1/14 at 12:12 pm to The Bruce
Posted on 6/1/14 at 12:12 pm to The Bruce
Tackling smaller ones first doesn't make much since except for moral victories.
For ex. I'm on 10 year repayment cycle
I have one in the 3,000 range, monthly payment is 50$ or so.
Largest one is around 46,000$, monthly payment is approx 650$. Both interest rate 6-7%. So if I pay extra on the 3k one, I'm only really saving 50$ a month. If I pay more on the large one then I am saving more in interest in the long run than I would be paying off the small one.
For ex. I'm on 10 year repayment cycle
I have one in the 3,000 range, monthly payment is 50$ or so.
Largest one is around 46,000$, monthly payment is approx 650$. Both interest rate 6-7%. So if I pay extra on the 3k one, I'm only really saving 50$ a month. If I pay more on the large one then I am saving more in interest in the long run than I would be paying off the small one.
This post was edited on 6/1/14 at 12:28 pm
1
Posted on 6/1/14 at 12:39 pm to DaBeerz
3,000 at 6% and 46,000 at 6% is 49,000 at 6%. You will not save more or less by paying off one loan before the other.
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