I am slowly paying off my student loans but I will not be rushing to pay off my $22,000 consolidated loan from undergrad. Its at a measly 4.25% and the monthly payment is only $140.00 a month the monthly payment will not be affecting my monthly budget that much. I also have graduate student loans that are at a higher interest rate ( like 6.25%) and those will be my first priority.
I'm still working on a repayment plan aka snowball for the graduate loans which come out of deferment in Feb and will post as soon as I complete them.
Are you snowballing your student loans or just paying the minimum?
until next time, think prosperous thoughts
YBP
4 comments:
I'm just paying the minimum on my student loans for the time being. I'd like to start debt snowballing them in 2011 after I replaced some of my depleted emergency fund.
I paid the minimum for 10 years until it was paid off. The interest rate was low so I just took my time.
I'm paying the minimum right now. The interest rate is lower than on my credit card so it's not a priority yet & i'm trying to build up my emergency fund.
I am snowballing my payments. It is my hope to have the $48K paid off in less than 2 years. The snowball was effective with credit card and car loan debt the past 3 years. Dave Ramsey's advice works.
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