Hi all, I’m a recent psychology undergrad graduate with $25,500.00 in debt and $851.83 in accrued interest so far.

    I’m technically employed by my family business, but I’m only making $400 a month since the workload is extremely light. I plan on finding another source of income through a job or internship by this fall or next year.

    Altogether, I have about $15K put away to start repaying my loans. I have six loans total:

    • Unsub Loan AA: $2,750 with $203.72 interest at 2.750%
    • Unsub Loan AB: $2,750 with $203.72 interest at 2.750%
    • Sub Loan AC: $5,500 with $0.00 interest at 6.530%
    • Unsub Loan AD: $2,000 with $201.30 interest at 6.530%
    • Sub Loan AE: $5,500 with $0.00 interest at 6.390%
    • Unsub Loan AF: $7,000 with $243.09 interest at 6.390%

    My university’s exit counseling said repayment starts in October. My current plan is to pay off loans AD and AF in full before, then work toward AA or AB. I’m also wondering if consolidating those would be smart since I’ve had them since 2021. After that, I would leave the two subsidized loans to pay off monthly over time.

    Would you say this is a smart plan? Sorry if any information here is irrelevant or if I’ve missed something important. I haven’t discussed anything with my loan servicer yet because I thought it might be smarter to see whether my initial plan makes sense first.

    Thanks!

    Would this be a good repayment strategy?
    byu/lowlifedoughnut inStudentLoans



    Posted by lowlifedoughnut

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