Need advice. Student loan is 34,615.81. I have no saving. I have 7 loans. Do I pay all of it or start with the loan that has the most interested accrued? Thank you
Need help on deciding how to pay off loans
byu/Comprehensive_Cod218 inStudentLoans
Posted by Comprehensive_Cod218
4 Comments
Don’t pay extra on federal student loans at the expense of an emergency fund and retirement savings.
Look at Dave Ramsay’s approach to paying off debts. Snowball approach to debt. First, need small emergency fund. Then loans, pay off highest interest rate first. Etc etc.
Start with the smallest loan. You can get rid of easier and have a since of accomplishment once you do.
If the interest rates vary wildly, pay the one with the highest interest rate. If they are all federal and. within a point, take your pick.
I agree that you should have a small savings before aggressively paying off the loans. If you have minimum payments on each loan, make those