I saw a couple posts back about someone paying on one single loan (group) at a time instead of paying the suggested amount that essentially just goes towards interest. Thinking about doing this for now. Currently in SAVE. Not sure what to do at this point. Trying to figure out a plan. For those that may have tried making repayments like this, what was the benefit? What were the drawbacks?
Posted by LadyBlackBird23
1 Comment
That is what I am currently doing. I am on SAVE. I am paying one loan at a time, starting with the highest interest rate. Another thing I also do is that if i have surplus money, I pay towards the rest of the loans individually, 10-20 per loan, to keep the overall interest down.
So my highest interest was 6%, 10K, I actually just finished paying that off.
My next target is 5% which was I think 9k when i started, now down to like 6k.
I have two in the 4% range and 2 in the 3% range.