- May 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Student Loan Repayment Strategy Question
I am currently facing a dilemma regarding the best approach to paying off my student loans. I currently have three loans totaling approximately $15k, $20k, and $30k, all serviced by a private lender. I have managed to save up $17k that I am considering using towards paying off these loans.
## Loan Interest Rates
The $15k and $20k loans both carry an interest rate of 12%, while the $30k loan has a slightly higher interest rate of 13%.
## Decision Making
I am unsure whether it would be wiser to allocate all the funds towards the loan with the highest interest rate, or if it would be more beneficial to completely pay off the $15k loan first.
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12%-13% seems very high. The first thing I would do is look at refinancing.
Outside of that, and with the huge assumption that there is no better or more important place to use the 17k (other debt, emergency fund, etc), since the rates are so close, I’d just pay the $15k one off, and whatever you were paying towards that just put towards the $20k one.
It doesn’t matter on the rate. Just close one of 3 and you may feel a little good about it and get the motivation to work on the next one.
outside of the 17,000, do you have an emergency fund for when life throws a curveball at you? if you don’t have an emergency fund, then you should set aside one to $2000 of that.
there’s not really any difference in the interest rates that you have so I would pay off the $15,000 loan and then focus on killing that $20,000 loan as fast as possible.