I'm trying my best to understand loans and would love any help. I currently have 3 loans out with different amounts and different interests rate for each.
Loan #1: interest rate of 6.21% Loan #2: interest rate of 5.84% Loan #3: interest rate of 5.31%
It seems like there's different ways to pay off loans and I'm not sure what is the BEST way to save the MOST money.
Option #1: Pay off interest for all 3 loans first, then pay principal beginning with the loan with the highest interest (#1) and working your way down.
Option #2: Pay off the ENTIRE loan #1 (principal AND interest) because it is the highest interest rate and work my way down that way.
Also, I am STILL in school and STILL adding to my loans, so another option is just to pay my tuition cash this year and not take out loans.
Can anyone shed some insight onto which would save me the most money and is financially the most feasible?
Submitted May 25, 2017 at 09:14PM by linlif http://ift.tt/2qpkvaL
