I'm a recent college grad with a large salary and few expenses (living at home, thanks to my lovely parents). I plan on being incredibly aggressive on my loan repayment - I want to have ~$28,000 paid off in under 2 years. My question is how should I prioritize the loans? The way I have it planned currently is that my unsubsidized loans are highest priority since my subsidized loans won't start accruing interest until November/December (barring one subsidized loan that is currently accruing interest thanks to legislation and whatnot). After that is factored in, I have interest rate as the next highest priority. Then the lowest priority is the outstanding balance.
Is this the correct way to go about paying off my loans? Or should outstanding balance be higher priority than interest rate? Because the first loan I'm going to be paying off is $2,018.63 at 4.66%, but there is another loan that is $4,523.77 at 3.86% and I'm not sure which should have priority? Or should I pay down some of the balance from the larger loan then go back to the original loan that is at 4.66%?
Submitted June 23, 2017 at 04:21PM by NotAstraZeneca http://ift.tt/2t4M52a
