Hi PF, so my loans are currently in deferment until December. I graduated May 2016 and I was an Americorps Member until about March 2017 and hopefully, I'll get approved to have the interest accrued paid during that time. It's about ~$600 interest gained since December 2016.
I take home ~3500 a month now and so I am planning on chucking $1000 a month to these loans (I've ran the budget, I can do it safely.) I want to do this starting in September so I can get a head start before my financial reassessment comes in in December.
In what order should I knock these out? I know of the snowball effect, but more than 50% of them have the same interest rate applied so would it be beneficial just to chuck it at the principle? The goal is to have this setup on auto pay, but you can't not pay the monthly minimum and directly pay off a specific loan in excess. So really my predicament is X loan - (New monthly payment in December 2017) = $1000. If that makes sense.
Loan Breakdown: 1. DIRECT STAFFORD UNSUBSIDIZED: Loan Amount: $7,302 Interest: 4.29% 2. DIRECT STAFFORD SUBSIDIZED: Loan Amount: $5,500 Interest: 4.29% 3. DIRECT STAFFORD SUBSIDIZED: Loan Amount: $5,500 Interest: 4.66% 4. DIRECT STAFFORD UNSUBSIDIZED: Loan Amount: $7,651 Interest: 4.66% 5. DIRECT UNSUBSIDIZED: Loan Amount: $6,686 Interest: 3.86% 6. DIRECT STAFFORD UNSUBSIDIZED: Loan Amount: $3,500 Interest: 3.86% 7. DIRECT STAFFORD SUBSIDIZED: Loan Amount: $1,780 Interest: 3.40%
Thank you for any help.
Submitted August 23, 2017 at 02:02PM by hausofnichya http://ift.tt/2wyOlAR
