Soren wrote:I'm all the way down to only $79,556.95 in student loan debt. Technically I owe more since my step dad is holding me to repaying the money him and my Mom paid to get rid of some Sallie Mae loans.

I'm going to be finished paying off one of my (much smaller subsidized) loans in July, trying to decide if it's better to make more aggressive payments on a loan with a slightly higher rate but smaller balance ( 6.55%, $5.131.00) or the loan with a much high balance and a (slightly)) lower interest rate (6.375 %, $42,007.26).

There has to be an easily solvable math problem here if you have a known # you want to pay each month.

JUburton wrote:

Soren wrote:I'm all the way down to only $79,556.95 in student loan debt. Technically I owe more since my step dad is holding me to repaying the money him and my Mom paid to get rid of some Sallie Mae loans.

I'm going to be finished paying off one of my (much smaller subsidized) loans in July, trying to decide if it's better to make more aggressive payments on a loan with a slightly higher rate but smaller balance ( 6.55%, $5.131.00) or the loan with a much high balance and a (slightly)) lower interest rate (6.375 %, $42,007.26).

There has to be an easily solvable math problem here if you have a known # you want to pay each month.

maybe https://www.bankrate.com/calculators/ma ... lator.aspx

isn't it always the higher percentage loan to do first?

that really sucks Soren. I'm in a pretty bad position myself so I feel ya but that is really brutal

I'd assume that's right but idk how it changes when the principles are so vastly different like in Soren's case.

how does windows still update when you turn it on instead of when you turn it off

Houshphandzadeh wrote:isn't it always the higher percentage loan to do first?

that really sucks Soren. I'm in a pretty bad position myself so I feel ya but that is really brutal

yea. At least I got lucky job wise. I really shot myself in the foot moving off campus and borrowing money to pay for commuting/living expenses while I was still in school. Not like it was a lot extra compared to what I would have been borrowing to stay on campus but still in retrospect it was a pretty bad idea.

Psychology as well as financially, it seems paying off the higher interest smaller loan as soon as possible would be the way to go. You'll be down to one loan, one payment. The only reason I can see to do anything else would be if there's some kind of refinancing consolidation option available or if one of the interest rates is variable.

mike and ike's are basically jelly beans

Going by this I would save $11,000 by paying the bigger loan first. Smaller loan could be paid off in 1y, 10 months at which point I can start paying more on the larger loan.

I should probably just graph all of this shit.

TenuredVulture wrote:Psychology as well as financially, it seems paying off the higher interest small
Er loan as soon as possible would be the way to go. You'll be down to one loan, one payment. The only reason I can see to do anything else would be if there's some kind of refinancing consolidation option available or if one of the interest rates is variable.

Larger loan is already consolidated (bought out all my shitty Sallie Mae loans). They're all fixed rate.

what I should be doing: trying to find work
what I am doing: trying to teach myself how to plot data cubes in Python so I can compare student loan repayment plans.

wait you still have a jerb right

Yea, just literal nothing to do. Told my boss two weeks ago that I had nothing on my calendar and the project I was on was ending and haven't heard shit since then. Came in to the office today for a meeting which meant I can't get up and wander around doing work around the house like I would be doing otherwise.

Listen to some hoobastank.

Soren wrote:Going by this I would save $11,000 by paying the bigger loan first. Smaller loan could be paid off in 1y, 10 months at which point I can start paying more on the larger loan.

I should probably just graph all of this shit.

TenuredVulture wrote:Psychology as well as financially, it seems paying off the higher interest small
Er loan as soon as possible would be the way to go. You'll be down to one loan, one payment. The only reason I can see to do anything else would be if there's some kind of refinancing consolidation option available or if one of the interest rates is variable.

Larger loan is already consolidated (bought out all my shitty Sallie Mae loans). They're all fixed rate.

You must have entered the info incorrectly. You are better off financially by adding extra funds toward paying off the higher interest loan first. The magnitude of the loan does not matter. Psychologically, you may find a different approach is more motivating for you.

Edit: You might be drawing the conclusion you are because you're not incorporating the time period where you're paying both loans. Making min payments on the longer interest loan will shrink the outstanding balance while you're paying off the higher interest loan.

IIRC, the larger loan is on a 15 year repayment plan, the smaller on a 10. Paying at a higher rate the smaller loan wouldbe paid off in a year, larger loan would take 7+ years.

Pay the smaller one off first.

I got pulled over crossing the Tacony Palmyra (on the jersey side of course) for not wearing my seatbelt properly. Only got a warning, but I don't know how the cop possibly saw that as I was going 45 mph. He called in for a backup car as well, so maybe it takes two cops to give a warning, or he thought he saw something else.

Maybe wear your seatbelt next time.

I was.

Oh, cool. Keep up the good work then.