Monday, April 23, 2012

Student Loans

I am just gonna say it. I owe the government $20,471.78. That is the cost of my education, plus 25,00 in grants I thankfully don't have to pay back.

I am actually looking forward to paying them off. While I am sure there will be months that I make a minimum payment, overall, I hope to pay them off in 4-5years. The interest rates vary 3.40% to 6.80% and balances of $1,000 to $4,607.95!

I am struggling with how to attack the loans.  Do I pay down the largest balance first even though it doesn't have the highest interest rate or pay the interest rate though its on the low end of the balance spectrum? Hmm? I have a lot of number crunching to get through. Maybe I should knock of the first grand just so I have a confidence booster.

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