Repayment Calculations? Lower balances or target APR rates

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Repayment Calculations? Lower balances or target APR rates

Postby nhomcy » Mon Oct 14, 2013 12:08 pm

Sallie Mae Smart Option Student Loan
-$5,510.97 7%
-$5,122.81 7%
-$3,129.40 9%

Great Lakes Borrowing (They bought my government loans WTF?)
-$7,357.08 3.15%
-$5,277.66 4.25%
-$3,358.48 5.75%
-$5,285.44 6.55%

Ok so I'm trying to pay these bad boys off. I know I should be saving up money to buy a house but I anticipate living home for another two or three years because the market is about to get screwed over by the government (btw I'm 23.)

ANYWAY... My original thought was "Make the minimum payment on all of the loans and then throw the extra money at the highest interest one (it was at 6k.) But now I realize the way APR works that may not be the best idea. Maybe I should pay down the loans equally because a 9% loan at 3k might generate less interest than a 7% loan at 7k.

Anyone know how I can figure this out?
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Re: Repayment Calculations? Lower balances or target APR rates

Postby edvadmin » Tue Oct 22, 2013 7:20 am

If I were you I would consolidate the private loans to get the lowest possible payment and you can get information on private loan consolidation at www.edvisors.com. I feel that you should also consolidate your federal loans with the Department of Education. They will give you the average of all of your rates rounded to the nearest 1/8th of 1% and there is no prepayment penalty. To get more information you can go to www.loanconsolidation.ed.gov.
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