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Advice on Paying off Student Loans

Member

Advice on Paying off Student Loans

I have 5 loans out with Navient right now, each with different interest rates ranging from 4.0-6.8%

 

Totaling up to about $18,000

 

My objective is to pay off the highest interest loan first, as quickly as possible. However, while I do this, I would like to put the other 4 on hold (obviously I will still have to pay interest on those 4). 

 

Has anyone ever used this type of strategy before when paying down student loans? Will Navient allow me to do it this way? 

Dec '16 - EX-623, EQ-630, TU-652

Jan '18 - EX08 651 EQ08 657 TU08 677 Total Credit Line: $3,300Utilization: 14%
Message 1 of 3
2 REPLIES
Established Member

Re: Advice on Paying off Student Loans

Here I am sharing some tips for quickly paying off student loans:

  • Don't ignore the debt.
  • Read the fine print and know the repayment guidelines.
  • Be prepared to sacrifice in order to meet your goals.
  • Make more than minimum payments every chance you get.
  • Start paying off immediately instead of waiting for the six-month grace period to end to make payments.

May these would help you a bit.

 

Learn, Implement, Conquer
Message 2 of 3
Frequent Contributor

Re: Advice on Paying off Student Loans

navient will have each loan setup so it has a minimum payment due every month.  You cannot put 3 on hold to pay off one.  What you can do is pay each loan and then pay extra on the one you want to pay off first. But make sure you let Navient know that the extra payment is to be applied to the outstanding balance of the loan you are trying to pay down first.  If you don't tell them they will apply the extra towards advancing your next payment.

Message 3 of 3