Member
havecollectionsaccounts
Posts: 8
Registered: ‎03-10-2011
Need Advice for Paying Debt!!

Hello everyone. I'm looking for some advice for paying off student loans and other debt. Although I have $83,000 in student loan debt, I only have a couple of other loans and feel that I'm in a great place- well, more fortunate than others. I just graduated with my master's degree and am in my grace period until Jan. 2013. I only have about $200 extra per month to work with- and that's if I stick to my budget. I receive 2 bonuses throught the year from work, each about $1,000. I'm trying to decide if I should go with the snowballing method or if I should pay on higher interest rate loans first. I did re-fi my car and it's now at 4.99%. I'm considering consolidating my newest school loans but don't want to consolidate those with the previous because my old loans are consolidated at 5.75%. The Fed. SL said that I could have 2 consolidated loans. So, I'm unsure if I should pay high int. rate things first, or if I should pay my car off early to free up $307/mo to apply for other loans. Any help is appreciated!!

 

Account: F452681983 Outstanding Balance: $83,936.88

Principal Balance

Accrued Interest

Fees

$78,447.64

$5,489.24

$0.00

Group A | DIRECT SUB

Interest Rate:

6.800%

Principal Balance:

$4,562.00

Accrued Interest:

$0.00

Fees:

$0.00

Outstanding Balance:

$4,562.00

 

Group B | DIRECT CONSOL

Interest Rate:

5.750%

Principal Balance:

$35,766.64

Accrued Interest:

$4,055.33

Fees:

$0.00

Outstanding Balance:

$39,821.97

 

Group C | DIRECT SUB

Interest Rate:

6.800%

Principal Balance:

$8,500.00

Accrued Interest:

$0.00

Fees:

$0.00

Outstanding Balance:

$8,500.00

 

Group D | DIRECT UNSUB

Interest Rate:

6.800%

Principal Balance:

$9,355.00

Accrued Interest:

$912.61

Fees:

$0.00

Outstanding Balance:

$10,267.61

 

Group E | DIRECT SUB

Interest Rate:

6.800%

Principal Balance:

$8,500.00

Accrued Interest:

$0.00

Fees:

$0.00

Outstanding Balance:

$8,500.00

 

Group F | DIRECT UNSUB

Interest Rate:

6.800%

Principal Balance:

$9,358.00

Accrued Interest:

$475.62

Fees:

$0.00

Outstanding Balance:

$9,833.62

 

Group X | DIRECT UNSUB

Interest Rate:

6.800%

Principal Balance:

$2,406.00

Accrued Interest:

$45.68

Fees:

$0.00

Outstanding Balance:

$2,451.68

 

 

ECSI Student Loan

 

Debt Amount: $6,250

Current Balance: $5,111.99

Fixed Payment: $66.30/ 10yr

Interest Rate: 5.000%

 

Pro Fed Credit Union- AUTO LOAN

 

Debt Amount: $12,000

Current Balance: $12,000

Fixed Payment: $308.00

Interest Rate: 4.99%/ 42mo.

09/2012
TU- 638 (Lender Pull)
EXP- 644 (MyFico)
EQ- 678 (Lender Pull)