Paying off Student loans

[simplegirl]

These are my 5 student loans with the years they were open. The last one I want to pay down until I finance a car. Should I use the snowball method or pay each down all together.

• $590.19 2017  
• $1996.67 2016 
• $949.74 2016 
• $2493.39 2014 
• $1463.06 2014

the amount I was going to pay monthly is $600.

[Crysis]

Are these federal or private?  What are the relevant interest rates?

[Shooting-For-800]

I would pay $25 more than the minimum on each then put the rest towards the highest rate.

SLs don’t hurt your credit if you are not late.

[simplegirl]

They are all federal and each one has a 90 & 120 day lates. The interest rate is the same for all of them. Before COVID the rate was 4. something I can't really remember. 

[Crysis]

I would snowball to get rid of the lower two, then re-evaluate what you want to do with what remains in January 

[simplegirl]

Okay. Thank you both for your advice.

[Crysis]

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@Shooting-For-800 wrote:

I would pay $25 more than the minimum on each then put the rest towards the highest rate.

SLs don’t hurt your credit if you are not late.

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While that is true, they do account for debt to income ratio, unless I'm mistaken, and therefore having smaller or no payments may change options for the car op posted about or for a home purchase.

[simplegirl]

Yes it is part of the reason my auto score is low and my equifax score. And it is apart of my debt ratio which includes my credit card and 2 collections.

[Anonymous]

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@simplegirl wrote:

Yes it is part of the reason my auto score is low and my equifax score. And it is apart of my debt ratio which includes my credit card and 2 collections.

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I would worry more about CC debt and the CAs than the SLs if score related

Paying off the student loans and having the accounts closed does not get rid of the lates.

Who are the CAs with? Perhaps they PFD?

If the payments on the SLs are causing high DTI, than that would be a good reason to pay them off.

[simplegirl]

My collections are going to be paid this month and next month and they remove without asking for PFD. My student loan is causing me to have high debt because I have 7500 in student loans. I know the lates are staying its just the fact they are causing me to have high debt. My credit card just reports a balance so I don't get dinged.