How should I approach this?

Anonymous · ‎11-19-2014

How should I tackle this? I'm thinking I should pay off the highest interest loans first? I appreciate it.

Anonymous · ‎11-19-2014

@Anonymous wrote:

How should I tackle this? I'm thinking I should pay off the highest interest loans first? I appreciate it.

Agreed, pay the ones with the highest interest first and then the ones with the lowest rate.

bigblue7722 · ‎11-19-2014

yeah theres not much else you can do those rates are pretty solid. maybe try to consolidate them so you have less payments thats a lot of loans.

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CreditCuriosity · ‎11-19-2014

consolidate IMO for a nice fixed APR. I think mine are around 4% fixed

Anomalous · ‎11-19-2014

@CreditCuriousity wrote:
consolidate IMO for a nice fixed APR. I think mine are around 4% fixed

+1

Keep both your credit and your body in top shape!

FinStar · ‎11-19-2014

@bigblue7722 wrote:
yeah theres not much else you can do those rates are pretty solid. maybe try to consolidate them so you have less payments thats a lot of loans.

+1

HiLine · ‎11-19-2014

@CreditCuriousity wrote:
consolidate IMO for a nice fixed APR. I think mine are around 4% fixed

+1. Way easier to manage this way.

---> HiLine's personal finance blog - Follow my journey!

Anonymous · ‎11-19-2014

Thanks everyone for your input. It's definitely a lot of loans, but it was the only way to pay for school..

The average interest rate it lists on the website is 4.6%. I'm assuming that will be the fixed APR once I consolidate? And is it a good idea to consolidate if I have both subsidized and unsubsidized loans because I don't need to pay the interest for the subsidized loans? thanks again!!

CreditCuriosity · ‎11-19-2014

School isn't cheap, but hopefully those loans will pay off with the education you are getting or have gotten! I know mine have, although I have made many other mistakes in my life. School wasn't one of my many mistakes and have payed way more then I could ever count 1000x's back!

SCF · ‎11-21-2014

@Anonymous wrote:
Thanks everyone for your input. It's definitely a lot of loans, but it was the only way to pay for school..
The average interest rate it lists on the website is 4.6%. I'm assuming that will be the fixed APR once I consolidate? And is it a good idea to consolidate if I have both subsidized and unsubsidized loans because I don't need to pay the interest for the subsidized loans? thanks again!!

Your interest rate will be the weighted average of all the loans (weighted by amount owed), so you effectively pay the same amount interest either way if you follow the same repayment plan. When you consolidate, your subsidized and unsubsidized loans will be put into separate tradelines so that you don't give up the benefits of the subsidized loans in terms of interest being paid if you defer them in the future.