Did someone tell you that you needed to get your SL down?
Generally, SLs are kind of ignored with the exception of the monthly payment.
If your SL is your ONLY debt, then I would pay them by:
Paying all minimums first.
Then paying extra towards the highest APR loan and the smallest balance loan.
This makes financial sense and also gives you a sense of accomplishment.
If you have ANY other debt, I would pay the SL minimum only and apply extra towards ANY other debt first.
GL!
I would get some more advice.
Your SLs payment should be very small compared to the debt.
They should be looking at your monthly payments, not your balance.
If your SLs were totalling $100k , your payment could literally only go down like $200 - $400 per month if you paid $50k off.
Something does not make sense or you are looking at a house that is just too much to budget for.
I think this person is only telling you the partial truth. Telling someone to get a second full time job is sort of ridiculous. I don't know much about this as I haven't done it, but we're you looking at a conventional loan? FHA loans have very different requirements. For example, if you have a federal loan and are on an Income-driven repayment plan, they are not concerned with your monthly payment than your overall student loan amount. This has allowed many people with significant student loans to get mortgages in a very decent amount.
My suggestion is that you talk to someone else, maybe at a credit union. They should be able to talk you through the different loan types and what they will require. There are also several threads on this very topic under the mortgage thread and some very helpful people that can answer your questions in more detail. I would just suggest that you get more information before you pay down the loan or something.
My suggestion is that you talk to someone else, maybe at a credit union. They should be able to talk you through the different loan types and what they will require. There are also several threads on this very topic under the mortgage thread and some very helpful people that can answer your questions in more detail. I would just suggest that you get more information before you pay down the loan or something.
