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Which student loan should I pay off first?

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Anonymous
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Which student loan should I pay off first?

I'm still in college and am not working so I don't have a continuous source of income.  I do have some "leftovers" from my pell grant.  I went to school before to become a Medical Assistant which didn't work out.  I have loans from that school (one of which has accrued almost $900 in interest), as well as the loans I've taken out from being at the community college.  With my leftovers, should I pay the one with the $900 in interest (principal is about $4300) or should I start paying on the smaller ones first?  Remember that I don't have a job right now.  Any suggestions would be greatly appreciated!!

 

Thanks!

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Anonymous
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Re: Which student loan should I pay off first?

 I would suggest putting all the loans into forbearance/deferment until you get a steady job.

 

Then list the loans out with their interest rate, initial amount, and payoff date and decide whether you want to pay more on the loans with higher rates or if paying off the small ones first will keep you more motivated.

 

Since you didn't say how many you have right now, or the amounts, that's all I can suggest but if you post that info, along with how much you have available to pay with (after your EF, living expenses, etc) then someone can help more.

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