Which loan should i pay first?
-
My total student loan debt is just over $25,000, and I intend to begin making rapid progress in paying them off. I have saved around $18,000 through stocks, savings etc.
I was considering paying off one of my three loans in full to get a head start. Would you recommend this? Should I prioritize paying off one over the other?
The loan details are:
- $8,153.98 @ 3.21%
- $7,346.43 @ 4.47%
- $9,499.59 @ 3.91%
-
It’s actually a great move to pay off your loan in a single go. Well in your case, I would suggest you to focus on the loan with the highest interest rate that is 4.47%, if you want to save more money. And then move to the lower one which is 3.91% and in the end pay off your loan with the least interest rate.