The Student Loan
How should I structure my student loan payments?
I have a LARGE amount of Student Loans, both federal (consolidated) and private. My Private Loans are on a variable interest rate. I feel like I am spinning my wheels paying each month to a balance that doesn't seem to move.
What can I do? Should I put the fixed rate loans in deferrment and pay double on the variable rate loan?
It's a guessing game when you are trying to anticipate how much a variable rate loan will cost. I have a calculator on my website www.wfwellness.com that you can use. If either loan has a minimum payment that is a percentage of the balance, that's the bad one and the one to get rid of first. The best plan is usually to do a comprehensive budget including annual expenses, figure what you can pay to debt repayment and make sure there's savings too. Pay as much as you can very very consistantly. You need to be debt free as soon as possible, then there are other options avaialble than trying to figure out how to get out from under a huge debt.
Simply Red ~ Home loan blues
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