This may be a silly question, but I am hoping to pay off around $200,000 in loans when I graduate and they are comprised of larger ones, around $40,000 at 6.8% and smaller ones, let's say $3,000-8,500 at 6.8% or lower interest rate.
I'm still in school so obviously I'm not sure yet how much I'd be making and when I'd be able to get my first job, but I definitely would like to pay off as much as I can in the first 2-3 years by living at home and working full time.
I'm not sure how this part works, but I'd want to pay as much as I can above the minimum payment as possible, although I'm not sure if it's better to stretch that out to 10-15 years while paying above minimum like I mentioned or set it specially for a smaller number of years and do it that way?
And also does it make sense to pay extra each month towards the larger amounts first, or pay off the smaller loan amounts first?
Thanks! I probably will need to get a financial advisor when I graduate :x but thought I'd ask for any advice here first. Thanks so much!
I'm still in school so obviously I'm not sure yet how much I'd be making and when I'd be able to get my first job, but I definitely would like to pay off as much as I can in the first 2-3 years by living at home and working full time.
I'm not sure how this part works, but I'd want to pay as much as I can above the minimum payment as possible, although I'm not sure if it's better to stretch that out to 10-15 years while paying above minimum like I mentioned or set it specially for a smaller number of years and do it that way?
And also does it make sense to pay extra each month towards the larger amounts first, or pay off the smaller loan amounts first?
Thanks! I probably will need to get a financial advisor when I graduate :x but thought I'd ask for any advice here first. Thanks so much!