Author Topic: Need help: Student Loan Payment Strategy....rethinking Snowball  (Read 1509 times)

Easye418

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Need help: Student Loan Payment Strategy....rethinking Snowball
« on: October 31, 2016, 08:37:45 AM »
I have dry powder sitting in the chamber ready to fire away....

I was going to eliminate "Loan:Wife 6", however, I was just wondering if I should just paid towards "Loan: Wife 2" instead.  My initial thought was that I could start peeling back some cash flow by eliminating the smaller amounts yet higher interest loans.

Thoughts?


LoanAmountRatePayment
Me 3 $8,063 5.16% $113.12
Wife 2 $7,282 6.80% $91.25
Wife 8 $7,004 4.66% $76.20
Wife 1 $6,650 6.80% $89.83
Wife 7 $5,364 4.66% $58.35
Wife 9 $3,959 4.29% $41.92
Wife 4 $3,520 6.80% $44.11
Me 1 $3,495 4.25% $50.93
Wife 6 $3,219 6.80% $40.31
Wife 5 $3,157 3.40% $31.25
Wife 3 $2,749 4.50% $29.55
Me 2 $1,924 3.15% $27.01
Total $56,386

boarder42

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Re: Need help: Student Loan Payment Strategy....rethinking Snowball
« Reply #1 on: October 31, 2016, 08:41:38 AM »
reallly doesnt matter same math gain either way but for an emotional gain having one less loan may feel like a win and you can put that monthly money towards the other 6.8% loans.

FIPurpose

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Re: Need help: Student Loan Payment Strategy....rethinking Snowball
« Reply #2 on: October 31, 2016, 08:44:57 AM »
Put it towards the smaller one. Having more cashflow available for other loans and life in general is always the better path.

Easye418

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Re: Need help: Student Loan Payment Strategy....rethinking Snowball
« Reply #3 on: October 31, 2016, 08:46:56 AM »
reallly doesnt matter same math gain either way but for an emotional gain having one less loan may feel like a win and you can put that monthly money towards the other 6.8% loans.

Put it towards the smaller one. Having more cashflow available for other loans and life in general is always the better path.

Thanks, just wanted a sanity check before I fire away.  $3,200 off the books today.

NoStacheOhio

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Re: Need help: Student Loan Payment Strategy....rethinking Snowball
« Reply #4 on: October 31, 2016, 08:53:59 AM »
Are these all separate payments, or do you just cut one or two checks to pay everything as part of your regular monthly payments?

Easye418

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Re: Need help: Student Loan Payment Strategy....rethinking Snowball
« Reply #5 on: October 31, 2016, 08:54:58 AM »
Are these all separate payments, or do you just cut one or two checks to pay everything as part of your regular monthly payments?

Cut one check.

spicykissa

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Re: Need help: Student Loan Payment Strategy....rethinking Snowball
« Reply #6 on: October 31, 2016, 09:14:19 AM »
Having FINALLY paid my student loans off this month, I would absolutely just kill Wife 6. Much more satisfying & in your case mathematically equivalent.

My highest interest loan was more than the total balance of the other 8, so I had to spend a year just killing it slowly while paying minimums on the others. It drove me bonkers!