I graduated with about $150,000 in student loan debt (had to pay undergrad, law school, and then loans capitalized as I was looking for a job...but it's time to look forward and get these paid off).

I am enrolled in IBR, but my minimum payment is extremely low--$78.00 (based on last year's extremely minimal income). Thus, I pretty much have complete freedom to pay towards any loan I want.

The counter to this, however, is that my minimum payments on each loan are extremely low. For instance, one $23,000 loan at 6.55% interest has a minimum payment of $11.00. That means interest would balloon substantially if I didn't pay more than the minimum payment each month.

Thus, for right now, I'm trying to cover the accruing interest on each loan each month, plus a little more, then throwing everything at my highest interest rate loan.

Here is the loan/payment breakdown (can only afford $1,003 total):

1) Plus Loan: $7339.46 @ 6.16%; accrues $37.16 monthly interest; payment = $40.00

2) Plus Loan: $21,067.34 @ 6.16%; accrues $106.66 monthly interest; payment = $110.00

3) Ubsubsidized Stafford Loan: $21,899.47 @ 5.16%; accrues $92.88 monthly interest; payment = $100.00

4) Plus Loan: $27,481.16 @ 7.65%; accrues $172.79 monthly interest; payment = $385.00 (max leftover).

5) Unsubsidized Stafford Loan: $23,634.92 @ 6.55%; accrues $127.24 monthly interest; payment = $140.00

6) Plus Loan: $8,395.07 @ 7.65%; accrues $52.79 monthly interest; payment = $60.00

7) Unsubsidized Stafford Loan: $14,676.24 @ 6.55%; accrues $79.01 monthly interest; payment = $90.00

8) Subsidized Stafford Loan: $8,542.60 @ 6.55%; accrues $45.90 monthly interest; payment = $2.00*

*When enrolled in IBR, the government forgives any accrued interest on subsidized loans; thus, just making some minimum payments.

9) Subsidized Stafford Loan: $2,656.41 @ 6.55%; accrues $14.40 monthly interest; payment = $1.00.

10) Unsubsidized Stafford Loan: $5,677.74 @ 5.35%; accrues $24.97 monthly interest; payment = $30.00

11) Unsubsidized Stafford Loan: $4,755.51 @ 6.55%; accrues $25.60 monthly interest; payment = $30.00

12) Unsubsidized Stafford Loan: $2,289.73 @ 6.55%; accrues $12.30 monthly interest; payment = $15.00

TOTAL PAID = $1003.00.

Am I doing this right? Or should I be cutting back even more on the loans that aren't at 7.65% (for instance, paying 50% of accruing interest instead of 100% and more)?