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?
2007-02-12 05:53:54 · 3 answers · asked by Lil Miss Answershine 7 in Education & Reference ➔ Financial Aid
Pay the minimum on the loans with a low interest rate.
Pay what you can afford for the loans with a higher rate.
2007-02-15 08:56:49 · answer #1 · answered by SPLATT 7 · 1⤊ 0⤋
Pay off the highest rate loans first, and pay the bare minimum on lay rate loans until the high rate loans are gone. Cut your total interest costs by seeking cheaper sources of funds, such as a home equity loan, student loan consolidation or borrow from your family.
2007-02-18 10:10:48 · answer #2 · answered by Big Larry 2 · 0⤊ 0⤋
Call and try to get your interests lowered. Pay over your minimum every month if possible and try to consolidate them all.
2007-02-20 04:23:13 · answer #3 · answered by JELLE 3 · 0⤊ 0⤋