Monday, January 28, 2008

Attacking My Student Loans…

I decided to attack my student loan balances before paying off my credit card. As it stands, my credit card/heloc stands at $7,500 with the balance fixed at 3.99% until paid in full. My private student loans carry an interest rate just below 9% and are killing me with interest every month.

I am committed to paying $200/ month on my cc balance which means it will be paid off in about 3.5 years and I will pay less than $600 in interest. I am also committed to ensure that I do not accumulate any more debt from this point on. It makes sense to me to throw whatever free money I have towards my student loans so that the load gets a little lighter.

3 comments:

SavingDiva said...

Good luck paying down your student loans! In the long run, your hard work at law school will pay off...just keep your head up and keep looking!

Chitown said...

Thanks Saving Diva!!!

gonna_make_it said...

I think thats a great idea. Paying off the higher interest loan is always better (in my opinion anyway)