Reddit Student Loans

Which loan should I pay off next?

Edit: I don’t want to keep my personal info up on the internet, but thank you to everyone who helped me, I really appreciate it!

1. $2.5*X at 4.040% interest
2. $2.5*X at 3.510% interest
3. $X at 3.510% interest

My question is really simple. Which loan should I target next?

Thanks for any help!

Which loan should I pay off next? – RobinHood – Reddit Feed

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  • Excellent progress!!!

    When your debt is at 4% APR or lower, that’s the point where the folks who love the personal finance reddit flow chart start saying that you should invest because the market will typically perform better blah blah, but since personal finance is personal it also totally makes sense if you just want these loans gone and paying them off is top priority. At $2200/month you’re definitely lower on the income scale and getting rid of debts tends to be a higher priority, I’ve definitely been there.

    The interest rate difference is 0.53%, so if I do rough napkin math paying off loan #3 would result in you being charged about $12 over the course of a year. I think you’re at the point where you could decide to snowball loan #3 just to get it out of the way and it wouldn’t hurt you too bad financially.

  • First of all—major congrats. That’s amazing you’ve done so well! I’m very jealous!!

    All the number crunchers will tell you to do the higher interest one first or invest instead. I disagree with the investing advice because while it may be fiscally the correct thing to do, student loans are such a heavy stressor psychologically that you also need to account for your mental health when making this financial decision. Honestly the amounts are kinda low so it shouldn’t make that much difference in the long run, especially if you snowball and pay off the smaller one first and pay more towards the principle of the others.

  • I would snowball those loans and pay them off in this order: no.3, no. 2, then no. 1. This will cost slightly more in the long run, but as the other commenter said, the psychological burden student loan debt can cause is tremendous. Likewise, the dopamine hit you’ll get from seeing individual loans fall off your dashboard is no joke. Also, the amounts aren’t large enough that it will make too too much difference overall.

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