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Reply to "Student Loan Repayment Question"
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[quote=Anonymous]There's probably a decent equation that can be written to figure out which is better based upon how much you owe in each, the current monthly payments, interest rate, and what you intend to add to the payment to pay it off. But, as a rule for figuring it out, figure out how much extra you would pay per month, add it to the smaller loan, and then figure out how quickly that one will be paid off. Then, add the entirety of the smaller loan plus extra payment to the larger loan and figure out when that will be paid off. For comparison do the opposite. It may feel better to pay the smaller one first b/c then you will have one payment and more flexibility. If you pay the larger one first you will continue to have two payments longer. Also, make sure your extra goes to principal payments not early payments.[/quote]
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