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Which Student Loans to Pay Off First

Prioritizing your student loan repayment and figuring out which student loans to pay off first can help you decrease the total cost of your debt. You should make sure you make the minimum payments on all of your student loans each month, then prioritize the loans with the highest interest rate.

How to Decide Which Student Loan to Pay Off First

1) Make Sure That You Are Making the Minimum Payment on All Loans

2) Check to See if Any of Your Debt is Protected

3) Check to See if Any of Your Loans Have Prepayment Penalties

4) Collect the Most Recent Balance and Interest Rate of Each Loan

5) Usually, Prioritize Private Debt Over Federal Debt

6) Compare the Debt Snowball and Debt Avalanche Methods

Debt Snowball Method

Debt Avalanche Method

Bottom Line

With the help of LendEDU’s blog, tools, and resources, our goal is to assist you in making educated financial decisions. LendEDU: Educated Financial Decisions.

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