Student Loans? Help, best way to go about paying these back!!?
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I'd pay the smaller ones first so that they are paid off and out of the way. this will help simplify your bills when they come out of deferment. You're going to be paying on that big loan for a long time so it would be helpful to get the smaller ones out of the way and then that will help your credit so you can refinance/consolidate to a lower and fixed rate which will make paying that one back easier without having to worry about paying whatever is left on the little guys. Make sense?
Student Loans? Help, best way to go about paying these back!!?I completely agree with Tiare. Don't worry about any of the subsidized loans because they are not accruing interest. Worry about the loans that have interest accruing first, and worry most about the one with the largest interest rate.
It is a general rule of thumb for whatever debts you may have to pay the most you can toward the ones with the higher interest rate because over time these are going to cost you much more. You need to get it down to as little as possible as quickly as possible. The $200/month should definitely help, but I would also advise to put any extra cash that may come up through the year directly to that high-interest loan(such as tax refunds).
This will result in paying much less over time. Once he actually enters his grace period (and before repayment begins) he should be sure to consolidate all of these loans. This will result in one large loan, one monthly payment, and therefore much less money paid over time.
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