The Current Debt Reduction Plan
February 22nd 2008 10:52
And the plan to be able to live off what I make from just the library job actually.
Here is my problem that will be coming in June: the rest of my student loans will be in repayment. (So far I only have the one nelnet one). But come June I will have about 5 or 6 more to pay.
The following is my plan of action:
1) Pay off car in May with some money from my EF.
2) Consolidate all of the federal student loans in May. This would make 3 loan payments total - nelnet, this one, and the private student loan.
When my car is paid off, this will get rid of a $155 a month payment that I could use towards student loan payments. I had wanted to use some money and pay off most of one of the credit cards, but then that might leave too many monthly payments that I can't afford. (Because the credit card wouldn't be totally paid off and I would still have a monthly payment there). I will have to see how much the monthly payments would be on my student loans once consolidated. If both the consolidated federal loans plus the private loan payments are less than $100 a month, I might be able to pay off the credit card first and free up some money that way.
Basically, it's all still up in the air, but I like to run numbers and do random math equations. You know, because I'm an English major and that makes sense right?
Here is my problem that will be coming in June: the rest of my student loans will be in repayment. (So far I only have the one nelnet one). But come June I will have about 5 or 6 more to pay.
The following is my plan of action:
1) Pay off car in May with some money from my EF.
2) Consolidate all of the federal student loans in May. This would make 3 loan payments total - nelnet, this one, and the private student loan.
When my car is paid off, this will get rid of a $155 a month payment that I could use towards student loan payments. I had wanted to use some money and pay off most of one of the credit cards, but then that might leave too many monthly payments that I can't afford. (Because the credit card wouldn't be totally paid off and I would still have a monthly payment there). I will have to see how much the monthly payments would be on my student loans once consolidated. If both the consolidated federal loans plus the private loan payments are less than $100 a month, I might be able to pay off the credit card first and free up some money that way.
Basically, it's all still up in the air, but I like to run numbers and do random math equations. You know, because I'm an English major and that makes sense right?
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