Good afternoon…
I’ve been making some good progress on my student loans, going from over $23k down to $19,676 since June. Last month, I knocked out a $1k loan, so now I’ve got three more left. Right now, I’m paying $500 biweekly ($1k a month), but it’s been stressing me out because I’m also saving $500 biweekly, and it feels like my savings aren’t growing fast enough, especially when emergencies pop up.
I’m thinking about switching to $400 a month on my loans instead of $1k to boost my savings and build an emergency fund. Once I’m more stable, I might just pay off the loans in full.
Do you think paying $100 weekly instead of $400 monthly would help lower the interest or speed up repayment? My minimum payment is $126/month, so I’d still be paying more than that. I’m just trying to balance paying off loans and saving for my future (like traveling and finally moving out of my parents’ place).My family’s been telling me to just pay the minimum, thinking their loans will eventually be forgiven, but I’m really set on paying mine off fully. I just want to do it in a way that lets me save for the future and enjoy life without constantly stressing about money.
best regards…
result in a lower interest rate on the remaining debt.
greatly shortened by making weekly installments, which will lower the total amount of interest you pay.
make the required minimum payment each month. You might be subject to fines and other consequences if you’re not.
deferment, interest may be capitalized (applied to the principal amount) and accrue over time. Increasing your payment during certain times can lessen this.