What is the best strategy for paying off $60k in student loans quickly with $4k monthly payments?

Student Loans
1

Hello, everyone.

I now have $60K in college loans and plan to actively pay them down. I’m able to pay $4,000 each month on my debt, which is significantly more than the $272 minimum payment. My loans are handled by MOHELA at 4.66% interest.

I am searching for information on the most effective payment plan or strategy. Should I persist to making substantial payments on the normal plan, or is there a better option for someone in my situation who wants to pay off their debt quickly? Specifically, how can I ensure that the majority of my $4,000 goes to the principal, and are there any payment plans designed for people who want to pay off their loans as soon as possible?

I appreciate any guidance or Personally share your experiences!

2

Does anyone else think that because student loan debt isn’t taken into account in the same way for loan criteria, it shouldn’t be prioritized as much as other debt? Although it’s not the same as a $60,000 personal loan, nobody seems to care.

3

Hey sis,the best strategy depends on your financial situation and personal preferences. Evaluate your options carefully and select the approach that keeps you motivated and committed.