That's a good question, and clearly you are making a good initial decision to aggressively pay down your debt. Our recommendation would be to make bi-weekly payments. The amortization schedule of most student loans is most likely based on monthly calculations of interest due. By making payments every two weeks, you will lower the amount of the principal used to calculate the payment, and save yourself $300-400 over the course of a two-year repayment period.
One other thing to keep in mind: if you have other high interest debt (like credit cards), you'll want to pay those balances down before your student loan balances. You've got a good, low rate on your student loan and if you have other debt, your cash would be better spent on the higher interest rate accounts. Learn more about student loan debt. Thanks for your question.
I hope this information helps you Find. Learn & Save.
Best,
Bill
March 23, 2010
March 23, 2010
Loading more commentsSince you don't have facebook, please provide us with your location and a valid email address so we can answer it. Without a valid email address,we can't reply. (Go back to login with Facebook)
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
We get a lot of comments! To help us show our boss that this is a valuable service, so we can keep providing it, we ask you to do 2 things before commmenting:
Log in
Like us
Submit your comment!
Due to the high volume of comments received, we cannot publish and/or respond to every comment received. If you have a specific question, we recommend you search our site for an answer before commenting.
* Bills.com will not share, sell, lend, or make public your e-mail address. We reserve the right to delete any questions or comments that violate the Bills.com terms of service.
Thank you for your comment. Your comment will be posted shortly.
Comments (2)