I have four loans between two companies. SallieMae: a) $6,938 @ 9.75% ($100/month) b) $4,531 @ 4.75% ($50/month) Great Lakes: c) $44,579 @ 6.75% ($440/month) d) $2,911 @ 3.37% ($107/month)
I have an extra $300 a month to dump into one of the loans; which one would it make the most sense to pay extra into? I was thinking the largest one so then I can put the current payment for that plus the extra 300 (so $750-ish) into paying off one of the other loans, but I'm not sure.
Pay the minimums on three and put all the extra towards A since it has the highest interest rate. When that is done start putting all the extra towards C then B then D.
I don't know anything about consolidation rates but have you looked into that at all? It might be beneficial since the majority of your loans have a high rate.