I recently got around to submitting my tax return last week and I have begun thinking about where that extra money should go. The most obvious choice would be my citi loans because they have the highest interest. However, in order to keep me motivated I was thinking about putting the money into my savings account and eventually paying my Perkins loan in full. Now why would I do this?
Pros:
- The satisfaction of having one of my student loans paid in full.
- One less payment a month.
- Motivation to pay off my other loans.
Cons:
- Paying more interest to citi.
- It will take a longer amount of time to pay off my citi loans in full.
Oh, decisions. I suppose I have until the money is direct desposited into my account before I have to decide. Any thoughts about this would be helpful. Thanks.
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I am in a similar situation. I could put money towards paying Miss Sallie, but I would barely put a dent in it. I would rather pay off one or two smaller loans and then put the money that I would be paying for that every month towards Sallie. Decisions...
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