Student Loans

[sporky_rat]

Hello, all!

I'm trying to whittle down my student loans as much as I can as well as the credit card statement that I use during the work-lean summers to help pay for groceries (those withdrawal pains are killer, I hear).

My question is, however, should I keep throwing as much money (On Time) at my loans and statement that I can afford or should I just keep at the minimum payment due? Now, I can't always pay more than the minimum but when I can, should I?

On the plus side, I've been able to save up a good bit in my savings account in the credit union!

Comments

[sporky_rat]

I'm paying 11% combined on the two student loans and about 20% on the credit card.

The smallest is one of the student loans and the highest one is the credit card.

I might see about paying off the small student loan first just to get it off my back.

[crystalpyramid]

I think you also get a small credit score boost when you pay something off.

[sporky_rat]

I think you do too. And my poor credit score could use some boosting. Not that I've been abusing it or anything, it's just....I don't have much credit history to get a score from.

[crystalpyramid]

Yeah, that's about where I was right out of college. We ended up having to put up an extra month's rent on an apartment because of it. The student loans eventually help, but it's a slow and expensive process. You used to be able to game your credit score by taking out small short-term loans and then paying them back gradually (I have friends who did this before buying a house), but I think it's harder to get those loans in the first place now.

[batrachian]

'nother one here on the 'not much of a credit history' (well, okay, not so much me, but trombonish definitely). Our credit union has a nifty program where they give you a... I don't remember their wording, but it's a 'training wheels' credit card. I mean, it's an actual credit card, but they bypass the 'good history' bit by setting the initial limit to A Chunk Of Your Savings Account (determined by you; K started with $500, which isn't enough to buy anything huge but is at least some points on the radar, as it were.)