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Im about double you. I have $48k with a monthly payment of $450. I’m throwing about an extra $350 too. I am directing all the extra payment to the highest interest loan (even if it’s not the smallest). I know this is not the snowball method that Ramsey talks about but my mind says it’s a better financial choice AS LONG AS I am diligent and continue paying the same amount for the next 8 years. For reference, my interest ranges from 3.24 to a little over 6%. My lowest balances have the lowest interest so I don’t think that is smart to pay those off first.
I have a ton of different loans and decided to focus on the highest interest rates first, then I will be looking into consolidating into one. Depending on your interest rates, I would consider that first. You’d still have to make sure you are paying the minimums across the board too.
I would rather consolidate my highest interest rates. Than my lower ones.