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Bpholland12

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How to allocate a large payment amongst 11 loans that have different balances and interest rates?
I have 11 student loans (5 Navient with different principal balances and different variable interest rates, and 4 with Mohela with different principal balances and different fixed interest rates). If I want to make a payment above and beyond my normal minimum monthly payment of $650, let's say I make the $650 payment and want to make another $1500 payment on top of that, what is the best way to allocate that $1500 payment amongst my loans? Do I put all $1500 towards the loan with the highest balance, or do i put it all towards the loan with the highest interest rate, or would it be a combination of the 2? There has to be a way to mathematically figure this out with the end goal of trying to minimize the total amount of money that I have to repay over the life of repayment and/or pay them back in the least amount of time. Can anyone share an excel template or repayment calculator that can easily figure this out for me? All of the repayment calculators are only able to calculate 1 loan at a time and I am not able to take into consideration all 11 of my loans.

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Have you considered consolidating your loans so that you only have one loan with one monthly payment?

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