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I have over 60K in student loans Should I pay the high loans off first or the small loans?
I am trying to find out what is the best way to go about it. Pay the small loans off faster while still paying the minimum for the higher ones.

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Counterpoint: Pay the small balance 1st

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Mathmetically, you'll always save the most money by repaying loans with the highest APR before paying down loans with a lower APR. 

But you're not a computer, you're a human. Paying off $60k in loans is a daunting task that will likely take many years. Chipping away at big goals where its hard to see the progress is demoralizing. Over time, you may feel frustrated, overwhelmed, etc.

Paying down the $2,500 balance as soon as you can -- even though it has a lower APR -- will give you a small win and provide motivation. Psychologists like Charles Duhigg (author of the book "The Power of Habits") note that small wins trigger dopamine - the feel-good brain chemical that creates motivation.

If you owed nearly equal amounts on laons with different APRs, I'd definitely say pay down the higher APR loan first. But in this case, I'd say attack the smaller loan to get that quick win.

In the book, The Power of Habits, Charles Duhigg defines “small wins” as modest behavior changes that set off a chain reaction of better changes.

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The higher loans are 6.4% percent interest while the lower are 2.4%. But the 2.4 are less than $2,500.  So I shouldn't try to knock those out quick and than focus on the very highest one.

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Since your smaller loans are so small, get them out of the way.  While, usually, you want to pay down the highest APR first, you have to think realistically.

It will take years to pay off the larger loan, and in the mean time, you smaller loans will keep racking up.  You could end up paying as much in interest on the smaller loans as what you save in paying off the larger loan first.

If you pay off the smaller loan(s) first, in this case, you will have that much more income to put towards the larger loan, thus allowing you to save money on interest by paying it down quicker.

Once you have paid off the small loans, pay off ANY loan you are carrying that has the highest interest rate.  This means credit cards, some car loans, or personal loans.  The student loan is at a fairly low rate compared to so many other things seen in the credit world.  Depending on what other outstanding credit issues you have, it is the least damaging (as school loans are in general).  That means paying off any accounts that are in collections or recovery before tackling the student loan.

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Start with the Highest Interest Rate

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Start with the highest interest rate debt and work your way down. That debt you will be paying the most 'out of pocket' money from. Best to get it out of the way the fastest (if thats possible)

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To improve my over all credit score the fastest should I close card accounts out to cut the high interest rate cards immediately or alloww them to remain open at zero balances but never be used? Any ideas?  

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