Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Student Loans
Profile Image

Question By

19 Contributions
2 People Helped
What order should I pay off my Student Loans?
I am trying to eliminate debt off my credit report so I can be approved for a Mortgage. I already have a secured credit card I am using. This question is in relation to which route would be the most beneficial. Please do not mention savings or retirement funds, those are not the issue. My credit scores are 635, 601, and 587. I have 8 different student loans. A private loan at about $10200, a Federal Subsidized Loan at $11,000, a Federal Unsubsidized Loan at $13,000, a Federal Subsidized Loan at $4523, and 2 Federal Subsidized Loans at $2760. The last 2 unsubsidized loans will be paid off by the end of July. I currently pay $100 a week on the private loan (has the highest interest rate). At the end of July the private loan should have about $9000 remaining.

If I am able to pay at least $350 per week towards something, which should I do?

A.) Knock out as many of the small loans as possible first and work my way up to the big ones.

B.) Focus on the Private loan and have it paid off by December.

C.) Boost my savings by about $8500.

Please note, the loans will remain in deferment until May of 2016. My current savings is alright but not enough to cover a down payment on a house. Granted I would be a 1st time buyer and qualify for many programs to assist with a down payment.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.