+24 votes
by (500 points)
So all my loans are currently at 0% interest and dont need to be paid until 9/30/20. I am still able to make my payment of 181. 93. Normally is mostly just pays the interest of each loan. Should I continue to make the payments but put it all towards the smallest loan or the biggest one? April-September would be $1092. 58. I guess I have to remember to pay also, it was on auto payment but they turned it off for now
So all my loans are currently at 0% interest and dont need to be paid until 9/30/20.

23 Answers

+17 votes
by (1.8k points)
 
Best answer
I'd also agree with the idea of which one has the highest interest rate when interest rates come back! If they're all pretty similar in interest rate, then try to pay off the lowest amount in full! Looks like you could pay off the 1061. 65 one by the end of this, that would be a great step forward! :)
+11 votes
by (470 points)
I would put it towards the loan that has the highest interest rate (when interest rates come back) during this time!  
+5 votes
by (9.8k points)
Pay them if you can! Smallest to largest.  
+20 votes
by (3.3k points)
Pay them now while you can. Your income is stable right now right?  
+1 vote
by (1.5k points)
I would say pay off the one with the 1061. 65 balance and then add that part of payment to the one with the highest interest rate when things get back to normal .  
+9 votes
by (1.1k points)
I normally would do the Avalanche method but I have 1 loan that is under 300. 00 and 2 loans under 2000. 00 so I am paying them now while I can. Then I will tackle those other ones that are higher.  
+5 votes
by (3.6k points)
Keep paying. Any outstanding interest would be cleared up first .  
+19 votes
by (7.6k points)
Smallest for sure
+23 votes
by (1.2k points)
I’m in the same boat I decided to pay on the smaller loan cause it was only $1100 and I’m hoping to pay it off and start working on another before the interest comes back!  
+16 votes
by (9.2k points)
Definitely keep paying if you have the means to, especially if the majority of your payment goes to interest. For example your total between now and the is $1092. 58, that is your entire #3 loan, wiped away! I would focus on whichever had the highest interest rate, but if they are all close, make #3 go away!  
0 votes
by (1.5k points)
I actually plan to pay my normal payment towards the smallest loan for now. I don't have any outstanding interest so it will all go towards the principle.  
+24 votes
by (4.4k points)
I just paid the same amount of each loan which equals 150. 00. i may skip next month and then do june july august just so it all goes to Principal and knocks down th e amount quicker.  
+2 votes
by (770 points)
I am paying as much as possible on them. But those are also my debt focus right now.  
+11 votes
by (22.3k points)
I would save it and hit one of those that you can wipe out once they start accepting payment you could wipe out 1-03
+22 votes
by (6.2k points)
I’m going to continue paying the lowest to highest. Hopefully have at least 3 paid off before interest goes back up. (As long as we don’t need my income for something else. Plus I don’t get paid off during this pandemic)
+9 votes
by (950 points)
I’m paying myself the monthly amount so we still have the money in our account and then before this ends I am going to evaluate what I saved and if it didn’t have to be used for other bills I’m going to make a large payment towards my Loans
+16 votes
by (2.3k points)
Are you still working as normal? That would be my deciding factor. If I am working as normal (and no sight of being laid off or reduced hours) I would pay and make sure it goes to principal, and I would pay off the smallest one (probably your $1061). It is so pretty when they read 0.  
+21 votes
by (490 points)
Pay the loan with the highest interest rate so when it starts back up u won't be paying as much in interest.  
+7 votes
by (2.8k points)
Makes sure you pay them all off before the zero percent is up. However that works for your budget
by (500 points)
@friedland @guess6598 I wish I could!  
by (2.8k points)
@boer will do what you can and be proud of yourself for that  
+4 votes
by (500 points)
Thank you everyone for the feedback! I am still working and can still make my normal payment of $181. 93. The interest on all of them is pretty close.  
+15 votes
by (9.4k points)
Do you currently have interest built up on them? Because your payments will go towards interest before the principal. If you do have interest built up, I would factor that in to which one I pick to put money towards. The 0% interest is most beneficial if you are actually able to pay towards the principal, and if you won't be able to pay off the current accrued interest before the 0% goes away, then you aren't benefiting as much as you would have if you chosen a loan with less interest already accrued
by (500 points)
@manos88 probably, how would I find that out?  
by (500 points)
@manos88 if I'm reading it correct, it is the unpaid interest section? This is the one with the most unpaid interest
by (9.4k points)
@boer yes, so once you pay off the $0. 66, the rest of your payments will go towards the principal balance. That's great if that one has the highest unpaid interest. That's nothing! :)
+13 votes
by (6.5k points)
Put all to the smallest loan.  
+5 votes
by (10.9k points)
We are going to pay toward my husband's unsubsidized loans because they have higher interest rates and much more goes to interest which kills us trying to pay toward them. I'm hoping to get a few of them paid off while there's no interest accruing.  
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