My Debts

Since the first step in reducing debt is calculating your total debt I added up all my debts. They are listed below with the interest rate and lender name.

Wells Fargo Private Student Loan



Access Group Grad Plus Loan



Access Group Subsidized Stafford Loan



Access Group Unsubsidized Stafford Loan



Nelnet Subsidized Stafford Loan



Nelnet Unsubsidized Stafford Loan



Discover card





None of the student loans has to be repaid until I’m finished with school. I’m paying off the Wells Fargo loan now because it has the highest interest rate. The next debt I’ll pay off is the Discover card because the 0% rate ends in August. After that I’ll start paying on the Grad Plus loan. The Access Group Stafford loans are consolidated but listed seperately now because only the unsubsidized one is accruing interest now. I’m saving a lot of interest by having the subsidized loans.

I’m not sure if I should consolidate the 6.8% loans in with my 4.75% loans when i graduate. I’m thinking if I leave the 4.75% loans seperate I could stretch out the payments on them since their interest rate is below what I can currently get in an online savings account. Unfortunately I will need to get one more student loan to finish my schooling. So my debt will go up before it starts going down. I am going to try and at least reduce the overall interest rate and have no debt other than student loan debt. If anyone has any recommendations on how to best pay off or manage this debt I’m interested in hearing them.

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