Here is my situation:
Loan Balance Rate Payment
Stafford Loan 14,252.82 4.00%(fixed) 116.35
Private Loan 24,357.72 8.00% (variable) 348.96
Parent Plus Loan 9,892.95 7.75% (fixed) 247.12
I can either pay the lowest balance first (Dave Ramsey Snowball method), or I can pay the highest interest loans first. My mind is fried right now and I used a calculator which indicated high interest should be paid first (which makes sense). But I did some manual calculation to see how fast I can pay the loans off, and it kinda showed it would take the same amt of time to pay them off… I’m hoping there is a finance wizard who replies to this and tells me I’m silly and paying high interest first makes the best sense… Also, would anyone know what the variable interest rate cap on a private student loan is??