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I just got a deposit in my bank account for $4,000 from the ohio for compensation. my student loan is 9,900. my credit card debt and car loan is 4,000 combined. in the long run, does it make more sense to completely knock out two debts (my credit card and car payment) or put the $4,000 on my student loan so that it lowers it to $5,400 thus lowering how much interest i owe?
There are two schools of thought on how to pay off debt: 1) the highest interest 2) the lowest balance. Paying the highest interest debts will save money in the long run. Paying the lowest balance account will reduce the number of accounts owed and free up those payments for other debts sooner. Make sure you have an emergency fund of at least $1000 just in case you lose your job or have an unexpected expense arise. I think paying off the credit card and car is the best decision assuming the student loan interest rate is less than the others. Student loan interest payments are tax deductible, so you're getting back some of the money you're paying. Plus, paying off 2 loans would free up those monthly payments and allow you to put that money toward the student loan going forward.
Are you on a payment plan with the student loan? I believe the credit card and then the car loan has the highest interest rate attached. I think I would advise you to knock out the credit card and car loan. I'm assuming that the entire cost of the car loan was included in the 4,000. I would be sure to be on a payment plan with the student loan and faithfully pay it on time.
You should pay the one with the highest interest rate first. If they are all equal or close than I would pay off the car and credit card. This would allow you to worry about only one major expense then.
Pay off the one with the highest interest first.
I'd pay off whatever has the higher interest rate. Stop the bleeding!
Your car loan so that you have some spare money to concentrate on your studies.