How these recent college grads paid off $6,000 in student loan debt in less than a year. - NBCNewsBETTER
The method requires them to focus on paying off their highest interest rate loan first — contributing more than what they owe to that loan while paying the minimum on any other loans. Once they have paid off the loan with the highest interest, they move on to the next, repeating the process until every loan is paid off.” method, also invented by Ramsey, would have required them to focus on paying off the loan with the highest balance first.
Alrik says the avalanche method will take them longer to pay off loans, but will save them money in the long term. “This method saves you the most money overall because — by attacking the highest interest rates first and working your way down — you are being charged less interest,” says Alrik., and Destiny, a photographer and wedding planner, have a combined income of about $50,000. The couple make extra money through freelance gigs.
The Alriks graduated from college over a year ago with 24 loans between them. They’ve deferred 16 of their smaller interest government loans until next year, says Alrik, and are currently paying off six of their higher interest loans. So far, he says, they’ve already paid off their two highest interest loans.
The couple try their best to contribute at least $800 a month to their loans, which currently carry a minimum $500 monthly payment, according to Alrik. Following the avalanche method, they plan to continue to contribute at least $800 a month until all their loans are completely paid.
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