A development

**Cricketlegs** · 09-11-2008, 04:50 PM

Okay so instead of sitting on it I called the loan company that holds dds loans and asked...

1.While dd was still in college and her loans were not due for repayment until 2011 if I could start to make payments now.

Yes

2.The payments right now(we are not done taking loans) are $114. Do I have to make the whole $114 or can I just pay what I can?

Pay what I can.

3. Once I began to pay do I then have to pay EVERY MONTH?

No.

Soooooo starting next paycheck I am going to start hitting that debt while it is at 0%.

The snowball says I can add it and bedone will all non morgage debt in 34 months even if I just send $50 on the loan for now.

Yes, I can do this!

Today has been a good day--well step dd texted and I had to send her another $50.......oh well she got a JOB and needs money for her work outfit so I won't complain!

**itsahumanzoo** · 09-11-2008, 04:53 PM

That is great that you're already taking steps to pay the loan off while it is at 0%!!

**Luv2BeFrugal** · 09-13-2008, 04:40 AM

Great job getting a jump on things!!!

**Greebo** · 09-13-2008, 07:51 AM

Proactivity pays! Way to go!

**FrugalMomof3** · 09-13-2008, 08:02 AM

That's great, pay it now while it's at 0%, good thinking!

**Michelle** · 09-13-2008, 08:48 AM

Great job; way to look ahead

**LexTysMommy** · 09-13-2008, 12:12 PM

Great thinking ahead. every little bit helps! YAY!

**Ivonna** · 09-13-2008, 01:15 PM

I guess I don't understand. Why wouldn't you put that $50 a month to the CC that is listed next in your signature? Then you could have it paid off that much sooner and start working on your next debt in line.

I guess for me, I feel more comfortable having one debt paid off rather than paying on several.

**missmanny** · 09-13-2008, 06:45 PM

well that is great news, every time you send them money the debt is reducing and you won't have to pay interest on that $50.

**Cricketlegs** · 09-14-2008, 08:38 PM

Originally Posted by Ivonna

I guess I don't understand. Why wouldn't you put that $50 a month to the CC that is listed next in your signature? Then you could have it paid off that much sooner and start working on your next debt in line.

I guess for me, I feel more comfortable having one debt paid off rather than paying on several.

I guess because I feel like I need to reel the big one in BEFORE it has interest added to it and when the interest kicks in that loan will be over $14,000.

The credit card will be gone in less than a year and in that years time I can reduce what I owe on the student loan while also doing that to my car loan.

Basiclly what is going to happen is that in DEC of 2009 I will just have the student loan and the balance will not only be lower with no interest but my snowball will be HUGE to get rid of it.

Besides, that extra $50 is coming off of medical bills I was paying that just paid off so it is free money at this point--didn't haveit to burn and still won't have it to burn.

I am NOT comfortable just sitting on a debt that big if I have the ability to be doing SOMETHING, however small, to make it go away.

**Greebo** · 09-15-2008, 08:44 AM

What are the current balances on your CC's and on the student loan, and what are the rates on the CC and what will the rate on the SL be?

**VanVivCam** · 09-15-2008, 09:03 AM

That is great thinking! WTG on getting a head start on that bill.

**Lorelei** · 09-21-2008, 09:06 AM

You need to do what you are most comfortable doing, but if this is a subsidized loan (interest doesn't accumulate until she graduates or stops attending full-time) you'd really do better either paying down a credit card or putting the money into a savings account. If you went the savings account route, you'd still have money earmarked for the college debt, but you could make one larger payment (inc. the savings account interest) right before the loan interest starts.

Whatever you decide, congratulations for thinking ahead and doing the research to find out your options. Sometimes those are the hardest to do, and you've done them.