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This method only analyzes which loan to pay by its interest rate, not by its term length or total amount owed.
Even though the avalanche method ensures that you save the most amount of interest, the snowball method is the most popular (and more successful) of the two. Enter your email below to get new information and exclusive financial tips straight to your inbox every other week.
If we continue to use the example from above to illustrate the debt snowball, you start by paying off debt on the loan with the $10,000 balance first, then the $15,000, and finally, the $20,000 loan. When you start off putting extra money on the loan with the least amount owed, you’ll pay off the first balance faster than you would if you started with any larger balance.
Studies show people who use the snowball method are more likely to pay off their loans faster. About the Author: Zina Kumok writes about paying off $28,000 worth of student loans in three years at Debt Free After Three. Get your free copy of our latest resource: a compilation of financial tips from the experts to help you learn more about money so you can use your finances to live your great life. MMI offers a wide variety of financial services to help improve your financial life. No matter what your financial situation, we can help you to establish an plan of action for achieving your financial goals. Knowledge is the key to successful money management.  Our resources are designed to inspire and assist you as you begin to make positive changes in your financial life.
Interact with MMI in a variety of formats including email, videos, tweets, blog posts, and pictures. Since 1958, MMI has been a leading provider of financial counseling and education services.  We invite you to learn more about the organization and its leadership. In cartoons you’ll often see one character stand at the top of a snowy hill and make a little snowball and then set the snowball rolling down the hill. Essentially, you make minimum required payments on all of your debts except whichever debt has the lowest balance. As you pick off these smaller debts, one-by-one, the amount you would have paid towards them is freed up, allowing you to make larger and larger payments against your new smallest balance.
The avalanche approach isn’t, unfortunately, the sudden and unexpected obliteration of all your debts.
Since your monthly interest charges are a large part of what makes debt quite so oppressive, it makes senses to attack the larger interest rates. The avalanche approach may save you money over the long haul, however, you do lose some of the positive feelings you get when those little debts hit a zero balance. Ultimately, you have to weigh your goals against your own reasonable expectations for yourself.
You are in debt because you want to get a better education and start planning for a better future.
However, you are spending most of time paying off your debt and desperately looking for a job right after graduating from a 4 yr college. Whenever you are looking for the best way to pay off student loans, it’s very essential to start understanding the various types of loans you have in the first place. This is the best way to pay off student loans that allows you to get another student loan that can obviously pays off all the existing loans and just leaving with you just one payment.

So the best way to pay off student loans is simply getting your loans big enough to start covering all of your student loans debt with a lower interest rate that you can handle on a monthly basis! Another best way to pay off student loans is start negotiating with your loan creditors to see if they are willing to take a settlement amount that could lower their current student loan! Nevertheless, you can make your new student loan debt a lot smaller so it can be easier to pay off your student loan debts. You absolutely can start paying off your student loans without debt consolidation on your own. You have to start writing down a list of your student loan creditors from your recent balance, interest rate, monthly payment, best contact information and due date as well. Theses are one of the best ways to pay off student loans so you can figure out your largest loan deficits and from those with the highest interest rates.
When you are paying off your student loans, you got to continue to pay the minimum payments from the other loans to avoid default! Nevertheless, you decided to apply in order to start paying off your student loans debt, it’s critical to make the perfect decision if you want to start getting rid of your student loans debt so you don’t have to worry about your financial situation right now! See how YOU Can Make Money Blogging about what interests you like on this subject like from theses “Best Way To Pay Off Student Loans” Click Here to get started! If you enjoyed theses Best Way To Pay Off Student Loans blog post please comment below! Showleh Tolbert { Thank you Danny for making it so simple and easy to follow how to have a positive mindset. According to Beverly Harzog, author of "The Debt Escape Plan: How to Free Yourself From Credit Card Balances, Boost Your Credit Score, and Live Debt-Free," there is no one right method to paying off debt. In her book, Harzog outlines three different strategies for debt payment and then highlights which personality types will find each method most useful.
Also known as the debt stacking method, the debt avalanche involves paying off the debt with the highest interest rate first, according to Harzog.
Works best for:A "Wealth accumulators" who keep an "enviable emergency fund" and like to plan ahead for retirement, since this method saves the most money out of the three. The author points out that moving from your smallest debt to the next smallest debt doesn't take into account interest rates, so you'll probably pay more in interest a€” and therefore more overall a€” if you decide to go with this strategy.
Works best for:A Those who create budgets but have trouble sticking to them (because they just can't resist impulse buys), since emotional shoppers might do well with a psychological boost. For inspiration, check out this couple who paid off $92,000 of debt in less than three years using the snowball method. The debt blizzard involves paying off your smallest debt first (as an initial motivational boost) and then paying off the rest of your debts according to which ones have the highest interest rates. Works best for:A Those who have trouble sticking to their budgets, bargain hunters who are "frugal and focused" and those who are "free spirits" with their money.
The best way to rid yourself of debt once and for all is to stop paying the minimum and start putting extra money toward your balances. One balance is $10,000 at a 5% interest rate, another is $20,000 with 2% interest, and the last is a $15,000 with a 10% interest rate.
This will give you more momentum and a greater feeling of accomplishment than you might have otherwise.

There’s no right or wrong answer when choosing between the snowball or avalanche method, as long as that process makes sense and works for you. As the ball rolls, it picks up more snow, getting larger and larger the farther it travels down the hill. By bringing those balances down quickly, you save money over the course of your debt repayment. As stated before, the avalanche approach might save you more money in the end, but the total number of debts might not move for a long time. You can start paying off your loans separately starting with the highest balance or from the highest interest first. Therefore, it’s vital to start putting together a list of things and information on what it takes to pay off your student loans without any help! After that loan is paid off, you can start taking that amount you were paying and you start applying your student loans debts to the next highest loan interest rate!
Once you've paid that debt off, you start on the debt with the next highest interest rate, and so on.
Harzog also suggests that those who take a "free-spirited approach to money and life in general" consider this method.
By putting the highest interest rate loan as your priority, you’ll save hundreds, sometimes thousands, over the life of your loan.
Because even though personal finance is about numbers, it’s also about people and their individual personalities. And paying off debt can be like dieting: even if you only lose one pound at a time, making steps toward your end goal is the most important part. Remember, you can always change what kind of method you use if you find one isn’t working for you.
Consider what kind of personality you have, how you’ve tackled money problems in the past, and give the one that sounds most appealing to you a try.
In her free time, she loves to play with her dog Lyra, read Nora Ephron and plan her latest European adventure. If you struggle to stay motivated in the face of slow results, the snowball approach might work better for you. You could still start making minimum payments or you should start getting a debt consolidation loan that is formulated for specific type of student loans debt.
Nevertheless, you can put it together into one loan with just one interest rate and one monthly payment.
The idea of prioritizing by interest rate is based on the fact that the higher the interest rate, the more the debt will cost you over time. You can also combine the two methods, by splitting the extra amount you have and putting half toward the loan with the highest interest rate and half toward the loan with the smallest balance.

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