My student loans are in deferment until next spring. Up until this past week, I hadn’t made any payments since they went into deferment.
But I know the interest in accumulating and adding to my already large balance. And it’s time I did something about that. Even if it is just a little something.
I asked the BAD Community for guidance on what debt I should be targeting over the next couple of months last week in my September Debt Update.
Student Loan Balances
Here is where it stands right now (screenshot taken 9/10/18:)
I’ve never really paid attention to the Group A and Group B and I’m not sure how that affects anything since they both have the same interest rate.
Plan of Action
With a target on a different debt, I have some questions about my student loan plan of action. Knowing that no payments are due until next spring AND that it is accruing some interest.
- Should I add a small regular payment toward my student loan debt to my monthly budget?
- If yes, should I target a specific Group? And how does that matter?
- If yes, how much should I add to my monthly budget? I’m guessing it should be enough to cover interest and prevent an increase in the on-going balance.
I paid $100 toward Group B last week. Another one of my flying by the seat of my pants decisions. But I feel like I need a solid plan with this. And I need your advice.