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Friday, February 25, 2011

Mint Goals

As a grad, you probably have student loan debt. Mint.com just released a new goal "Pay Off Your Loans." Go to Mint.com, choose the loan you would like to pay and adjust the slider bar to see how much you have to pay each month to pay off your student loan in a certain amount of years. This is great as it tells you how much interest you will be saving as well, which should serve as a motivator.

Pay off private student loans off first especially if they have been co-signed. However, if the interest on your federal loans is 7.9% and your private loans are at 3%, you might have to think about the value of money you will be losing when paying off the low interest loan. My interest rates are the same for private and federal and, therefore, I'm setting up to pay off the private loans in 5 years instead of 13.5 by doubling my payments.

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