Student loan debt question?

I'll be graduating this summer with about $17k in student loan debt. I've accumulated about $3k in savings so far, and I'm hoping to save another $3k for by the time I graduate (I work full time and still live at home).


My question is what's the best way to approach the loan debt? First, none of my loans are consolidated yet. All but one $3500 loan is subsidized. Finally, I'd like to move out of mom's basement sometime in the next six months.


Given that, should I look into consolidation? Should I dump a chunk of my savings into the loans to pay them down quickly? Should I jsut stick with the minimum monthly payments and save my pennies?|||If the laws haven't changed you can only consolidate your student loans once. So you'd better make sure that is the best option for you at this time.





Depending on your situation paying the minimums probably won't be a bad thing to do for a while. Seeing as you're just getting started and hope to move out on your own (get a roommate to save money).





I'd say to give it a year and then re-visit your options. You can always pay a bit more each month on the loans if you have the money (pay down the one with the greatest interest first) to get yourself a bit ahead.





Student loans are not considered "bad" loans, unlike that much in credit card debt.|||Consolidate your loans and make the payment just over the value of the minimum payment. if the minimum payment is $43, make a $50 or $60 dollar payment. it will help raise your credit score and shorten the length of loan repayment.|||I would explore consolidation, but make sure it's a good deal since you can only do it one time. I would not be in a huge rush to pay off this loan. The interest rate is probably lower than any other debt you are likely to find. Also, there is a value to having cash on hand especially as you go into a new part of your life. You will have your first job and first apartment. Take the time to understand your monthly finances more before you put all of your savings into the loan.|||You need to pay off your debts as soon as possible. Dave Ramsey suggests a concept called the "debt snowball". Pay off your smallest debt as soon as possible while making minimum payments on all the others. Once the smallest debt is paid off, move on to the next smallest. As for moving out of your parents' basement, I think that's a great idea, but if they're willing to let you live at home for a while, do it! You'll have more money to pay off your debts.|||Check out Freedom Student Loans. You can get a free consultation at http://freedomstudentloans.com/student_l鈥?/a>





If it works out that your interest rates are reduced then it makes sense to consolidate.