How to effectively pay off student loans

I have 2 variable interest rate loans with the payoff over the next 14 years -

$37,000 @ 4.85% variable with payments of roughly $299.00 a month
$19,000 @ 3.5 % variable with payments of roughly $145.00 a month

I have $20,000 I am looking to put towards my loans, but I didn't know if it would be better to pay off the 19k loan and roll over that payment towards the 37k loan, or put the 20k towards the larger loan with the higher interest rate currenly. Again both loans are expected to be paid off in 14 years providing I don't pay extra towards the principle.

Asked Apr 05, 2014
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Answered Mar 02, 2018

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