The method I used in the past for both car payments and student loans was to pay down anywhere from 3 to 12 months worth of principal payments each month. I did this with the use of amortization tables. So if my loan payment was $200/month with $125 going to interest & $75 going to principal, I would pay an additional $225 per month to “advance” me three months in loan payments. That one additional payment would save me $375 in interest ($125 x 3).

Good luck on the condo/renting decision. My weigh in on that topic is that if your quality of life in a condo will be the same as living in an apartment, but will cost you the same (or more with repairs, property taxes, HOA, etc)then renting is not a bad prospect. My personal rent or buy decision was made on wanting more square footage, ambience, and a yard for about the same money. It turned out to be slightly more expensive and kind of a pain-in-the-butt as far as maintenance – but I do feel much more “homey” in my surroundings. FYI – The local real estate market where I live has only been seeing around 3.5% appreciation per year so it wasn’t much of a factor in terms of investment potential.

Yes, I’ve considered it, but I haven’t made a decision. The interest rate is *good*, matching about what I’m earning in savings, and I want to hold onto savings until I make some other decisions about my living situation.

If I pay off my student loan, I wouldn’t have a down payment for a house, and would have to borrow more at a higher rate.

Nice gain since the prior year for sure!