Need Advice as to Which Loan to Pay Down

Yes, it's a wash because the loans are at the same rate. If the loans were at different rates, you'd want to put the money toward the highest-rate loan.

But given that the loans are at the same rate, I'd go ahead and pay off the smallest loan so you at least have the logistical triumph of getting one monkey off your back, having one less bill to pay, and getting a "paid off" line in your credit report.

And then take the money that used to go to the loan payment on that loan and add that to the monthly payment on one of the other loans.

Barring an unmentioned penalties, balloons, etc, it won't matter if the rates are the same.

Any other debt? Credit cards, cars, etc, etc? Check their rates.

Even if it is a wash with the student loans, you may want to pay the lowest balance first. A psychological victory is not without its benefits. It also creates one less statement in your mailbox and one less bill to remember to pay.

Good luck.

You are best off paying off the smallest balance and freeing up that monthly payment to accelerate the payments on the next smallest loan. Only because they are at the same rates. If there were any difference in rates, I'd pay the highest rate one off first. And if you don't deposit to a 401(k) to capture the matching contributions, I'd go there first. JOE