I currently have three private loans and three federal loans. All are in deferment. I'm working a second job this year and am saving all the money then doing one large payment at the end of the school year (thus making sure I have enough savings for the summer). My question is, should I put it towards the newest private loan, which I am paying the monthly interest on while in deferment, and thus lower the regular monthly interest payment, or should I put it towards my oldest loan, which also has the lowest interest rate, but is accumulating interest? I'm ignoring the federal loans for now because those I can at least do income based repayment when I graduate, unlike my private ones.