student loans & interest rates….?
I have two student loans – the first one is serviced through direct loans, in the amount of 33,090 and has a 6.875% interest rate. My monthly payment are now 257.00 per month. it was consolidated in 2000.
The second loan is a combo of sallie mae stafford sub and unsub loans in the amount of 103,057.00 with a 3.610 interest rate, scheduled for payment of 1057.00 per month starting 10/09.
I’m wondering if it’s best to consolidate all of them and when I should do that. If I consolidate, I will begin payments immediately at a 4.5% interest rate and I will pay between 500 and 700.
I’m concerned that I may not be able to consolidate in the future, given the nature of the market now….
Thank you!
You have already consolidated each of these loans once already. You can try, but usually you can’t consolidate them more than once.
