Student Loans..How to handle them |
|
|
|
slasher
Contributing Member
Cash: $ 6.65
Posts: 31
Joined: 27 Feb 2013
|
Student Loans..How to handle them |
|
|
I have about 68,000 in student loans...I am stilling doing my masters so I am not sure if I should consolidate now or later.
Can someone advise me on the best way to pay off the loans as quick as possible and intelligently.
Should I consolidate?
|
Tue Apr 23, 2013 4:05 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
What field is your undergrad degree in? (In my field most got their 'real' job at the BS level and then their corporation paid for the MS or MBA.) Is it too late for such a plan?
What is the interrest rate and terms on the $68,000? And what will they consilidate to?
|
Tue Apr 23, 2013 4:52 pm |
|
|
slasher
Contributing Member
Cash: $ 6.65
Posts: 31
Joined: 27 Feb 2013
|
quote: Originally posted by oldguy What field is your undergrad degree in? (In my field most got their 'real' job at the BS level and then their corporation paid for the MS or MBA.) Is it too late for such a plan?
What is the interrest rate and terms on the $68,000? And what will they consilidate to?
I have a degree in Business and I have a real job and I am currently trying to pay more than the interest on all the loans and paying extra off the principal for the loan with the highest interest rate.
The loans range from 10% to 7% and I am not sure what the consolidation rate would be since I have just started to do my research on it.
Going for my MBA right now
|
Tue Apr 23, 2013 6:15 pm |
|
|
oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
quote: and I am currently trying to pay more than the interest on all the loans and paying extra off the principal for the loan with the highest interest rate.
The loans range from 10% to 7%
Yes, pay the minimum required on the 7% loans and put whatever extra you have on the 10% loans.
Later, assuming that you will have 7% loans, you may refi a house at <4% and use the cash-out to retire the 7% loans - ie, repalce 7% loans with 4% loans.
|
Tue Apr 23, 2013 9:20 pm |
|
|
slasher
Contributing Member
Cash: $ 6.65
Posts: 31
Joined: 27 Feb 2013
|
quote: Originally posted by oldguy
quote: and I am currently trying to pay more than the interest on all the loans and paying extra off the principal for the loan with the highest interest rate.
The loans range from 10% to 7%
Yes, pay the minimum required on the 7% loans and put whatever extra you have on the 10% loans.
Later, assuming that you will have 7% loans, you may refi a house at <4% and use the cash-out to retire the 7% loans - ie, repalce 7% loans with 4% loans.
Thanks for the advice oldguy
I am going to do more research on what you suggested.
|
Wed Apr 24, 2013 2:03 pm |
|
|
slasher
Contributing Member
Cash: $ 6.65
Posts: 31
Joined: 27 Feb 2013
|
Do you think it would be beneficial to consolidate my more expensive debt?
What is the going rate these days?
|
Fri May 03, 2013 2:31 pm |
|
|
|