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Student Loans..How to handle them

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Money Talk > Credit & Loans

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slasher
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Student Loans..How to handle them  Reply with quote  

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?
Post Tue Apr 23, 2013 4:05 pm
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oldguy
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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?
Post Tue Apr 23, 2013 4:52 pm
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slasher
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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
Post Tue Apr 23, 2013 6:15 pm
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oldguy
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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.
Post Tue Apr 23, 2013 9:20 pm
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slasher
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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 Wink

I am going to do more research on what you suggested.
Post Wed Apr 24, 2013 2:03 pm
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slasher
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Do you think it would be beneficial to consolidate my more expensive debt?

What is the going rate these days?
Post Fri May 03, 2013 2:31 pm
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