Should I Consolidate My Student Loans Reddit

Should i consolidate my student loans reddit – I included whether they were subsidized or not in case it matters. As an advice community our goal is to be unbiased and clear with news and information pertaining to student loans.

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It also removes the ability to focus additional payments on higher interest debt because all of the debt has the same interest rate.

Should i consolidate my student loans reddit. My new job may qualify for public service loan forgiveness and i know my 120 payment period will reset so i was considering consolidation to get the lowest interest rate in all the loans. Federal loan consolidation isn t worth it in general. They are with great lakes but there are 6 small loans all with different interest rates. Should i consolidate my student loans reddit

I was talking to an older co worker about my student loans. You need to know the interest on the loans. You ll likely end up with a higher interest rate because it s calculated using a weighted average then rounded up to the nearest 8th of a percent. Should i consolidate my student loans reddit

If you consolidate and the new loans are at higher interest rate you re just going to end up paying more over the long run. It won t cost you anything to consolidate them. Interest rate 5 1 current balance 23 000 monthly minimum. Should i consolidate my student loans reddit

Plus it gives you the chance to reduce your monthly payments which can help you get out of default or avoid it. In many situations the answer is yes. Consolidation is a good idea under a few different circumstances. Should i consolidate my student loans reddit

But consolidating is not always refinancing as you could still use the same lender or other lenders will do the weighted average interest for all the loans you are consolidating. I was in a loan forgiveness program but have left that job. My loans and interest rates are as follows. Should i consolidate my student loans reddit

One the most typical is if you have a lot of variable rate student loans that are at a very low interest rate even if you re in your grace period. You need to get a better understanding on how the interest will work on these loans so that you can make a sound decision. Your new net interest rate is lower than your current net interest rate. Should i consolidate my student loans reddit

Student debt consolidation can put all your loans in one place for one easy monthly payment. Interest rate 6 4 current balance 25 000 monthly minimum payment 250. She claims that it is financially advantageous for me to consolidate. Should i consolidate my student loans reddit

In my experience with my student loans this is what happened. Technically yes refinancing is consolidating your loans. Probably the better option in many cases too. Should i consolidate my student loans reddit

Interest rate 5 8 current balance 27 000 monthly minimum payment 350. I have 3 private student loans that i am repaying as follows since 2012. You should only consolidate your student loans if. Should i consolidate my student loans reddit

But while there are benefits student loan consolidation is not always the best option for everyone. So that way if i do re qualify for the loan forgiveness my interest should be lower. Hi everyone need a little advice regarding my student loans. Should i consolidate my student loans reddit

Welcome to r studentloans the largest and oldest reddit community for discussion information and assistance related to the topic of student loan debt please feel free to join the conversation discuss experiences or ask for help. You can get a fixed interest rate instead of a variable rate. Should i consolidate my student loans reddit

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