re: Consolidating Student Loans

As I've shared on here before, this is what my wife and I had done. But her step-dad does $10s of millions worth of business with said bank. I doubt that many lenders will give you anything better than the 6.8% you likely have already.

quote:

---

So the lender came back again. We're definitely getting a good ole boy deal. Offered a 4.25% 24 month interest only, and instead of going into term they're going to re-issue the remainder for another 24 months interest only. Then they'll issue one more 12 month interest only note, which will then balloon to a 5yr term at the end of that. (Rate then TBD). The interest only will be low enough that we won't hit our monthly budget, and we'll still be able to apply several $100 towards principle for the next five years. Every little bit counts, in that aspect, and we should be able to chip away about $24,000 worth of principle over those five years.

---