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Consolidating student loans
Posted on 11/12/15 at 6:42 pm
Posted on 11/12/15 at 6:42 pm
When should I begin this process? Will have 90k total from undergrad and two advanced degrees (9 years total). Some are subsidized/unsubsidized. I have great credit ~800. What's the best type of rate I could get? Are there better companies than others?
2
Posted on 11/12/15 at 7:07 pm to TheOcean
It depends if you can get a better rate or not. I was only able to get a better rate through SOFI if I switched to a variable rate. I went for it since I can change to a fixed rate at any time in the future for no cost.
If you can't get a better rate, there's no reason to consolidate.
If you can't get a better rate, there's no reason to consolidate.
Posted on 11/12/15 at 7:52 pm to seawolf06
quote:
I went for it since I can change to a fixed rate at any time in the future for no cost.
Just FYI you have to reapply. We're doing this right now. Going from variable (4.35%) to fixed (4.615%) for stability since the variable rate can't go anywhere but up as low as it is.
Posted on 11/13/15 at 12:58 am to Golfer
I have about 7 years left on my term.. If I refi with sofi is it only 5 or 10 year term or could I make it 7. I'd like to lower my monthly note and save interest but don't want to extend life of loan. Afraid 5 years would increase monthly note. Want this shite gone!
This post was edited on 11/13/15 at 1:00 am
Posted on 11/13/15 at 1:47 am to DaBeerz
Sofi has a 7 year option. You could also do a 10 year loan and pay it off on a 7 year amortization schedule
This post was edited on 11/13/15 at 1:49 am
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