GaryMyMan USA Fan Lower Garden District Member since May 2007 10566 posts
Has Anyone Consolidated Student Loans with cuGrad? (Posted on 6/3/13 at 11:19 am)
I was perusing my Credit Karma report when I saw this recommended to me for my enormous student loan debt. The loans are serviced by participating credit unions rather than NELNET or Sallie Mae. They advertise that rates are as low as 4.9% for a 15 year loan. Compared to the 6.8% I'm paying now with 9 years left on my repayment schedule I think I could save a good bit of money if: 1) I continue to pay the same monthly amount I already do. 2) The APR doesn't change - the contract says it can, up to 4 times per year.
So: should I mess with this or stick to the usual route?
Port City LSU Fan Baton Rouge/Shreveport Member since Jan 2007 3665 posts
re: Has Anyone Consolidated Student Loans with cuGrad? (Posted on 6/5/13 at 3:55 pm to GaryMyMan)
I looked into it after seeing your post. Seems like it might be good in certain limited situations but I wouldn't do a variable rate with a large sum of money. Also, can only be used with private loans which would exclude a large number of folks (myself included).