Is 9.5% ridiculously high for a student loan consolidation.should I take it?
Saturday, September 4th, 2010 at
4:13 am
Jonaskizal asked:
I am paying one consolidated federal loan, and I have 4 alternative loans about to begin. The only interest rate I can get (without a cosigner) is 9.5%…Should I just do 5 payments a month? That’s a lot of $$$ for a recent grad!
I am paying one consolidated federal loan, and I have 4 alternative loans about to begin. The only interest rate I can get (without a cosigner) is 9.5%…Should I just do 5 payments a month? That’s a lot of $$$ for a recent grad!
What would you do? If I take the 9.5%, over 20 years I will be paying about 35,000 in interest. That just seems ridiculous to me…
Tagged with: Cosigner • Interest Rate • Student Loan Consolidation
Filed under: Student Loans
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If the 9.5 is less than the rate you are getting on the other 4 loans, then go for it. If its more, then don’t.
Most federal loan companies will grant you a lower interest rate if you do an auto draft payment and again if you have a good payment history….. Not always for consolidated loans.