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Terrible Student Loan Consolidation Rates.?
Calling All Finance Majors…….
I have 6 student loans (federal) for about $60K total balance. One of my loans has an interest rate of 2.8% FIXED. Everything else is a variable rate, presently at ~6.8%. If I consolidate all loans, I'll end up with about a 5.875% fixed rate. If I don't include the 2.8% loan in the consolidation, I'll end up with two loans, the one at 2.8% fixed rate and the consolidated loan which will become a fixed rate at ~6.8%.
The question - I want to preserve the 2.8% part of my student loan with a separate payment BUT I don't like the 6.8% consolidated fixed loan rate. Are there other alternatives to the rates offered by loan consolidation companies that offer less than a 6.8% rate?
What have you smart gals/guys done to beat these over inflated rates???
Thanks for all advice.
What I did ?
I kept my low-interest loan (2,9%)
I consolidate my 3 other loans. (5,9% instead of 7,2%)
Good luck !
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3 Responses to “Terrible Student Loan Consolidation Rates.?”
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January 6th, 2009 at 4:30 pm
15%
References :
January 6th, 2009 at 4:47 pm
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
References :
http://tinyurl.com/y4wc8r
January 6th, 2009 at 5:08 pm
What I did ?
I kept my low-interest loan (2,9%)
I consolidate my 3 other loans. (5,9% instead of 7,2%)
Good luck !
References :
http://students-loans-consolidations.com/