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Originally Posted by sheilajom  I have student loans and I declined to consolidate them. The government interest rate is way better. At most you would save about half of a percent if you did even if you got a good rate. You won't save that much money by doing so. The payment will only be for a longer period of time and in the end you will have paid more. The government will work with you if you need a deferment or a lower payment for a short amount of time. Just call them and tell them what you need, they are very accommodating. Depending on how much you owe you could reasonably pay it off in about 5 or 6 years if you pay over the minimum payment. I think of mine like a car payment and pay according to that. The student loan will take around 10-15 years to pay off if you only pay the minimum payment. Consolidation will not change that, only maybe make it a longer time. |
I don't think we would ever be able to pay it off in 5 or 6 years. I'm not even sure how long they are putting us on but before consolidation with all his student loans our payment will be $1,035 a month. With all our other bills we can't afford that. When my husband called the Department of Education they told him he can't do a deferment longer than the six months he is already in. I dont know if this is something new or not
I would love to get these stupid loans paid off in 10 years but hubby keeps saying 30, (one of the many many reasons again to prove how our families view financing lol). I told him I don't want to be 50 and still paying on them, by then our son, (and maybe other children), will be out of college. My husband is all for live today then when you can't pay your bills worry about it then. I'm the planner. If I can see now that in six months we wont be able to afford to live I want to fix it now. LOL
Men!