Comments on: Debt Consolidation Loans for College Graduates

By: Andrew Anderson

Andrew Anderson — Mon, 19 Sep 2011 15:34:07 +0000

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By: Robin

Robin — Thu, 25 Aug 2011 21:33:46 +0000

I have 4 stafford loans that amount to $83000. The interest rates are as follows: 23k at 1.79%, 15K at 4.5%, 50k at 6.8%. If I consolidate all of them but the lowest interest one I will only be saving around 5-7k. The 23k will be at 10 years, but the rest will be at 25 years. If I combine them all I will get an interest rate of 4.25% for 30 years, but if I only consolidate the higher interest ones I will have a 6% interest rate for 25 years. What should I do?

By: Charlie

Charlie — Wed, 19 Jan 2011 03:23:39 +0000

Yes, it’s true that consolidating a student loan over a longer number of years means you end up paying more interest in the long-run; however, this can be very advantageous if done correctly. If you can lock in a fixed rate of say, 4.25% and make the minimum payment each month, while taking the excess you would have had to pay had you not consolidated and invest it in an instrument that earns say, 6%, the outcome will be very beneficial over the life of the loan. Why pay down a debt at 4.25% so quickly, when there are plenty of opportunities to put your money to work elsewhere. Money is the cheapest it’s been in almost 100 years, take advantage!

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Fri, 25 Sep 2009 21:14:25 +0000

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By: PT Money

PT Money — Tue, 01 Sep 2009 01:24:40 +0000

I graduated with 4 loans at pretty high rates. I consolidated in the early 00′s to a low rate. It saved me a bit over the last 8 years, but I suspect not that much. Wish I’d researched it more back then. I just went for the lower rate. Now they are paid off though, so I’m done with it for good.

By: Stephanie PTY

Stephanie PTY — Mon, 31 Aug 2009 17:21:54 +0000

Student loan consolidation can be a real “win” for us alumni who have variable rate federal student loans. The rates are really, really low right now, and I can’t see them getting much lower. A consolidation is pretty much the only way to lock those variable rates into a fixed low rate. Just another reason to make sure you know everything you can able the loans you have, including the interest rate and whether or not its variable!