I graduated in 2008. I’m still paying down student loans, often more than the minimum payment. I have a mix of private and federal loans at varying interest rates.
Would consolidating my student loans into a loan with a variable interest rate be beneficial? How long will the interest rate likely remain low? Is there anything in particular that I need to look into for a variable interest rate loan?
You would have to find a private lender to consolidate all the loans together. Or you could consolidate the federal loans with a Direct Loan with the Department of Education and then try to consolidate the private loans alone.
Variable interest rates are tied to an underlying financial benchmark and if interest rates go up, so would your loan payment. However, historically when rates go up everything becomes more costly and an increasing variable rate payment becomes much more expensive.
Nobody knows how long rates will remain at these historic lows. All that can be guessed for certain is that at some point interest rats will rise. They always have and always will.
Please post your responses and follow-up messages to me on this in the comments section below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
- We Rise From the Dead Yet Again – Podcast - October 2, 2023
- Lexington Law Credit Repair Gets Hammered in Lawsuit Settlement. If You Sell Credit Repair – Wake Up! - August 28, 2023
- People That Got Scammed by Robocall Debt Relief Company Life Management Services of Orange County to Get Money Back - July 7, 2023