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03-17-2008, 11:53 PM
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#1 |
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Registered User
Join Date: Mar 2008
Posts: 1
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Need Consolidation Strategy
Hi all, I'm new to this, so go easy on me. =) Anyways, I will be graduating soon and I've been told to consolidate my loans. My loan consists of only subsidized loans and they have a 6 month grace period. The amount is reasonable (approx the price of car) and I can make enough to pay it off in a year. Given my scenario, what's the best way to approach this? any consolidation strategies? Should I pay it off slowly and invest with extra money from work or should I do something else? Also any recommendations on vendors? Thanks in advance!
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03-18-2008, 07:51 AM
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#2 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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What are the balances and APRs of your current loans? If the APRs are low and you could pay off within a year, why even consolidate?
__________________
"A nickel ain't worth a dime anymore." - Yogi Berra |
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03-19-2008, 12:13 PM
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#3 |
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Registered User
Join Date: May 2007
Posts: 30
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If your loans are subsidized I am assuming they are federal. Look around online for the best federal loan consolidation company. You most likely want to consolidate so your loans are guaranteed to stay at the current interest rate. Compare incentives such as interest rate drops after a certain number of payments to find the one which benefits you the most. Federal loans typically have a lower interest rate than you could earn investing. So unless you hate knowing you have debt, your money would be best used elsewhere such as maxing out IRAs and 401ks.
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