Q. on Loan Repayment

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Anonymous User
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Q. on Loan Repayment

Postby Anonymous User » Mon Oct 14, 2013 11:09 am

Hypo: Let's say I have 2 loans - a $50k and a $10k, both at 7%.

Any reason not to consolidate the loans, if I am able to (assume the same interest rate)? Or would it be preferable to pay off the bigger loans first?

Anonymous to hide my financial illiteracy

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mr. wednesday
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Re: Q. on Loan Repayment

Postby mr. wednesday » Mon Oct 14, 2013 11:21 am

Why are you consolidating them? If they are federal, you will not be saving any money. The only thing you gain is you only have to pay one bill each month. Unless they are serviced by the same place, in which case you can probably already do that.

But sure, consolidate them if you want. Or pay off the smaller one first. Or the larger one first. Whatever makes you happy.

BostonLove
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Re: Q. on Loan Repayment

Postby BostonLove » Mon Oct 14, 2013 3:39 pm

Anonymous User wrote:Hypo: Let's say I have 2 loans - a $50k and a $10k, both at 7%.

Any reason not to consolidate the loans, if I am able to (assume the same interest rate)? Or would it be preferable to pay off the bigger loans first?

Anonymous to hide my financial illiteracy


If private loans, I'd wait until they offer a rate deduction (small, but it's something) for consolidating. I know I get offers for that every so often for my undergrad loans.




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