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Q. on Loan Repayment
Posted: Mon Oct 14, 2013 11:09 am
by Anonymous User
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
Re: Q. on Loan Repayment
Posted: Mon Oct 14, 2013 11:21 am
by mr. wednesday
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.
Re: Q. on Loan Repayment
Posted: Mon Oct 14, 2013 3:39 pm
by BostonLove
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.