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If you don't mind, was refinancing a good move for you? What rate were you able to get it down to? We're at 6.8% right now.
by iambateman 11y ago
If you don't mind, was refinancing a good move for you? What rate were you able to get it down to?
We're at 6.8% right now.
- needcaffeine 11y agoWhen I consolidated my loans, they became fixed at 6.8%. Meanwhile my wife was lazy and did nothing and then the great recession happened and her loans have been at 3% for years and years.
- srj 11y agoThe consolidation loan rate was the weighted average of the loans consolidated, so it didn't offer any benefit beyond making the rate fixed. I think the rate ended up being ~5.5%. Consolidation loans also offer a longer repayment timeframe I believe. In this way if you make the payment amount small but pay double, the extra will be entirely on the loan principal. Back when I consolidated SoFi (and probably others) didn't exist. It might be worth comparing rates and terms with them as well.