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Even just reducing the interest rate can have a significant impact. I cut my rate from just over 7% to 4.71% and slightly increased my payment, moving my final
by marklyon 10y ago
Even just reducing the interest rate can have a significant impact. I cut my rate from just over 7% to 4.71% and slightly increased my payment, moving my final payment from July 2, 2038 to December 1, 2025 (ignoring any additional payments I make) [1]. Just doing that made attacking my massive loan balance much more manageable.
I don't expect (or want, actually) for my education to be free. I knew I was racking up debt and knew it would have to be paid. Being able to refinance, though, was a huge help.
[1] https://marklyon.org/2016/05/refinancing-student-loans/ https://marklyon.org/2016/05/refinancing-student-loans/
- andromeduck 10y agoJesus! Just how big is your student loan?! I mean I paid for all my living and education expenses with loans too but I'm not sure I would if it would take 20+ years to pay off
- marklyon 10y agoOver 100k. Law school wasn't cheap.
- saiya-jin 10y agowell, glad I had it for free, there are tons of other financial burdens in life rather than paying education in IT which was nearly obsolete even during studying (i think unis nowadays catched up a bit with current state). imagine that - graduating and having 0 debt, and not ruining parents in the same time. it's called freedom. but if you feel that you don't want this kind of freedom and perform better under long term pressure, then enjoy your current state.