Comments on: Student Loans & The Cost of Procrastination http://theweightofmoney.com/2006/08/student-loans-the-cost-of-procrastination.html understanding the weight of money Mon, 25 Jan 2010 03:09:53 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Donna Jean http://theweightofmoney.com/2006/08/student-loans-the-cost-of-procrastination.html/comment-page-1#comment-46 Donna Jean Sat, 12 Aug 2006 00:00:00 +0000 http://theweightofmoney.com/?p=53#comment-46 I did all the calculations of the different situations and the rates, amount of interest that would be paid, etc. As I mentioned, the savings rate is $300 if I consolidate everything together. At this point, that isn't a big enough savings point to make it worth doing. Instead, I'd rather still have at least two separate loans so I can pay one off faster and easier. Even though it isn't October yet, I've decided on Option 3 - that I will wait until June 2007 and see what interest rates are going to be. Luckily, with student loans, the rate only changes once a year. So, if rates are going to go up -- I'll consolidate the unconsolidated ones; if they do down, woohoo! This plans just requires that I keep track of interest rates and don't let things slip away. Seeing how I could have saved more if I had paid more attention before, I'm not as likely to make that same mistake twice. I did all the calculations of the different situations and the rates, amount of interest that would be paid, etc. As I mentioned, the savings rate is $300 if I consolidate everything together. At this point, that isn’t a big enough savings point to make it worth doing. Instead, I’d rather still have at least two separate loans so I can pay one off faster and easier.

Even though it isn’t October yet, I’ve decided on Option 3 – that I will wait until June 2007 and see what interest rates are going to be. Luckily, with student loans, the rate only changes once a year. So, if rates are going to go up — I’ll consolidate the unconsolidated ones; if they do down, woohoo!

This plans just requires that I keep track of interest rates and don’t let things slip away. Seeing how I could have saved more if I had paid more attention before, I’m not as likely to make that same mistake twice.

]]> By: mapgirl http://theweightofmoney.com/2006/08/student-loans-the-cost-of-procrastination.html/comment-page-1#comment-45 mapgirl Wed, 09 Aug 2006 00:48:00 +0000 http://theweightofmoney.com/?p=53#comment-45 Have you tried calculating your blended rate for the exact balances you have on these loans? It may help you get a better understanding of how much you can save in interest or monthly payment amounts if you do or do not consolidate. I never really figured out consolidating my loans. I just kept my head down and paid the student loans off for 9.5 yrs. Fed rates are holding as of today, but that doesn't mean they won't rise or fall in the future. Have you tried calculating your blended rate for the exact balances you have on these loans?

It may help you get a better understanding of how much you can save in interest or monthly payment amounts if you do or do not consolidate.

I never really figured out consolidating my loans. I just kept my head down and paid the student loans off for 9.5 yrs.

Fed rates are holding as of today, but that doesn’t mean they won’t rise or fall in the future.

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