I currently have a decent amount in student loans, as well as a car/bike loan that I make payments on. So with all this talk about refinancing in the housing market, I’m wondering if it is possible to do the same here, and if it is worth it.
Would I be able to consolidate my student loans (some from the fed gov) as well as my car/bike loans into the same thing and only make 1 payment?
Are the interest rates in this sector getting significantly better?
I assume that if I did this, I would have to start making payments right away, where as my student loans don’t require any payments until 6 months after I graduate. Am I correct in this assumption?
The coffee at work today tastes like shit. I think someone is trying to kill me for my fur.
Would it be better to wait another year for when I’m finished with school, and hope the interest rates don’t spike again?
Rates are the lowest the have been in a LONG time, if you can afford to make the payment, assuming you’d have to start paying once consolidated, Id say go for it.
You can consolidate your private student loans into a fixed low apr if you are on variable rates as far as i know but you can not use education loans to pay off bike/car. As far as I know thats against the law.
You will not be able to roll your student and bike loans together… well, you probably can, but your student loan rate would go up significantly and you would likely end up with a higher rate on the bike as well as it would become a personal loan. If they lose their classification as student loans you can no longer deduct the interest on your taxes.
Long story short - no. And you should consolidate your student loans when you graduate (I’m not even sure if you can do it now unless you want to lose the benefit of deferment). The rates are going to be low.
That’s more of what I needed to here. So putting them together wouldn’t work out. I forgot that they would get classified as personal loans and likely double the rate. I’m paying off the bike soon, so that shouldn’t be an issue.
I’m going to cry when I have one big # sitting in front of me for my student loans.
Honestly its not that bad when you make the student payment every month after you have been out for a few years making some decent $, knowing with out that education, you would not be making it.
It’s probably not worth it. But you are the only one that can answer that question, by knowing your current apr’s, if they are secured or variable rates, and then calling around for a new loan.
Like someone else said, it will be an unsecured loan most likely, which usually carries a higher apr than student loans or auto loans. You would also have to start making payments right away yes.
For a couple years my loans took care of tuition plus housing so I didn’t have to work. It won’t be that that bad, maybe $20k. Significantly more debt than I want…
I did that back in 2002 with citi bank. Rates where super low back then.
Make sure all of your loans get consolidated. Some how one of mine did not and so I had to go threw the process twice. In the end it was better for me since the second time my interest rate was lower.
