Friday, 2 May 2008

Ding dong, the witch is dead

The good news: one of my student loans is paid off, and it’s the one that had the highest interest rate (5%). The bad news: it wasn’t a very big loan to begin with, and most of my student loan debt is still outstanding—granted, at about the same interest rate than I get on the money in my ING Direct savings account, but it’s still out there.


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[Permalink] 1. Rick Almeida wrote @ Sat, 3 May 2008, 8:08 am CDT:

I don’t know if this is still an option, but a few years ago I consolidated my student loans through the federal government for an absurdly low (< 2%) interest rate. It’s worked out pretty well; on a 30-year repayment plan, I pay $287 per month.


Yeah, that’s what I did, although your rate seems far better than mine was, probably based on what the rates of the original loans were. The consolidated rate is just the weighted average of the original interest rates I think.

[Permalink] 3. Rick Almeida wrote @ Sun, 4 May 2008, 6:33 am CDT:

Could be – I also consolidated when the federal funds rate was at an all-time low, which probably had something to do with it as well.

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