+3 votes
by (1.1k points)
So I quit school.  Temporarily or permanently, I'll figure out later.So I quit school. Temporarily or permanently, I'll figure out later. But right now I'm in the grace period for repaying my loans, so I'm considering my options. I owe $21, 862 at a 4. 5% interest rate. What are the benefits of consolidating and would it even be worth it? According to the repayment calculator, I'm looking at about $226 a month as of right now. It's doable, but I'd rather have a smaller payment so we could save more. Is that very doable or realistic? I'm kinda lost and don't really have a lot of people to ask for advice on this, so any words of wisdom and welcome! Thanks so much in advance guys. So glad I found this group for such a weird and necessary phase in my life: My roaring, crazy, all over the damn place 20s.  
So I quit school.  Temporarily or permanently, I'll figure out later.

3 Answers

0 votes
by (200 points)
Don’t consolidate! Just pay off the smallest to largest.  
0 votes
by (150 points)
I can’t see consolidating being worth it unless if you can get a loan with a lower interest rate (under 4. 5%).  
0 votes
by (1.7k points)
That’s a pretty good interest rate, and to be honest it might not be worth trying to consolidate. I would try to start paying the $226 right now to help stay on top of the interest that is accumulating and also to help you get acclimated to that bill in your budget. You got this!  
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