Go back to school half-time for a short amount of time, take out as small a loan as possible, and try and consolidate again and see if your rate shoots down?
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Originally posted by aggieAXO
Ha ha, I had a client that was an accountant and she had 2 dogs, one was named Sallie Mae and the other was Fannie Mae.
I consolidated my school loans with Sallie Mae about 6 years ago-I had over 77,000$ in governtment loans. The rates were not to good back then, I ended up with 8.75% and it lowered this past year to 7.75% b/c I did the automatic debit pay. You can deduct some of the interest of theloans if you make a certain income. i unfortunately make too much $ to deduct the interest but I think if you make less than 65,000$ you can deduct the interest (but please check with your accountant on this figure).
One of my collegues who graduated a year and half ago got a rate of 3% from sallie mae-damn I was jealous! I f I could have gotten this rate i would definitely invest rather than want to pay them off.
I could pay off my loans now but I would rather continue to invest money. They had a segment on CNBC a few months ago, I can't remember who the financial advisor was but he recommended investing money every month rather than paying off loans quicker b/c in the end you will come out ahead. He also mentioned that some people people feel better if their loans are payed off sooner so if you fall into this category then paying them off sooner might be better (I have struggled with this b/c these damn student loans are like a monkey on my back  ).
I am on the 30 year program but will hopefully pay them off alot sooner but for now would rather re-model my house and invest in the stock market while things remain low and "on sale".
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Amycat, do you have any idea what that rate you have to be above is?
kdonline I don't have time because I'm in my grace period right now and payments start in January. I guess I want to take care of that before then. And yeah interest rates will definitely go up the next time the fed meets.
-Rudey