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Student Loan

July 20th, 2009 at 11:51 pm

So just a quick blurb about my student loan.

The interest rate dropped again on it. It's around 2% now. The balance is $13,129. Will most like be under $13000 after tomorrow when the July payment gets taken from my account tomorrow. I have yet to consolidate my loans. I should look into that to see if I can lock in the low low rate at a fixed. Because right now it's variable and it's been fine not consolidating because the rate has been on a steady decline since I've started paying my loan off. I think my payment amount has also dropped. I'm not so sure about it yet but I think so according to the front page of my account when I log in. But, I'll have to wait to see how much they take out tomorrow to be sure. My required payment per month has also dropped steadily since I've started paying back November 2007. It started out at $198/mo, now if the new rate is right it's about $158/mo.

But I'm thinking, since the rate is so low that I should just throw more money at my loan to bring down the balance faster so that if the rate does go back up my balance will be a lot lower and save money on interest.

4 Responses to “Student Loan”

  1. gamecock43 Says:

    oooh that's a good idea! I never thought of it that way- to pay your lowest interest rate so your money goes farther.

  2. Lylic Says:

    I think you're on the right track. It's great that you are thinking of ways to stretch your debt repayment dollars instead of just thinking, "yay, my required payment is lower."

  3. cptacek Says:

    Er, why don't you consolidate now to lock in these rates? They can only go up in the future...

  4. Jerry Says:

    I think locking them in can only lead to good things, since it would be hard for them to get much lower and there is no insurance that they won't fluctuate in the other direction! Good luck with that... it can save a lot of money over the long run.

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