Nov
05
what student loan debt consolidation company has the lowest interest?
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what student loan debt consolidation company has the lowest interest
ill have around 110,000 dollars in debt by the time i finish my masters
Passive Income
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2 Comments
November 5th, 2009 at 7:24 pm
Im not 100% sure about USA, but in UK consolidation companies do not charge interest. They charge a percentage of your monthly payment. You need to check the % rather than the payment as different companies will quote different monthly payments, which may appear cheaper but aren’t.
A Monthly payment £100 – 15% – payment to company £15.
B Monthly payment £200 – 10% – payment to company £20.
Double check the percent – not the payment.
November 6th, 2009 at 11:24 pm
Remember though…a lower payment means more time in debt (unless you reduce the interest rate SUBSTANTIALLY). Also, in debt consolidation, you usually have to throw in the low interest loans along with the others, this cancels out any benefits of lowering the high interest rate loans. My suggestion is to line them up, and one by one tackle them with intensity and ferocity. 110,000 is going to take a little while, so keep your head down, focus and don’t get discouraged…Good luck!