Consoldating private student loans valentines speed dating leeds


In this guide, we’ll take a look at the current pros and cons of consolidation, including what is probably the most important question: Will it truly save you any money?If you’re pressed for time, here’s a quick summary of the major points I drive home in this guide: The price tag of a college education is more daunting than ever.

consoldating private student loans-35

That’s because it’s based on the interest rates of the loans you’ll be consolidating.

You’ll pay the weighted average of those rates rounded up to the nearest 1/8th of a percentage point.

According to The College Board, the cost of one year at a private, four-year college has jumped 146% in the past three decades to $31,231, while the cost of a four-year public school has skyrocketed 225% to $9,139.

Those figures are adjusted for inflation — they would be even gaudier if not — and they include only tuition and fees, not living expenses.

Had I not consolidated, I could have been paying 7.14% starting in 2006 and 7.22% in 2007 before rates dipped back down to 4.21% in 2008.