Looking for some constructive stranger financial advice about approaching student loans debt.
Current situation:
Total loans $140,561 @ avg interest rate of 5.8% (breakdown below, highest interest first)
$13,872 @ 6.59%
$9,286 @ 6.59%
$9,873 @6.55%
$8,986 @6.55%
$1,151 @ 6.55% —> scheduled pay off tomorrow
$15,139 @ 6.06%
$12,358 @ 6.06%
$15,457 @5.96%
$22,458 @ 5.59%
$21,154 @ 5.06%
$2,243 @ 4.410%
$8,423 @ 3.61%
Now, bc I have a good paying job Ive been able to pay $15132 total ($3,212 of which was interest) since Feb 2018. I have a minimum payment (on the 10 year plan) of $1700/month. I have been making additional targeted payments of about ~$1300.
Other info: Monthly expenses ~$1,500 not including loan payment above, emergency fund built, 401k to maximize employer match.
- The question is do I consolidate and try to get an interest rate of 3% with a company like Sofi (seems to be the most popular)?
- If I do that and lock into a payment of say $1700/month will I still be able to make additional payments to the principle balance like I am currently?
- Lastly, is there any benefit to trying to target a few more high interest loans before consolidating to potentially get a lower rate?
Suggestions?
Submitted July 10, 2018 at 09:26AM by kinisi https://ift.tt/2zqhoJe
