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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Is 9.5% ridiculously high for a student loan consolidation…should I take it?

Is 9.5% ridiculously high for a student loan consolidation…should I take it?

I am paying one consolidated federal loan, and I have 4 alternative loans about to begin. The only interest rate I can get (without a cosigner) is 9.5%…Should I just do 5 payments a month? That’s a lot of $$$ for a recent grad!

What would you do? If I take the 9.5%, over 20 years I will be paying about 35,000 in interest. That just seems ridiculous to me…

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One Response to "Is 9.5% ridiculously high for a student loan consolidation…should I take it?"

  1. Found-1 says:
    If the 9.5 is less than the rate you are getting on the other 4 loans, then go for it. If its more, then don’t.

    Most federal loan companies will grant you a lower interest rate if you do an auto draft payment and again if you have a good payment history….. Not always for consolidated loans.

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