- 3 years ago
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I’ve heard of SoFi and I’m completing my application online to consolidate/refinance my student loans. I’m wondering if I should consolidate them all or just some for now.
Loans are as follows:
Private-$13600, 9.17% variabl, $129.69 monthly payment, 225 month term
Private-$21000, 5.41% variabl, $96.78 monthly payment, 225 month term
Private-$16100, 5.42% variable, $117.81 monthly payment, 225 month term
Private-$18000, 4.92% variable, $126.35 monthly payment, 225 month term
Private-$4500, 5.170% variable, $32.55 montly payment, 225 month term
Federal Stafford-$8000, 6.55%-subsidize, $94 montly payment, 120 month term (I think-Currently in forbearance
Federal Stafford-$25500, 6.80% unsubsidized, $285 monthly payment, 120 month term (I think)-Currently in forbearance
My two stafford are currently in forbearance and Great Lakes is servicing them. The others are serviced by AES and I make $600 monthly payments to them, every month. If the Great Lakes loans weren’t in forbearance my monthly payment would be $884 every month.
SoFi is offering a interest rate of 5.99%-6.74% with a monthly payment of $868.24/mo for 15 year fixed.<br /> Other options from SoFi is 5 year fixed-4.99-5.99, $1942.42 (ideal but way out of my budget), 10 year fixed-5.49-6.375, $1116.82, or 10 year variable-2.91-4.91-$982.30.
Do I try and consolidate them all now or some now and some later?
Advice is much appreciated. Thanks in advance for any help you can give me.