I was looking at my student loans and 2 are at 6.5% ($3,539 and $4,194 balances) YIKES. The other two are 1.51 and 3.4.
Here is the info on them:
Date Opened Loan Type Status Balance
Total Loan Balance:| |
| 05/04/2012 | Dl Special Consol Stafford | Deferment | $4,194.26 |
| 05/04/2012 | Dl Special Consol Stafford | Deferment | $1,658.14 |
| 05/04/2012 | Dl Special Consol Unsub Loan | Deferment | $3,539.42 |
| 09/26/2011 | Direct Sub Stafford Loan | In School | $4,500.00 |
Not sure what my college is going to offer me yet this year, but if it’s between 1-3.5% I’m contemplating taking out extra $$ in the loan above tuition/books to pay off one of the 6.5% loans with. My debt amount will still be the same…but the interest rate will be lower... and since the 2 in question were consolidated in May this year, I would think paying it off then having new acct added just 4mos later won't make a big difference in FICO??
Any flaws in my “logic” that you can see?
Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013
