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I have 6 Stafford loans totaling about 12,000. All of them are through Wells Fargo. My monthly payments are very reasonable due to being on an income sensitive payment plan, and my current interest rate is 6.05. I am wondering if it is still a good idea to go ahead and consolidate anyway, or just leave them as is. Is there a significant benefit in this situation?
Hoping for some good advice!
Why is your interest rate 6.05% and not the 2.48% that variable Stafford loans have as of July 1? Did you already consolidate?
My suggestion would be to try to consolidate this year if your loans are at the variable 2.48% to lock in that rate.