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[jhtrico1850]

Can I  get a reply?

[jazz_collegegrad08]

I cn't answer your question, just wanted to say...Go GSU....I graduated from there Spring 08

[jhtrico1850]

Awesome, you graduated just before everything went into Armageddon

How is life after graduation?

BTW, answers appreciated.

[Anonymous]

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@jhtrico1850 wrote:

I have $3260 at 6.8% for 07-08 year from dl.ed.gov, and $2740 at 6% for 08-09. Both are subsidized Stafford.

I also have a Perkins from Georgia State University at 5%, $2000.

For my FAFSA just now, the government offered me some money I guess at 5.6%.

http://www.staffordloan.com/stafford-loan-info/interest-rates.php

I didn't take it...

To me though, wouldn't the smart thing to have done is to take the money, as much as possible, pay off original balances as much as possible, rinse and repeat, until I'm left with that 3.4% interest rate in 2011-2012?

I just declined it, but it's not too late to apply from Discover or whatever, right?

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Where does the 3.4% money come from?  You mentioned a recent offer of 5.6% "but didn't take it" and I missed where you were getting the cheaper money from, what the type of loan is, source, etc.  I'm sure I'm just missing something.

[jhtrico1850]

http://en.wikipedia.org/wiki/Stafford_Loan

I've been eligible two years in a row for subsidized stafford loans. 

I think it's part of some college affordability act they recently passed.

[Anonymous]

If you have eligibility and can qualify, it seems like pretty easy math.  3.4% vs. 5.6 or higher? 

[jhtrico1850]

Awesome

I was wondering though, if FICO cared that I got out a $6000 loan to pay off $6000 in loans and soon after, I am at just a $6000 balance as opposed to $12,000. And what about the government blowing the whistle on me because I broke the system... hahaha

[Anonymous]

I wouldn't try to "sneak" in.  If you legitimately qualify, then why not.  As for FICO, who cares what short term minor fluctuations you see.  You are making a financial decision best suited to your finances.  Put the savings in interest toward paying the debt down even fast.

[jhtrico1850]

I'm counting on you John. I will call my school's financial aid and try and reapply