Questions To Ask Yourself
- What loans do I have?
- How soon do I plan to repay my loans?
- Do I need the lower payment only for the short term, or for the life of the repayment time allowed?
- Do I plan to pay off early?
- If I consolidate what do I gain, what do I lose?
- Would there be enough of a difference in the required monthly payment for my 10 year original terms versus under consolidation for however many years I qualify for?
- Is locking in a “lower” FIXED rate important?
- Do I take a chance that the original variable rates over the 10 years will stay low?
- What are my short, mid, and long term goals financially, personally, and professionally?
- Does consolidation in general fit in with them?
- If not, does the lower fixed rate provide enough justification to consolidate anyway?