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Student loan advice

poboy1

By poboy1
in Student Loans

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The last post in this topic was posted 6279 days ago. 

 

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poboy1

poboy1

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I have roughly 8,000 amassed in debt some of it is the painful interest charges they make. Like an salamander I deferred it for some years and now I want to pay it off this year. Before I begin to pay it off, would it be a good idea to try and transfer its balance to another institution to lower the interest rate? If so what are my options? My credit scores are in the upper 600's and feel my credit isnt bad now.


LynnInMN

LynnInMN

Posted
Posted
I have roughly 8,000 amassed in debt some of it is the painful interest charges they make. Like an salamander I deferred it for some years and now I want to pay it off this year. Before I begin to pay it off, would it be a good idea to try and transfer its balance to another institution to lower the interest rate? If so what are my options? My credit scores are in the upper 600's and feel my credit isnt bad now.

 

 

Due to the "deferred it for some years" statement, I will assume these are federal. What is your current interest rate?

 

Your deferring it causes the interest to capitalize. More than likely your interest rate is not that high.

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