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Originally Posted by fairy74
I'm with gakline, got my consolidated last year. Before consolidation my monthly minimum payments were $800.00 after consolidation $255.00, I just continued making the $800.00 payment (and more when I can) so that I can get those suckers paid off asap.
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More than likely with a payment difference this significant, you have the period of the repayment increased. Even if rate was cut in half, you are still paying 2X more in interest over 20 years than you would have with higher payment and 10 yr repayment period.