Student Loan Consolidation
I would like to consolidate 70K in private student loans. I hope a lower interest rate or a lengthened loan term will allow me to pay this thing off faster. The rate on my current 20 year loan is the one-month LIBOR + 2.75%. I've contacted StudentFirst and they offer what would be a very similar rate. They would lenthen the loan to a 30 year loan. I plan to pay much more than the minimum payment each month. SO, if the term is lengthened and the minimum monthly payment is reduced, can I pay this off faster assuming I am making large payments? Any advice and feedback is greatly appreciated!
|