Loan Consolidation

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?