Financing -- Loans/Student Loan Consolidation
I attended college and borrowed federal financial aid between 2002 and 2005. I currently owe $9900 on the $21000 I borrowed in school. These are mostly subsidized Stafford loans. Currently the variable interest rate on my Stafford loans are very low, 2.35%.
If I consolidate I can fix this rate and prevent it from going up in the future. Fixing a low interest rate alone makes it seem like a good idea, yes? I just want to make sure I'm thinking about it the right way.
My income is relatively low ($12,000 last year) so I qualify for Income Based Repayment. But my soon to be husband makes a good income ($70,000). My payment under IBR would be very low while I'm single, but would go up after we tie the knot. Even so, the Income Based Repayment payment is not supposed to exceed the Standard payment I currently pay so it seems like there's nothing to lose, right?
You actually sound like you are better versed on this than me.
I would go to a bank that offers student loans and ask them for some advice.
You may need to go to several, because this is an esoteric and not well understood area of bank lending.
You may also want to try a government website that offers advice on student loans.
Good luck and sorry I couldn't be more helpful.