Graduated Learning: Life after College

I got my degree, I got a job…now what?

My student loan rates dropped again! July 5, 2008

Filed under: Personal Finance — Stephanie @ 2:32 pm
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I mentioned before that my student loan rates had dropped a few times.  Well, it’s happened again!  I was actually looking forward to July 1st.  Yeah, I know, so lame.  But yep, my variable rate is down to 5%!  So that’s pretty excellent.  It went from 8.25% to 7.5% to 6%, and now to 5%.

Now something I’m not quite certain of is if I could consolidate my loans at this rate.  I’d assume that the Fed rates don’t have too much distance to go (it’s at 2% right now, so really, it can only drop down 2 points, right?), and so it would be pretty low.  I just don’t know for certain how to go about it.  I consolidated my Federal student loans after graduation, but I just left my private loans as they were.  Have any of you done this?  I guess I could just call the company that my loans are with and ask them how it works, but I think I’ll at least hold off until after this weekend.

Happy Fourth of July!


My student loan interest rate dropped! Hooray! January 9, 2008

Filed under: Personal Finance — Stephanie @ 10:13 am
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I had read a post over at about why student loan interest rates aren’t dropping nearly as quickly or as often as the savings account interest rates are dropping. They said that many student loan companies have set their contracts to change variable rates at certain times and based on certain values and averages. For the company I’m borrowing from, they reset their interest rates every quarter. They’ve lowered my interest rate from 8.25% to 7.5%. I was worried that they had taken away my .25% rate reduction that they had given me for automatic deductions. I called them up and they said that they did. So, I guess that’s that.

So, check out your loans! Your rates might have been lowered!

(Yes, I know that since it’s based on variable rates that it could also go up. But for as long as I’ve been actively paying my loans (since I graduated) they’ve been at a stupidly high 8.25%. So things feel better now)

One thing to note is that if you are automatically having money deducted from your bank account, they might start taking less out…because with less interest charged, they wouldn’t get as much money from you, so by lowering your monthly payment, they’ll have you paying slower at the lower interest rate. So, keep that in mind if you’re trying to pay down your loans faster than they want you to (like I want to do).


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