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This is the story of life's financial struggles & victories through the eyes of a young woman up to her eyes in debt. Enjoy :)

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Tuesday, January 6, 2015

At A Crossroad

What should I do now? I'm really not sure. Let me catch you up with where I am since my last post in May...

In August of 2013 my total student loan debt was $78,950.18 and today (January of 2015), my total student loan debt is $47,828.42. In a mere 18 months, I have put $30,808.19 towards my student loan debt.

I am down from my original 6 loans to now 2 and a half (thank you, Jesus & Dave Ramsey!) I have my 2 highest principal loans remaining (26K & 17K) as well as over half of my 14K paid down to 6K.

I plan to have the remaining 6K paid off in the next few months. That will leave me with 2 loans totaling about 43K. My interest rate is 8% for the 26K and 8.50% for the 17K, I have been reading reviews about the various companies out there who are currently offering private loan consolidation. It seems like, for the most part, unless I have an above average income, the interest rates offered are about the same as I am paying now.

I am not sure what to do here - do I go for it and try lowering my payments by a minimal amount (I am talking maybe a point or a point and a half of interest) or keep them where they are at Sallie Mae? Maybe the above is thinking pessimistically, but with my credit score (which is currently 761) and an average income, I am unsure the point difference in interest wouldn't be anything impressive. Is it worth the attempt of applying, having multiple pulls on my credit score, and the hassle that we all know dealing with these companies can be? Maybe, anything to save a buck, right? Not sure which road I will sashay down, but at least the latest and greatest update on my progress is documented. Happy New Year, folks! Hard to believe I started this blog in 2010, and I am where I am now, still writing to you in 2015; thanks for the emails and support thus far :)

As always, let me know your advice: comment below or email me at ohthesestudentloans@gmail.com

Oh yeah, and as for my opinion of the best resource to research consolidation places, click here, just in case you yourself would like to gander :)


Ojohthesestudestudentntloans@gmail.com