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PLEASE ALSO NOTE THAT SUCH MATERIAL IS NOT UPDATED REGULARLY AND THAT SOME OF THE INFORMATION MAY NOT THEREFORE BE CURRENT.CONSULT WITH YOUR OWN FINANCIAL PROFESSIONAL WHEN MAKING DECISIONS REGARDING YOUR FINANCIAL OR INVESTMENT MANAGEMENT. "/The material provided on this website is for informational use only and is not intended for financial or investment [email protected]% INTEREST In this case, that’s four point two five [email protected]% INTEREST Now, entering your loan information into a loan consolidation calculator, you’ll find that consolidating your loans CONSOLIDATED LOAN REPAYMENT PLAN gives you a new repayment period, ,000 PRINCIPAL, 0, 25 YEARS which is figured based on the amount you owe– the more you owe, the longer this repayment period will be.Essentially what happens when you consolidate BANK is that all of your original loans are paid off by your lender and replaced with a single new loan with new terms.
STUDENT LOAN And you can often get a lower monthly payment 0, 10 YEARS, PRINCIPAL, INTEREST because you will have a longer repayment period— 0, 25 YEARS so there are some trade-offs to keep in mind.
,250 TOTAL, ,250 MORE ,000 TOTAL You’ll also have new loan terms.
STUDENT LOAN This means that you may miss out on some of the repayment benefits you might have been eligible for on your previous loans, like interest free deferment on subsidized loans INTEREST-FREE DEFERMENT DEFERMENT, SUBSIDIZED, 0, 1 or loan cancellation for special circumstances.
Subtract your original fifty thousand dollars, - ,000 ORIGINAL LOAN and you’ll see you’re paying over = , 250 TOTAL INTEREST thirty one thousand dollars in interest, compared to the eleven thousand dollars ,000 TOTAL - ,000 ORIGINAL LOAN you’d pay on the standard ten-year plan.
= ,000 TOTAL INTEREST So while simpler and lower monthly payments might give you some relief in the present, the trade-off is that it can cost you a lot more over time.
Consult with your own financial professional when making decisions regarding your financial or investment options.