Question for Financial Advisors / Math Junkies, smartest way to pay college loans.?

Answers:0   |   LastUpdateAt:2012-09-19 22:57:03  

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shabria cross
Asked at 2012-09-19 22:57:03
Currently owe about $ 55,000 in college loans . I can pay just under $ 700 a month for 13 separate loans ( Over Sallie Mae , some safe , some unsecured. ) . These loans have interest rates ranging from 3.5 to 8.5% , most are in the center around 6.5 % . MedlinePlus MedlinePlus I recently made barely enough money to pay the $ 700/mo and there is still plenty of tickets and food , with maybe $ 100 left . I left a job due to the conditions , and will now be a contractor to run a business . ( It's the smartest decision I've made , despite the fact that it does not seem . ) In short , my equities and now I have no idea what I'll do. I am questioning go the route of consolidation , the consolidation of two or three loans that will bring an estimated payment of $ 350/month . Currently , I'm paying the $ 700 that is paid that way in 10 years . If consolidated , will be paid in 30 years. It seems an easy choice , right? Not really, because I can not find an answer to this simple question . MedlinePlus MedlinePlus If I consolidate my loan but pay my $ 700 a month as normal (assuming I can definitely do it every month and also assuming an interest rate of 6.8 % which is the current rate verified course ) , I pay the consolidated loan in 10 years ? MedlinePlus If not, how many years will it take and how much extra interest you pay ?
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