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student loan debt payoff

By Terry Savage on August 11, 2020 | College Savings / Student Loans

Hi, I have 2 student loans adding up to about 90k. I’m 44 years old and have been paying on these for the past 6 years, at this rate my payoff date would not be until retirement age. My question is would it be beneficial to combine and or refinace both loans? Right now I’m paying 2 separate loans with the interest rates of 3.6% and 4%. Thank You

Terry Says

That’s a lot of debt. And the way payments are scheduled, you’ll wind up paying a fortune in interest rates. Actually, you have some of the lowest interest rates I’ve seen on student loans! So instead of refinancing, why not concentrate on paying DOUBLE the monthly payment — which means you’ll save a lot of interest and get out from under much faster. If you could earn a little extra money each month, or cut back on some extras, it would really be worth it to pay down those loans faster.

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