Comment Re:That's a rip off (Score 1) 1259
All depends on how old are your student loans. If your loan originated between Summer 1998 and 2006, you're at 3.28%. Its possible you may have an even lower rate... I'm at 2.48% on just about all of my loans.
From 2006-2008, its 6.8%.
2008-2009, 6.00%,
and 2009-2010, 5.6%.
Interest rates are going down, and I believe they're defined through 2012 or so.
As a side note, I'd pay *more* if I wanted to consolidate my loans. As far as I'm concerned, if you can avoid it, do NOT consolidate your loans. I'm not positive about this, but I expect that if I'm paying $500 a month on my student loans, my month minimum is not going to go down if I overpay it. For example, on my mortgage, my monthly payment won't go down if I pay more on the principle, it just shortens the length of my mortgage. The point here is that if I'm going to overpay, I want to pay off an individual loan, such that my monthly minimum goes down such that if I should find myself unemployed, I might have a chance of continuing to make the payments...
