Celebrating 10 years! 2007-2017

School loan balance thread

I am at $44,967.12 with about 6.7% interest accruing. Need t vohod09/25/17
Congratulations on your progress. Paying off 43,000 dollars jorgedeclaro09/26/17
I am at 26K with about 5% interest. Graduated in May 2015. blg1509/26/17
Past: 2012 Grad w/$116K in Student Loans Present: Current barelylegal09/25/17
Congratulations to you as well. Five years and almost 100,00 jorgedeclaro09/26/17
0.00 anotherjd09/25/17
$0 as of September 2016. Graduated May 2014. Max'd my sch flyer1409/26/17
"career self-doubting alcoholics" Never met one in practi midlaw09/26/17
$0.00 I never had any school debt. isthisit09/26/17
$199,012. Finally under the 200k limit. blackholelaw09/26/17
I've paid off about $72,000 in 14 years. Still have a long w notreallyalawyer09/26/17
Total balance Dec 2013: 167k Current balance: 53k Just triplesix09/26/17
After you've dealt with Sofi a couple months, please re-post bittersweet10/05/17
will do, i deff dealt with servicers tricking despite me pay triplesix10/05/17
Total: 180k Started: 120k IBR or bust. flawed09/26/17
258k Now...230ish from law school and interest, the rest is jdcumlaude10/02/17
~$125k starting. Current ~$176k diligentsolo10/03/17
Started with 3 years of the standard fed amount, so about $6 fettywap09/26/17
Well I started at 140k but am up to like 200k now. IBR and d cocolawyer09/26/17
The interest on an SBA loan between $150,000 and $700,000 (c guyingorillasuit09/26/17
Started around $160k (that includes some undergrad). Probabl loblawyer09/26/17
The interest rates for federally backed debt are criminal. I triplesix09/26/17
It is true. I got my loans when they were still private and downwardslope09/26/17
yes, the interest rates on federally backed student loans ar lionelhutz09/26/17
The federal government is not a for-profit business, and sho guyingorillasuit09/26/17
Student loan and mortgage guarantees are made for the benefi triplesix09/26/17
GIGS is surprisingly credited here. A truly creditworthy bor flyer1409/26/17
LOL. Imagine if the student loan process worked the same way 6figuremistake09/26/17
Graduated in May 2015, started paying that October. Starting bingojackson09/26/17
2014 grad. 120k between undergrad and law school. Paid that twairlines09/26/17
is this serious? how did you pay off $120k and save an addit bingojackson09/26/17
Very serious. Not a flame. I didn't really watch expenses ei twairlines09/26/17
Started at 95k Now 99k REPAYE and PSLF or bust! lawrunner31709/26/17
Graduated 2010, grew to a little over 140k. Now at 65k. 2breedbares09/26/17
2010 grad. 150k debt, now $0. Married well. Results not typi sunny09/26/17
2013 grad. Started at $24,000, now 0. bucwild09/26/17
Started with like 21k (parents, living at home, big scholars 3lol09/26/17
Graduated 2009: $230k with mix of private and fed loans afte nonlinearjdmba09/26/17
That is truly admirable. I don't even take home 5-7k a month 3lol09/26/17
Graduated in 2014 with ~80k in debt. Currently down to ~63k. drwayoflife09/26/17
In thought rates went down the past several years? I consoli notreallyalawyer09/26/17
Graduated in 2009. I think the debt hit a peak of $130k when 6figuremistake09/27/17
2009 graduation with 110k 2017 paid off subprimejd09/28/17
Over 170k and growing! junkwired10/03/17
Started with 140K, now up to about $170k. Give me IBR, or g tomjoadsload10/05/17
IBR until death? triplesix10/05/17
I proudly tell JDU I am #1. My wife and I combined have $480 shikes10/05/17
Graduated law school at about $205K. It's now up to about $ bsj2310/05/17
So my fellow high debt people have come out of the wood work loblawyer10/06/17
Last time I check it was $228K. At first, it bothered me bei beat12310/07/17
Must be nice having a job and knowing you are marketable. I notreallyalawyer10/08/17
I'm at $85K. Just graduated, grace period about to end soon. dharamsala10/08/17
Stanford loans? I consolidated at 2.87 notreallyalawyer10/08/17
Started at $58k in 2013. Paid off as little as possible unti spaghetti10/10/17
Wife and I had $173k at graduation in 2012, all federal at 6 barneystinson10/10/17
Credit issues aside, I make a decent income but not anywhere loblawyer10/10/17
It's not about your income per se, more so about your debt t triplesix10/10/17
This. Private lenders are private lenders. It's great if thi 6figuremistake10/10/17
Point noted. I waited to consolidate my fed loans until I go barneystinson10/10/17

vohod (Sep 25, 2017 - 10:46 pm)

I am at $44,967.12 with about 6.7% interest accruing. Need to drop another $1,500 on it before the end of the month. I started out in May 2014 with about $87,000. Once it is paid off I am leaving this profession of misguided communists, capitalist dogs, and career self-doubting alcoholics.

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jorgedeclaro (Sep 26, 2017 - 12:28 am)

Congratulations on your progress. Paying off 43,000 dollars in 3.5 years is fantastic, especially with that interest rate. You should be proud.

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blg15 (Sep 26, 2017 - 9:49 pm)

I am at 26K with about 5% interest. Graduated in May 2015. 76K in student loans, 17K b/w bar loan and car, so 93K total.

Should be done in about 6 months. Planning to work 8-12 months after to save money and then moving/quitting my job.

Thinking about non-law career. Law is inefficient, antiquated, mind-numbing, and fulll of a bunch of boring stiffs.

Question is, what to do next? Got to make a living even without loans.

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barelylegal (Sep 25, 2017 - 11:09 pm)

Past: 2012 Grad w/$116K in Student Loans

Present: Current Balance $27K (paying out $3K per month)

Future: I plan to payoff the remaining balance in December '17 to avoid carrying any debt into the new year.

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jorgedeclaro (Sep 26, 2017 - 12:29 am)

Congratulations to you as well. Five years and almost 100,000 down. That takes great discipline.

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anotherjd (Sep 25, 2017 - 11:21 pm)

0.00

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flyer14 (Sep 26, 2017 - 12:17 am)

$0 as of September 2016. Graduated May 2014.

Max'd my scholarship opportunity at a T4.

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midlaw (Sep 26, 2017 - 12:58 am)

"career self-doubting alcoholics"

Never met one in practice. Just church goers and the well balanced, mentally and physically healthy. Where are these doubters hiding?

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isthisit (Sep 26, 2017 - 6:27 am)

$0.00 I never had any school debt.

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blackholelaw (Sep 26, 2017 - 1:14 pm)

$199,012. Finally under the 200k limit.

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notreallyalawyer (Sep 26, 2017 - 1:17 pm)

I've paid off about $72,000 in 14 years. Still have a long way to go

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triplesix (Sep 26, 2017 - 1:24 pm)

Total balance Dec 2013: 167k

Current balance: 53k

Just refied with Sofi:

https://www.sofi.com/share/30699

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bittersweet (Oct 5, 2017 - 4:09 pm)

After you've dealt with Sofi a couple months, please re-post and tell us how they are treating you.

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triplesix (Oct 5, 2017 - 6:49 pm)

will do, i deff dealt with servicers tricking despite me paying all the time, not expecting it here.

sofi.com/share/30699

we both get few hundred bucks.

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flawed (Sep 26, 2017 - 1:33 pm)

Total: 180k
Started: 120k

IBR or bust.

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jdcumlaude (Oct 2, 2017 - 11:40 am)

258k Now...230ish from law school and interest, the rest is going back to get a teaching degree so I can atleast have some kind of career.

NC passed the bar first time out...Campbell grade...waste of money and time. currently paying nothing due to pending defense to repayment claim...will never be able to outpace the interest...working as a public school teacher now.

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diligentsolo (Oct 3, 2017 - 2:44 am)

~$125k starting. Current ~$176k

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fettywap (Sep 26, 2017 - 1:38 pm)

Started with 3 years of the standard fed amount, so about $60,000. Currently almost $200,000 at 7.8%. I have 15 years of REPAYE left. Woohoo.

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cocolawyer (Sep 26, 2017 - 1:40 pm)

Well I started at 140k but am up to like 200k now. IBR and deferrments really killed me. I have about 20 years of REPAYE left haha.

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guyingorillasuit (Sep 26, 2017 - 1:42 pm)

The interest on an SBA loan between $150,000 and $700,000 (covers most of our balances) is 3 percent. Why is the government charging us 6.7% or 7.8% interest for school loans?

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loblawyer (Sep 26, 2017 - 2:02 pm)

Started around $160k (that includes some undergrad). Probably around $250-275k from years of not remotely covering interest through IBR, deferment and forebearance.

My plan is pay the absolute minimum I can for the remaining IBR years and then pay the tax bomb. I'm not going to throw money into the black hole of uncapitalized interest even if I can afford it.

The interest rates for federally backed debt are criminal. I don't want forgiveness (well, if they forgave uncapitalized interest I would actually have an economic incentive to pay more than minimum), but lower the rates to market already.

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triplesix (Sep 26, 2017 - 2:10 pm)

The interest rates for federally backed debt are criminal. I don't want forgiveness (well, if they forgave uncapitalized interest I would actually have an economic incentive to pay more than minimum), but lower the rates to market already.

----

Practical student loan reform nobody is talking about.

It ain't the debt but the interest that kills most people. You can pay 200k down with normal life over 20 years but not when you are getting fleeced on interest.

Anything over 200k with out solid 6 figures is futile tho.

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downwardslope (Sep 26, 2017 - 2:17 pm)

It is true. I got my loans when they were still private and those are 2-3% and were hovering at under 2% for 5 years. The interest is minimal.

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lionelhutz (Sep 26, 2017 - 2:18 pm)

yes, the interest rates on federally backed student loans are criminal - criminally low. You have to be insane to lend at 6-7% to a group that has a 20-25% default rate (or more, given how fraudlent the performing loan stats and borrower rehab programs are)

If you are such a great credit go to sofi and get a better deal.

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guyingorillasuit (Sep 26, 2017 - 2:50 pm)

The federal government is not a for-profit business, and shouldn't have a profit motive when it supports social welfare through loans, as it does with HUD, SBA, and the rural economic development program, among others. It does not have to impose debt slavery on graduates.

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triplesix (Sep 26, 2017 - 2:58 pm)

Student loan and mortgage guarantees are made for the benefit of the investor class and financial institutions. They actually screw the people they are trying to help more than anything. Fuking corporate socialism strikes again, losers lose.

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flyer14 (Sep 26, 2017 - 3:01 pm)

GIGS is surprisingly credited here. A truly creditworthy borrower could refinance with a private lender and lower their interest rate dramatically.

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6figuremistake (Sep 26, 2017 - 3:26 pm)

LOL. Imagine if the student loan process worked the same way as securing a mortgage or a small business loan with a private bank.

"So, you want to borrow $250k to go this...Laverne School of Law, which you barely got into with 2.2 GPA and 137 LSAT score? Um, yeah, I don't think we're ever going see that money again."

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bingojackson (Sep 26, 2017 - 2:45 pm)

Graduated in May 2015, started paying that October. Starting amount was $72,000, now at about $48,000. Recently got a new job so I upped my monthly payments and will contribute my annual bonus. Hoping to be done in 2 years.

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twairlines (Sep 26, 2017 - 3:09 pm)

2014 grad. 120k between undergrad and law school. Paid that off about 4 months ago and put about 30k in savings to this point. Was unemployed for about 9 months after graduating law school. Also, probably took off 5 months in the past 2 years in addition to those 9 months not being employed (non-legal consultant work). Some months were taken off by choice others were due to lack of work.

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bingojackson (Sep 26, 2017 - 4:12 pm)

is this serious? how did you pay off $120k and save an additional $30k with only about 1.5 years of employment? what was your salary and living expense like?

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twairlines (Sep 26, 2017 - 10:39 pm)

Very serious. Not a flame. I didn't really watch expenses either. Ate out daily, treated family to great gifts, spent some money travelling during this period, great seats at sporting events, no other debts to account for, etc. About half of this time span was in NYC and the other half was in low COL cities in the South and Midwest. Of course the rate was justified for each region. I only typically worked 40 hour weeks, but for a 6 month span I was working 60 hour weeks and sometimes more. As a consultant being paid by the hour - and at time and a half - I was killing it for awhile. No real tricks. Just worked hard and tried establishing a name for myself so I can keep consulting with little down time between projects. Also, I negotiate the heck out of my pay rate...then I always renegotiate once I prove myself to my client. I fully acknowledge this would be impossible for most as being able to pick up and move every 6 to 12 months would be difficult if you already own a home or are tied down to a certain region. I never tied myself into long leases...didn't want to be paying double rents at any one time in case I had to pick up and leave for another gig.

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lawrunner317 (Sep 26, 2017 - 3:39 pm)

Started at 95k
Now 99k

REPAYE and PSLF or bust!

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2breedbares (Sep 26, 2017 - 4:36 pm)

Graduated 2010, grew to a little over 140k. Now at 65k.

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sunny (Sep 26, 2017 - 4:49 pm)

2010 grad. 150k debt, now $0. Married well. Results not typical.

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bucwild (Sep 26, 2017 - 5:40 pm)

2013 grad. Started at $24,000, now 0.

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3lol (Sep 26, 2017 - 7:42 pm)

Started with like 21k (parents, living at home, big scholarships).

Now at 11.7k.

Thinking of just paying it off out of savings in the next couple months just to see it gone and save the interest.

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nonlinearjdmba (Sep 26, 2017 - 7:49 pm)

Graduated 2009: $230k with mix of private and fed loans after a 4-year JD/MBA program at a private university. Highest interest rate was 8.5% and average around 6%. Anyone remember GradPLUS? LOLZ. Graduated unemployed and remained significantly underemployed for the following 3 years. Kicked around the doc review circuit at various shops.

Peak 2012: $265k with the same mix of higher-interest private and fed loans. After 3 years of deferments and minimum payments on the private loans, I finally landed a full-time jerb as a "staff attorney," which essentially was a glorified doc reviewer with some supervisory responsibilities.

Current: $15k at 1.9%. Five years of living drastically below my means to fuel massive monthly loan repayments (averaging $5-$7k/month for a couple years there), steady full-time employment outside the law (JD Preferred unicorn jerb), and a couple rounds of refinancing made possible by aforementioned full-time employment and good credit.

Thank god the refinancing market exists, and also thank god I finally found a career outside the law. Keep your heads up. And good luck to the IBR crowd. Some may disagree with the aggressive loan repayment route, but I'll be done with the student loan debt in less than 2 years.

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3lol (Sep 26, 2017 - 9:09 pm)

That is truly admirable. I don't even take home 5-7k a month and you managed to sock away the value of a house (in flyover country anyway) in five short years. Still sucks, though.

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drwayoflife (Sep 26, 2017 - 8:10 pm)

Graduated in 2014 with ~80k in debt. Currently down to ~63k. 10 more years to go at the current rate...

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notreallyalawyer (Sep 26, 2017 - 8:41 pm)

In thought rates went down the past several years? I consolidated my federal loans at 2.87% and none of my private loans are above 6% I have 6 more years of private loans and 16 of federal loans

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6figuremistake (Sep 27, 2017 - 9:01 am)

Graduated in 2009. I think the debt hit a peak of $130k when I started repaying it in 2011 after forbearance and $0 IBR payments. It's just under $10k right now. I feel very blessed with my situation compared to some of the eye popping balances others still owe. That said, it's still infuriating that I had to spill so much cash to pay for a degree I've never used.

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subprimejd (Sep 28, 2017 - 7:01 pm)

2009 graduation with 110k
2017 paid off

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junkwired (Oct 3, 2017 - 9:14 am)

Over 170k and growing!

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tomjoadsload (Oct 5, 2017 - 4:38 pm)

Started with 140K, now up to about $170k. Give me IBR, or give me death.

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triplesix (Oct 5, 2017 - 6:46 pm)

IBR until death?

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shikes (Oct 5, 2017 - 8:26 pm)

I proudly tell JDU I am #1. My wife and I combined have $480k and growing monthly. Just monopoly money, may as well be double.

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bsj23 (Oct 5, 2017 - 8:57 pm)

Graduated law school at about $205K. It's now up to about $255K.

It's just a joke to me at this point. How can a free society turn higher education into such a corrupt scam?

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loblawyer (Oct 6, 2017 - 3:16 pm)

So my fellow high debt people have come out of the wood work. Was shocked at the low debt levels being reported here but guessed there was some reporting bias (don't quite get that since it's anon here) like the salary threads.

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beat123 (Oct 7, 2017 - 7:15 pm)

Last time I check it was $228K. At first, it bothered me being in debt and I wished I have a high paying job that allowed me to invest and pay off the debt. Now, I don't care. I will be on an IBR plan until the debt is forgiven/life. I am investing my extra money in ETFs through Vanguard. I am also fully funded my 401K each year. If I have to deal with a tax bomb (paying taxes on the forgiven debt amount), I will be prepared.

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notreallyalawyer (Oct 8, 2017 - 3:22 pm)

Must be nice having a job and knowing you are marketable. I owe a lot less than you do, but have no real way of getting a job, have a few potential leads, but nothing has ever came to fruition before, and I'm 14 years out of law school, no realistic chance of getting things in law, and nobody is considering me for non law jobs.. So I could owe just $100 and still would be worried about paying it off. It's amazing how much my expectations in life have changed to face my reality. I no longer think about relationships/marriage, I don't think about ever even owning even a modest townhome in a far away suburb (talking 250k range).. I'd almost kill to have 230k in student loans but the ability to get a job.. I've halved my student loan debt in about 14 years doing doc review. I wouldn't wish my experience on my worst enemy if I had one.

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dharamsala (Oct 8, 2017 - 9:02 pm)

I'm at $85K. Just graduated, grace period about to end soon. Interest is 6.8%.

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notreallyalawyer (Oct 8, 2017 - 9:05 pm)

Stanford loans? I consolidated at 2.87

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spaghetti (Oct 10, 2017 - 1:14 am)

Started at $58k in 2013. Paid off as little as possible until this summer while on PAYE and being a poor government worker in an expensive city while being unsure if I was going to rely on IBR. Balance went down to $45k. I got a much higher paying job recently and have been putting as much money as I can toward them. I will be rid of them in June barring any major unexpected expenses. I didn't expect it to take five years after graduation, but that's a lot better than almost every lawyer I know.

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barneystinson (Oct 10, 2017 - 9:48 am)

Wife and I had $173k at graduation in 2012, all federal at 6.8 - 7.8%
Paid a massive amount from 2012-2016 while living in cheap apartment, down to $65k in 2016. In 2016, consolidated with private lender on a 10 year plan at 2.55% variable (now around 2.9%). Currently sitting at around $61k.

Would have paid off sooner but bought a house this year and put down 25%, and paying additional 5% on house at end of year. Interest rates on student loans are so low that I don't mind paying over the 10 years and will throw a few g's each year if I have them to pay off sooner.

Anyone who makes a decent salary and hasn't consolidated their loans is literally throwing away thousands in interest each year.

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loblawyer (Oct 10, 2017 - 10:41 am)

Credit issues aside, I make a decent income but not anywhere near the biglaw levels that I thought are necessary for SoFi and their competitors. Regardless, not in any position to trade away IBR and similar protections.

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triplesix (Oct 10, 2017 - 10:54 am)

It's not about your income per se, more so about your debt to income ratio.

If you are at 1:1, they will refi you.

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6figuremistake (Oct 10, 2017 - 11:00 am)

This. Private lenders are private lenders. It's great if things are going well and you can take advantage of lower rates, but if you lose your job, become disabled, or die*, you lose all the protections fed loans provide and there's no bankruptcy to wipe the slate clean. You also can potentially have lower monthly payments if you get the balance down and switch to an extended payment plan. That probably isn't an issue if you're in the position to pay off your house that quickly, but if your income is more modest, I wouldn't rush into the private lending market.

* - Fed loans discharge at death, so your family won't be burdened with paying them off.

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barneystinson (Oct 10, 2017 - 2:25 pm)

Point noted. I waited to consolidate my fed loans until I got the number down to a "manageable" amount because I had similar concerns. The monthly amount we pay now under private loans is low enough that I barely even notice when it auto-deducts. I guess I'm in a bit of a different situation because my wife and I both make decent incomes, so even if one of us lose our job, we won't have a problem continuing to pay.

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