Mine is currently .25% Just kidding, it's 2.10%! .25% is the discount for auto-pay!
Mine is currently .25% Just kidding, it's 2.10%! .25% is the discount for auto-pay!
honeydew / 7811 posts
@Greentea: silly me had no idea mine was low! Now I feel stupid!
I'm not sure! I know part of it is that I'm enrolled in what they call "kwikpay" which is just an automatic withdrawal for my payments. If I stopped those, the rate would probably go up.
I also started paying my loans early, so I've been ahead the whole time, maybe that helped?
I still HATE my student loan debt and feel like I've been paying it FOREVER!!!!
pomelo / 5678 posts
@cmomma17: mine is actually somewhat a problem... mine are currently deferred. Just part of life for some of us I guess!
clementine / 984 posts
6.55% - they're actually 6.8% but I get a .25% discount for auto payments. The rate is brutal, ugh! We're going to try as hard as we can to get them paid off on the 10 year plan to minimize the amount of interest we end up paying. If I had the assets to secure a loan with a lower interest rate, I'd pay those suckers off ASAP and save ourselves $20K+ in interest payments.
honeydew / 7811 posts
I might be reading mine wrong. I looked in a different place (online) and it says 2.10%
Who knows!
nectarine / 2272 posts
I think it's like 6 percent. Brutal. This is why i'm starting a 529 for my kid(s)
eggplant / 11716 posts
2.5% I consolidated my loans back in 2004 and got that rate locked in. For life, probably, hehe.
grapefruit / 4649 posts
Mine is 2.75 or 2.85% I can't remember which, either way it is low enough that we are in no hurry to pay it off. My husband's is higher but I believe still under 5%.
blogger / pomelo / 5400 posts
Mine is 2 something ... I also consolidated when rates were really good!
GOLD / wonderful apricot / 22276 posts
I need to look into this auto payment thing is that something you can set up late in the game?
eggplant / 11824 posts
My private loans are all between 1-3% and my federal are locked in at 6.8% womp womp. Get all federal loans they said, the private loan companies all screw you they said. Lies, all lies
honeydew / 7811 posts
@Bao: mine are through ed financial/direct loans and it looks like you can set it up or cancel it anytime online
kiwi / 548 posts
@cmomma17: I think it's common to get a .25% interest rate reduction for enrolling in auto payment, so maybe that is it.
pomelo / 5524 posts
Mine were 2% - I had consolidated them around 2004ish too when the rates were super low. DH's were at 5%...he didn't realize his weren't consolidated and he had a variable interest rate. I locked in the 5% before they skyrocketed.
I am so excited that we both paid off our loans within the last year. It feels soooo good for our only debt to be our mortgage!
coconut / 8234 posts
5.88% after consolidation. I had some from college that had a super low interest rate and some from grad school that were high--this is in the middle but still too high! I'm barely paying the principal each month, ugh.
grapefruit / 4278 posts
Mine are 2.1%, I have the same kind of loans as @cmomma17 and am enrolled in kwikpay.
hostess / watermelon / 14932 posts
@cmomma17: I had direct loans but they sold my loans to fedloan servicing
my rate is 6.8. I will be paying these til I die. and I don't even want my stupid *** degree.
honeydew / 7811 posts
@sorrycharlie: yeah they sold mine to the ed financial people. It was so weird when it happened because they didn't notify me! So I went to check my balance online (which I do obsessively) and it was $0! I actually called my dad and asked if there was any chance he was feeling super generous and paid off all of my student loans? He said "hell no!"
coconut / 8234 posts
@sorrycharlie: @cmomma17: Mine is through Mohela, whoever they are. I just did a student loan calculator that the NYTimes has and it says that I should be bringing in income that's at least the same amount as my loan to pay it off in ten years. 10 years is a pipe dream.
hostess / watermelon / 14932 posts
@cmomma17: hahaha! they did notify me but I couldn't sign in, and when I finally could (to the new people) there was no balance!!..how was I supposed to pay, lol? so that month's payment was late! they worked with me though.
but thank you - I just signed up for automatic payments and saved .25% on interest rate! not much, but something right?
honeydew / 7811 posts
@mrsjazz: so depressing
@sorrycharlie: I had a late payment that month too! yay for saving .25%!
persimmon / 1171 posts
@Anagram: how did you consolidate? I always hear about doing this but I'm scared it will be a scam of sorts or make my situation worse How did you know which company to go with?
pomelo / 5326 posts
In ontario our student loan rates are floating at prime plus 2.5% so right now I think that makes it about 5.5%. DH and I managed to pay ours off last year just before LO arrived thankfully.
apricot / 457 posts
Mine 2.25% and it was because I consolidated in 2005/2006. The year after that Congress changed the student loan rates and it shot up past 5%. My DH graduated law school in 2007 and when he consolidated his rates were in the mid 6's. Ouch.
GOLD / pomegranate / 3938 posts
My remaining student loan debt is sitting pretty at 1.65%. *phew* I recently paid off all the other higher interest debt with every penny I could find.
DH has less debt than me, but shitty interest rates. One small loan is 10%! We are focused on paying that down now.
I disagree with previous posters - private debt is way worse.
ETA: I also consolidated at some point during college. That's where the low rate came from.
bananas / 9227 posts
Last I checked, it was 2.63%. I think I lost the 0.25% auto-pay discount when WAMU closed down (2008) because I was abroad and couldn't open a new bank account fast enough.
pineapple / 12526 posts
Mine were 6.8, it's a big reason why we decided to pay them off in one chunk.
pear / 1510 posts
2% for my undergrad/law loans (by far the most $$), 5% for my stupid bar study loan. DH's are at 6-7%, so his go first.
GOLD / cantaloupe / 6581 posts
@cmomma17: LOL I almost called my dad to say the same thing...and then I came to my senses. I was so irritated when they switched my loan and didn't tell me!
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