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rates dropped a lot recently for student loan refinance debating between 10 vs 20 years?
i have about $325K loan from graduate schools. I have refinanced about 5 times in less than a year to get better rates. I started at 4.25% (10 year fixed) then 4.10% to 4.04% to now 3.98%. I just got approved this week for 3.55% for 10 year fixed, however I was also offered 4.0% fixed for 20 years (this rate dropped a lot usually near 5%). the 10 year vs 20 year rate usually differ by 1% but now it less than 0.5% difference.
In summary, monthly interest difference is $128, Monthly payment difference is $1230 (paying $3270 vs $2040$ per month).
this week rate from Laurel Road the 3.98% from Citizen One
3 Answers
- STEVEN FLv 76 months ago
A Hunch: If you pay $1230 for a pizza, your financial advice isn't worth what you paid me for it, and you wouldn't know how to pay me.
- A HunchLv 76 months ago
Do you worry about all your finances like this?
4.25%-3.98% = that's a lot of bother for the cost of a nice pizza each month.
If you are worried about nickle and diming interest rates, why would you consider the 20y loan? It's almost twice as much interest paid as the 10y 4.25 loan.
