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Raybyrnes
ParticipantCardiff,
You are screwed. Student loan rates are calculated by taking the weighted average of the base rates rounded up to the nearest 1/8 of 1 % locked and fixed for the life of the loan. Once you elect to fix you have locked in that portion at the higher rate. If you take out additional loans you can reconsolidate but the weighted avg calculation works against you. With an 8% interest rate your best bet would be to open up a 0 percent credit cards and put all normal expenditures on the 0%. that would free up your money to then put towards the higher rate student loan. Make sure you leave yourself enough of a cushion to be able to pay down the credit card in full by the expiration of the 0% period. Rinse and repeat until the loan is paid off. You may also want to see if your existing lender is giving you the .25 % discount for auto pay and check to see what benefits they gave you when you initially consolidated.
When I graduated interest rates were 2.77 %. Using the calculation this rounded up to a fixed rate of 2.875. I set up auto payment which then gives you a .25 percent discount and received a 1 % interest rate reduction for making 36 months of on time payments. This brings my fixed rate down to 1.625. Because the lender was selling these things at 6 points on the dollar they paid me 3% cash back after making the first payment to offset my previous lender benefits on the loan. Seemed to be te biggest no brainer of all time.
ParticipantCardiff,
You are screwed. Student loan rates are calculated by taking the weighted average of the base rates rounded up to the nearest 1/8 of 1 % locked and fixed for the life of the loan. Once you elect to fix you have locked in that portion at the higher rate. If you take out additional loans you can reconsolidate but the weighted avg calculation works against you. With an 8% interest rate your best bet would be to open up a 0 percent credit cards and put all normal expenditures on the 0%. that would free up your money to then put towards the higher rate student loan. Make sure you leave yourself enough of a cushion to be able to pay down the credit card in full by the expiration of the 0% period. Rinse and repeat until the loan is paid off. You may also want to see if your existing lender is giving you the .25 % discount for auto pay and check to see what benefits they gave you when you initially consolidated.
When I graduated interest rates were 2.77 %. Using the calculation this rounded up to a fixed rate of 2.875. I set up auto payment which then gives you a .25 percent discount and received a 1 % interest rate reduction for making 36 months of on time payments. This brings my fixed rate down to 1.625. Because the lender was selling these things at 6 points on the dollar they paid me 3% cash back after making the first payment to offset my previous lender benefits on the loan. Seemed to be te biggest no brainer of all time.
ParticipantCardiff,
You are screwed. Student loan rates are calculated by taking the weighted average of the base rates rounded up to the nearest 1/8 of 1 % locked and fixed for the life of the loan. Once you elect to fix you have locked in that portion at the higher rate. If you take out additional loans you can reconsolidate but the weighted avg calculation works against you. With an 8% interest rate your best bet would be to open up a 0 percent credit cards and put all normal expenditures on the 0%. that would free up your money to then put towards the higher rate student loan. Make sure you leave yourself enough of a cushion to be able to pay down the credit card in full by the expiration of the 0% period. Rinse and repeat until the loan is paid off. You may also want to see if your existing lender is giving you the .25 % discount for auto pay and check to see what benefits they gave you when you initially consolidated.
When I graduated interest rates were 2.77 %. Using the calculation this rounded up to a fixed rate of 2.875. I set up auto payment which then gives you a .25 percent discount and received a 1 % interest rate reduction for making 36 months of on time payments. This brings my fixed rate down to 1.625. Because the lender was selling these things at 6 points on the dollar they paid me 3% cash back after making the first payment to offset my previous lender benefits on the loan. Seemed to be te biggest no brainer of all time.
ParticipantCardiff,
You are screwed. Student loan rates are calculated by taking the weighted average of the base rates rounded up to the nearest 1/8 of 1 % locked and fixed for the life of the loan. Once you elect to fix you have locked in that portion at the higher rate. If you take out additional loans you can reconsolidate but the weighted avg calculation works against you. With an 8% interest rate your best bet would be to open up a 0 percent credit cards and put all normal expenditures on the 0%. that would free up your money to then put towards the higher rate student loan. Make sure you leave yourself enough of a cushion to be able to pay down the credit card in full by the expiration of the 0% period. Rinse and repeat until the loan is paid off. You may also want to see if your existing lender is giving you the .25 % discount for auto pay and check to see what benefits they gave you when you initially consolidated.
When I graduated interest rates were 2.77 %. Using the calculation this rounded up to a fixed rate of 2.875. I set up auto payment which then gives you a .25 percent discount and received a 1 % interest rate reduction for making 36 months of on time payments. This brings my fixed rate down to 1.625. Because the lender was selling these things at 6 points on the dollar they paid me 3% cash back after making the first payment to offset my previous lender benefits on the loan. Seemed to be te biggest no brainer of all time.
ParticipantNo update on the subscription. I am waiting for them to offer me the 99$ a year deal. I saw the article and thought that you would enjoy seeing it.
If you think mortgage rates are low, for those who have variable rate FEDERAL student loans they now have an opportunity to lock a fixed rate for up to 30 years (depending on loan Balance) in the 2% range. Rate is determind based on the May autiion of the 91 day treasury bill plus 2.3. If a person were smart and can qualify for a deferral they can lock the rate in during that deferrment period based on the May Auction plus 1.7.
ParticipantNo update on the subscription. I am waiting for them to offer me the 99$ a year deal. I saw the article and thought that you would enjoy seeing it.
If you think mortgage rates are low, for those who have variable rate FEDERAL student loans they now have an opportunity to lock a fixed rate for up to 30 years (depending on loan Balance) in the 2% range. Rate is determind based on the May autiion of the 91 day treasury bill plus 2.3. If a person were smart and can qualify for a deferral they can lock the rate in during that deferrment period based on the May Auction plus 1.7.
ParticipantNo update on the subscription. I am waiting for them to offer me the 99$ a year deal. I saw the article and thought that you would enjoy seeing it.
If you think mortgage rates are low, for those who have variable rate FEDERAL student loans they now have an opportunity to lock a fixed rate for up to 30 years (depending on loan Balance) in the 2% range. Rate is determind based on the May autiion of the 91 day treasury bill plus 2.3. If a person were smart and can qualify for a deferral they can lock the rate in during that deferrment period based on the May Auction plus 1.7.
ParticipantNo update on the subscription. I am waiting for them to offer me the 99$ a year deal. I saw the article and thought that you would enjoy seeing it.
If you think mortgage rates are low, for those who have variable rate FEDERAL student loans they now have an opportunity to lock a fixed rate for up to 30 years (depending on loan Balance) in the 2% range. Rate is determind based on the May autiion of the 91 day treasury bill plus 2.3. If a person were smart and can qualify for a deferral they can lock the rate in during that deferrment period based on the May Auction plus 1.7.
ParticipantNo update on the subscription. I am waiting for them to offer me the 99$ a year deal. I saw the article and thought that you would enjoy seeing it.
If you think mortgage rates are low, for those who have variable rate FEDERAL student loans they now have an opportunity to lock a fixed rate for up to 30 years (depending on loan Balance) in the 2% range. Rate is determind based on the May autiion of the 91 day treasury bill plus 2.3. If a person were smart and can qualify for a deferral they can lock the rate in during that deferrment period based on the May Auction plus 1.7.
ParticipantFreddie Mac: Fixed mortgage rates hit another low
By Michelle Donley
Last update: 10:12 a.m. EDT April 2, 2009Comments: 16
NEW YORK (MarketWatch) — The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week, according to Freddie Mac’s weekly survey. That rate is down from last week’s 4.85% and the year-ago 5.88%. The 15-year fixed-rate loan averaged 4.52%, another record low dating back to 1991, down from the week-ago 4.58% and the year-ago 5.42%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.92%, compared with 4.96% a week ago and 5.59% a year ago. One-year Treasury-indexed ARMs averaged 4.75% this week, down from last week’s 4.85% and the year-ago 5.19%. “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economistParticipantFreddie Mac: Fixed mortgage rates hit another low
By Michelle Donley
Last update: 10:12 a.m. EDT April 2, 2009Comments: 16
NEW YORK (MarketWatch) — The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week, according to Freddie Mac’s weekly survey. That rate is down from last week’s 4.85% and the year-ago 5.88%. The 15-year fixed-rate loan averaged 4.52%, another record low dating back to 1991, down from the week-ago 4.58% and the year-ago 5.42%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.92%, compared with 4.96% a week ago and 5.59% a year ago. One-year Treasury-indexed ARMs averaged 4.75% this week, down from last week’s 4.85% and the year-ago 5.19%. “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economistParticipantFreddie Mac: Fixed mortgage rates hit another low
By Michelle Donley
Last update: 10:12 a.m. EDT April 2, 2009Comments: 16
NEW YORK (MarketWatch) — The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week, according to Freddie Mac’s weekly survey. That rate is down from last week’s 4.85% and the year-ago 5.88%. The 15-year fixed-rate loan averaged 4.52%, another record low dating back to 1991, down from the week-ago 4.58% and the year-ago 5.42%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.92%, compared with 4.96% a week ago and 5.59% a year ago. One-year Treasury-indexed ARMs averaged 4.75% this week, down from last week’s 4.85% and the year-ago 5.19%. “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economistParticipantFreddie Mac: Fixed mortgage rates hit another low
By Michelle Donley
Last update: 10:12 a.m. EDT April 2, 2009Comments: 16
NEW YORK (MarketWatch) — The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week, according to Freddie Mac’s weekly survey. That rate is down from last week’s 4.85% and the year-ago 5.88%. The 15-year fixed-rate loan averaged 4.52%, another record low dating back to 1991, down from the week-ago 4.58% and the year-ago 5.42%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.92%, compared with 4.96% a week ago and 5.59% a year ago. One-year Treasury-indexed ARMs averaged 4.75% this week, down from last week’s 4.85% and the year-ago 5.19%. “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economistParticipantFreddie Mac: Fixed mortgage rates hit another low
By Michelle Donley
Last update: 10:12 a.m. EDT April 2, 2009Comments: 16
NEW YORK (MarketWatch) — The national average interest rate on the benchmark 30-year, fixed-rate loan averaged 4.78% in the week ending Thursday, setting a new record low dating back to 1971 for the second consecutive week, according to Freddie Mac’s weekly survey. That rate is down from last week’s 4.85% and the year-ago 5.88%. The 15-year fixed-rate loan averaged 4.52%, another record low dating back to 1991, down from the week-ago 4.58% and the year-ago 5.42%. The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.92%, compared with 4.96% a week ago and 5.59% a year ago. One-year Treasury-indexed ARMs averaged 4.75% this week, down from last week’s 4.85% and the year-ago 5.19%. “Mortgage rates followed other interest rates lower this week amid reports of slower economic growth,” said Frank Nothaft, Freddie Mac vice president and chief economist -
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