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Author: PSUEngineerFool Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311074  
Subject: Re: Consolidation Loan Date: 6/1/1998 12:13 PM
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<<I've got seven different loans at various interest rates I'm tackling right now. Here are the rounded balances and the interest rates:

1. $3900@8.0%
2. $2800@8.25%

3. $5500@8.25%
4. $2400@8.25%

5. $4000@8.25%
6. $5500@8.0%

7. $6200@8.98%

I can consolidate all of these loans with an 8.25% interest rate, but I'm not sure if that would help or hurt in the long run. Any advice or software recommendations? I can't seem to crunch the numbers and trust my own projections. I want to pay them off in three years or less. Thanks for any advice.>>

Here is some advice without number crunching. Why not just consolidate some of the loans? Consolidate loans 2, 3, 4, 5, and 7 into the new loan at 8.25%. Keep the two 8% loans separate from the loan consolidation. The only loan you are saving on by consolidation is number 7. If there are loan consolidation fees involved, it probably will not benefit you to consolidate except for simplifying your bill paying to 1 bill and saving postage stamps.
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