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I have a group of college loans that were taken out as parent plus loans for my daughter. When I get the monthly statement is list about 6 different loans with different balances, most with the same interest rate (7.5). I pay a single month payment that gets distributed among the 6 balances.

I called who I have the loan through (College foundation) to try to get a determination of how long it would actually take me to pay this off and they couldn't give me a date. I think it is too complicated for them to figure out since each loan is different and the single payment is divied up between them.

The loan balance is about 23800 and I'm paying 600/mo.

I'm trying to determine if I would be better off doing a refi at They are offering a 5 year loan at 4.9%, $3800 loan fee. It drops my payment to about $450/mo.

I can't tell if I would pay it off earlier with the original loan or with the refi. I'm hoping to reduce my monthly payment but not if it costs me a lot more through loan fees.

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