Megan (caller)
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Thank you for taking my call.
My question is, is I have about $80,000 in student loan debt.
That's all of my debt.
Um, and about, about $40,000 of that is in private loans.
One of my loans is $20,000.
That's a lot of breaking down, but that loan is my smallest loan at $20,300.
My concern is, is that the,
interest rate just went up again to 11.25%.
I got an offer to, yeah, I got an offer to refinance my private loan and it would refinance it to a rate of 7.25%.
And I was just wondering, I know that
Interest rate isn't always the end all be all of it, but that's a huge jump.
The one that I have currently is a variable rate.
It would be going to a fixed rate.
Yeah.
I'm not quite sure how long my current one is, but it would be going to a five-year term.
Yeah.
If I have all my numbers right, I should have the $20,000 one paid off by the end of this year.
And so that was part of it.
It would still be worth it if I'm going to be paying it off by the end of 2023.