Should I Consolidate My Student Loans?


Complete Video Transcript

0:00I’m at how are you are doing better than I deserve what’s up to my wife and i got
0:06married a few months ago I love her so much
0:11while we’re not even vis-a-vis University third we reached and anyway
0:23we have $50,000 and student loans in the Arab world’s made up of three or
0:36four-day with higher interest rates down I can’t wait to see what you have been a
0:44resounding 3-0 what’s your number or what your household income 90,000 ok and
0:52what other deaths of you got besides this come about in the heart are ok and
0:58the two big ones that have the high interest rate what’s the balance on the
1:0117 pounds $13 so half hour and the interest rate on that’s what it came
1:11down our 13% on the 13th if the aggregate of these meaning the what I
1:22would do it is multiply each of your loans out by the interest rate and then
1:26give you a total interest dollars on sixty thousand divide that back into
1:3060,000 and that gives your aggregate interest rate that make sense to you
1:34yeah it’s the it’s the average the weighted average is 11 so if the
1:40aggregate rate can be reduced by consolidating into one student loan
1:45that’s fine but these are all her though right can they stay in her name not
1:53because you’re not going to help pay them but because of something happened
1:57to her that way the loans go away completely because student loans are
2:01forgiven on death or disability but her names on them there
2:04when you don’t have that option anymore you inherit them if she if God forbid
2:10something happens to her so her name and if you’re aggregate weighted average
2:14interest rate is less on the consolidated the less than a
2:19consolidated interest rate then if you want to do it you can here’s the deal
2:22you’re not gonna save a maximum of 2 percent on their set your max which is
2:29not going to change your life much it’s not a lot of money
2:33ok I mean so I mean if we take sixty thousand bucks and you save 2% on there
2:40is at least 1200 bucks a year and you’re not going to have that out for even a
2:45whole year because I bet you pay this off within two years easy for a show at
2:51the end of the first year we’re dealing with 30,000 so this entire discussion is
2:56less than 1500 bucks probably yeah so it’s not it’s not the magic keys to the
3:01kingdom to get the sixty thousand paid off but it won’t hurt you give me 15
3:05bucks I’ll take it right so if you want to fool with it that’s fine but just
3:09make sure that you do that and make sure you keep them in her name that it’s a
3:13fixed rate and that the weighted average or aggregate interest rate is less than
3:17the consolidation amount but like most consolidation loans it really doesn’t do
3:23much it usually a joke
3:26usually what does it is you getting fired up wired up and punched thing in
3:30the face and make it go away in two years or less and I think you guys are
3:33gonna do that so in other words you’re the secret sauce not the interest rate
3:36literally by cutting your lifestyle annoying large but large piles of cash
3:41at it so very nature thanks to a common appreciate you joining us