How terrible is 12% on a $50k+ student loan? Is it worth waiting until rates go back down?
And thus remembered that at least $10k is at an adjustable rate....crap.When I started training, I took a $30K loan out at 6.5% adjustable...
Exactly...once the Fed starts raising those rates again, costs even more. IT was nice when it was down to 4%, then it shot it up to 8% I think. Now its just under 6 again. Certainly a roller coaster over a 15-20 year term.And thus remembered that at least $10k is at an adjustable rate....crap.
550? try doubling it.When I started training, I took a $30K loan out at 6.5% adjustable (good credit and no co-signor even) and am beating myself up over it. Just saying in hindsight, it would have been better to have a second job to pay for the training. It would be one thing if you'd get a $60K/yr salary upon completion but that's not going to happen. No need to rush through it in this market, maybe even any market.
And think about it this way, do you want to pay $550+/month for 20 years (or whatever your terms are)?