Quote:
|
Originally Posted by asaris
It helps, but a bit more information might help you help me. I'm not out of school yet. I have a year's worth of loans (over $5,000), but have two more years of loans to go before I'm done taking out these loans. I'm just really not financially savvy. One question might be, I've always assumed that I could pay off loans faster than whatever payment might be assigned me. Do they in fact limit payments? To take an extreme example, if I inherited 2 million dollars, couldn't I just pay my loans off right away?
|
I don't recommend consolidating now. You still have school left and, generally, if you consolidate, you will have to start paying them off in 6 months. If you can afford to do this, go ahead. However if you can pay them now, why even take out the loan?
It depends on the company, but most companies do not penalize you for early repayment.