Is it better to take a fixed interest rate or variable?
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i'm consolidating my private student loans. i have been offered both a fixed rate and a variable rate.
the fixed rate is 10.01% with no index or spread.
the variable is 8.86% with an index of LIBOR-4.86% and a spread of 4.00%.
i don't know much about math and loans, so i'm wondering if someone has some advice. obviously the variable rate offers a more affordable payment for me right now, but i'm worried about the future. are these even good rates? could i find a better one?
also---is it smarter to pay on the principle and interest, just the interest first, or to do a graduated ramp?
Is it better to take a fixed interest rate or variable?Take the fixed. Variables are unstable and usually end up higher than the fixed.
Also, pay a little extra each month and have it applied toward the principle. You can cut a lot of time and interest off of your loan.
Is it better to take a fixed interest rate or variable?Fixed, and pay the principle as fast you can.
Is it better to take a fixed interest rate or variable?Fixed, variable rates is what got this country in the mess it's in.
Is it better to take a fixed interest rate or variable?fixed - rates are so low now, they have no where to go but up
Is it better to take a fixed interest rate or variable?Fixed , Fixed , Fixed
Is it better to take a fixed interest rate or variable?Generally, fixed rate is more advantageous for a student loan. Additionally, I think you can do better than 10%. I suggest you shop around with other student loan consolidators.
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