I need some advice on what to do with my loans. I have 3 private loans that are absolutely wrecking my day to day life. They’re currently running through earnest and each loan ranges from about a 10%, 11.7%, and 14.3% interest rate.
I face about 2.3K monthly payments that go into paying just that minimum amount because I can’t afford to pay anything more. Since graduating last year it’s been pretty hard to find anything so I’m juggling 3 jobs in order to make those payments.
I was looking at consolidating 2 loans because I do not qualify to consolidate the full amount of the three loans about 140-150k. I was going to switch to SOFI for the lower interest rates that I was able to prequalify for myself for the 2 loans (32k and 40k) However I don’t know if I should try getting a co-signer to lower it more or save the co-signer for the other loan amount (72k).
With the refinance option through SOFI alone with no co-signer, my monthly payments would drop to 1.7K monthly which is still big. I’m just really tired of my work life balance, I work every single day and it’s been super unsustainable as I’m also trying to study for law school. Does anyone have any advice as to what the best thing for me to do is?
Need help consolidating private student loans
byu/Gloomy_Policy_3484 inStudentLoans
Posted by Gloomy_Policy_3484