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Should I Refinance loan for 5, 7, 10, 15 or 20 Years?
May 9, 2017
10:39 am
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andy
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this may seem like an obvious question but i want to get the input of this community because i've been able to get a great deal of helpful information in the past that has helped me with my student loans.

first i want to give a general outline of my situation:

i want to pay off my balance of 93k in 5 years or less and currently my total loan balance is spread out across two loans (loan A: 20k & loan B: 73K)

my consolidation and refinance application has been approved by commonbond for 7 years at 5.59%, fixed for monthly payments of $1300 (currently i pay about $1000/month and my interest rates are variable at the high end of 4%)

i can afford to pay more than the MAD and wanted to ask if it would be smarter to consolidate and refinance for a longer life period of the loan (say 15 or 20 years) and get a lower fixed interest rate, thus a lower monthly payment. this way i can pay more money above the MAD and have a lower interest rate on my balance.

would this be the most cost effective way to go about about consolidating and refinancing?

thank you!

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