[Porsche-O-Phile]

Originally Posted by uncle_scott

My wife and I together owe just over $80,000 in student loans between undergrad and graduate degrees. I wouldn't have my job without the degrees I hold, so it was practically a requirement for advancing in my field. We are in the position now of sucking it up and paying for it. We have chosen the shortest repayment periods possible at 10 years, and are chipping away at the debt slowly. The collective payment is nearly what our first house mortgage payment equaled. I am filing our taxes soon, so the number for our paid interest is still fresh in my head. We paid $7430 in just interest on those student loans.

I don't mind paying back the money I have borrowed, but the forced high interest rates bother me. I would feel much better paying 2-3% instead of the nearly 7% for the loans. It is what it is though, and for us all we can do is complain about it and make the payments.

You should be able to consolidate those into a much lower rate than that!