Question by ricko: I am considering refinancing my mortgage and have an opportunity to take cash. Should I pay off student loan?
First off, my student loan is at 3.65 fixed for an amount of appros 12,000. My refinance rate for my mortgage is about 4.9% x 30yrs fixed. Would it be wise to take out an additional $ 12,000 at that rate to pay off a student loan that is at a lower fixed rate?
Answer by Nymphonicz
No its not – you’ll end up paying more over the long term. Keep the student loan as is; if you don’t then you could be in for some financial hardship.
Give your answer to this question below!