Hi,
I have been a long time lurker. I am heading back to school to work on an MBA on a part time basis while working full time. I am eligible to get an Unsubsadized Federal Loan in the amount of $18,500 for this school year. Actual school costs will be around $8,000 of which my company will pay $5,000. Does it make sense to take out the full amount of the federal loan and pay off other debt. I do not have any credit card debt. I have a car loan in the amount of $8,500 at 6.25%. I also have a second mortgage which is variable rate and is currently at 7.5%. Thank you for any advice.
I have been a long time lurker. I am heading back to school to work on an MBA on a part time basis while working full time. I am eligible to get an Unsubsadized Federal Loan in the amount of $18,500 for this school year. Actual school costs will be around $8,000 of which my company will pay $5,000. Does it make sense to take out the full amount of the federal loan and pay off other debt. I do not have any credit card debt. I have a car loan in the amount of $8,500 at 6.25%. I also have a second mortgage which is variable rate and is currently at 7.5%. Thank you for any advice.