High.

Jess, how are you?

I'm good.

How are you doing?

Better than I deserve.

What's up?

Um, I'm trying to I'm thinking about consolidating my student loans.

I paid off, like 15,000 last year on them, and I still have about 22,000 last 20 to 3.

And I have four federal Little one will not little.

They are 12,000 and then I have to private, which are 9500.

And I didn't know if I should consolidate them and do like a variable or fixed rate.

And I still have about 5000 on the car left.

You cannot consult the day government and private, they won't go to gather.

But you can do to the to the two government ones.

And the only reason to do that would be if you got a lower rate.

Have you gotten a quote?

Yeah.

I can get a variable at four or fixed at 5 to 7.

And right now, my two private student loans is 4005% and then 5000 at 9%.

But that that the 4% variable wasn't for private, was it Yeah, it waas.

What's the fixed on the private?

Uh, the six would be around five or 7% 5 to 7%.

Okay.

Well, you've already got five fixed, right?

Yeah.

Okay, well, we wouldn't go up.

The only reason that consolidate just to save on interest, it would never be.

You never go up in interest, because if you take two individual loans that total 9500 and you pay $1000 a month on that or you take one loan, that's 9500.

You pay $1000 a month on that.

It pays off in exactly the same period of time.

If it's exactly the same interest rate, so two loans in tow.

One is never a reason to consolidate anytime.

But you might do it if it saved you interest.

Now, here's the thing.

You're not going to save on this to buy a cup of coffee.

Let's say you saved 1% on 9500.

How fast you're gonna This 22,000 paid off?

One year, Probably 14 months.

Okay, So half of the year, the 95 hundred's gone right?

And so you're probably gonna pay the federal But either way, you're saving your saving.

Six months of interest at 1%.

And so we're talking about 40 bucks.

It just doesn't make any mean 1% of 995 $195 for the whole year.

Okay, that's all your savings.

And you're not gonna saving more than that because I would never go to Variable.

I would only do fixed.

And in that case, you're not gonna save enough money to mess with this.

I think you're the secret sauce.

Interest rates, not your problem.

The fact that you're pissed off a debt and beaten in the face and hitting it with a baton cut in there with a knife.

That's why you're gonna win.

Get violent.

It's not in time.

Yeah, it's just it's just not interest rate.

Mathematically, it's 40 bucks.

So we're talking about it just is not is not worth the trouble.

I wouldn't screw with it if I were you.

I would just just get mad, turn it up, cut back on something around the house, and let's knock it out as fast as we can.

I think you're 14 months.

Sounds about right.

Let's get her done.

It's that simple.

It's that hard.

It's that easy is that difficult?