Hello Heather,

I will finish up my MBA in May of this year. I have accepted an offer, and calculated that my fiance (Getting married in 2 months!) and I will be able to put $4000/month towards paying down my student loans. Besides my government student loans for the MBA, we are debt free (renters).

Direct PLUS Loan   $118,522   7.9%
DL Sub   $8,500   6.8%
DL Unsub   $13,184   6.8%
DL Consolidated Sub $1,093   1.51%
DL Consolidated Unsub $3,259   1.51%
DL Unsub   $21,112   6.8%

I noticed that Discover offers a variable rate private loan with rates as low as 3.25%. I am willing to take the interest rate risk assuming that I qualify for the loan. Assuming I am approved, I would pay down the Direct PLUS Loan balance as quickly as possible since it is the highest interest rate. Can I be approved for the loan (with fiance as co-signer) even though I graduate in less than 45 days? If so, is there any other issues I should consider? It seems to be a no-brainer…

Also—Is there anything else we should consider doing in order to lower the interest rate?

Thank you very much.
-T