Where can I get a better INTEREST rate for my student loan?
I’m out of college for two years and I’m very much interested in paying off my student loan in the fastest manner possible. My current debt is $41,374. The fixed interest rate is set at 4.125%. Are there any options out there with a lower fixed interest rate? I have great credit.
The loan is set by Congress. It’ll be next to impossible to negotiate a better rate, just stay current. Hard to beat 4 1/8 anyway!
The loans are guaranteed through the Student Loan Marketing Association (Sallie Mae) and guaranteed through taxpayer dollars so the banks lending are virtually taking no risk. Hence the low rate, and the difficulty in refinance.
One option might be to wrap the loan through a home equity line, thereby extending the term and lowering the payment, but the interest rate would still increase. Remember the student loan interest is still tax deductible as well in it’s present status so file accurately.
