How can I get a better rate on my student loans?
I have approximately $65,000 in student loans left, I’ve been paying them off, but my interest rates are all between 9 and 10 percent. Which is extremely high, I’ve had years where I’ve barely been able to even pay off the interest. 10% seems ludicrously high, there must be a better way. Can anyone please, please suggest how I can get a lower rate, these loans are killing me.
Thanks so much.
Are the loan holders private institutions or the education department? If they’re FFEL loans, there are set interest rates. You should try to consolidate your loans. Most people do.
The interest rate for FFEL and Direct Consolidation Loans is set according to a formula established by federal statute. The fixed rate is based on the weighted average of the interest rates on the loans at the time you consolidate, rounded up to the nearest one-eighth of a percent. The interest rate does not exceed 8.25 percent. The consolidation rate is fixed for the life of the loan, which protects you from future increases in variable rate loans but prevents you from benefiting from future decreases in variable rates.
