How can I get relief from a $68K student loan? Interest alone is approx $500 each month.?
That’s a tough one. Unforunately, you’ve been a victim of the recent US rate hikes meant to protect the dollar and control inflation. Shopping around for lower rate loans MIGHT help (FYI every percent drop will lower your interest by about 75 per month) but is not likely given that deposits get interest of up to 5%. Also, they might ask for a shorter repayment period of the principal to accomodate the rate drop. It’s worth trying but I wouldn’t bet my life on it.
I’d suggest that if you have access to ’soft’ personal sources of cash such as family or friends, you might do so and fully or partly repay your loan then use the interest savings to pay for principal, thereby lowering your total payment over time.
