Possible to Refinance or Lower Interest Rate on a Studen Loan?

[Anonymous]

Hi,

I currently have a consolidated loan with Nelnet.  When I was young (and not very financially "aware"), I consolidated all my student loans into one large loan with a 9% interest rate, so refinancing through consolidation is not an option for me (I don't think...)

I began repayment of this loan in 1994.  I had a few "issues" with repayment, but for the past 10+ years, I've consistently paid on-time with 0 late.

Is there a way to negotiate down this interest rate with Nelnet?  Is there any such thing as refinancing a student loan to a lower rate with another company (like refinancing a home loan)?

My goal is not to lower my monthly payments, I would just like to pay-off principal balance more quickly.

Thanks for your help in advance!

- mc23

[LynnInMN]

You cannot reconsolidate for a lower rate. 

I just looked at historical interest rates for student loans...loans up until 1992 had higher fixed interest rates, with SLS loans up to 12%.  Consolidations are based on a weighted average of what your loans were and if you had higher interest loans, that would result in a higher consolidated interest rate. 

[Anonymous]

Drats, looks like I'm stuck...

Thanks for your help; I think I'll start trying to make larger or additional payments to bring down the principal.

Have a great weekend!

- mc23