Is is possible to get a lower interest rate?

Anonymous · ‎07-25-2008

Hi there, this is my first post here. Hello! I have a large student loan that is currently with Direct Student Loans. My interest rate is over 6%, though I can't remember the exact % at the moment. Is there any way to get a lower interest rate with the government? I have asked before and the answer was no. I'm in economic deferment right now and want to start paying again in October. I owe so much money that my monthly payment should be $1000, but I only pay 1/2 that in graduated payments. I'm a bit at my wits end with this loan and don't know what to do at this point. I'll be dead by the time I pay this off, but I guess it won't matter much then. I feel awful that I've gotten an education that I thought would help in life, but really, the student loan is killing me. Any advice? My credit score is about 650, averaged with the three companies. Thanks, Tanya

Anonymous · ‎07-26-2008

probably not. You might find a consolidation loan that will give borrower benefits(maybe 0.25-0.75% interest reduction), but good luck, They are much harder to find. Otherwise, they are most likely fixed unless they are really old. Then ,maybe they would be variable and lower.

Anonymous · ‎07-26-2008

With federal laons your credit score is irrelevant.

Anonymous · ‎07-27-2008

Get on your SL's website and see if there is anymore discounts you are eligible for-, Automatic payments, # of ontime payments, ect

Have you already consolidated? Are these loans a Fixed or variable APR?

The graduated payments program is only good for 2 or 3 years and are essentaily interest only payments.

I am actually on a graduated payments program right now- but am paying 3X of the min and have it on auto pay(.25% interest discount)