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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
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.
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.
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