Student Loans not moving with pmts.

[Anonymous]

I'm on a graduated payment plan for my consilidated student loan with US Dept of Ed.  I'm paying more than the minimum amount due each month, but the interest continues to increase the principle balance of the loan.  What can I do to make a bigger dent in the principle amount?  Should I lock in the current interest rate? Is there any relief on the way for student loan repayments?

[LynnInMN]

Play with the student loan calculator at  http://www.finaid.org/calculators/loanpayments.phtml

Click the print payment schedule to see what your monthly interest charge is month. 

Sounds like you are consolidated...your interest rate is probably fixed so there will probably not be much that can be done about that. 

[Anonymous]

Actually, I have the variable interest rate and yes it is consolidated.  What should I do?  I need to figure it out before the interest rate changes on July 1, unless it is going to go lower that would give me extra time to figure it out.