Subsidized Loans

[Anonymous]

I have a couple of student loans that have been in forbearance that I need to start paying back.   Here is the breakdown:

Consolidated - Subsidized - $51k - 6%

Consolidated - Subsidized - $44k - 6%

Both are with Navient.  So my questions is is there any way to reduce them besides starting to pay?  Is 6% a good interest rate?

Thanks!

[calyx]

6% is pretty standard and not terrible.
You could attempt to get them refinanced through a private lender at a lower APR (you could check prequals with Sofi, Earnest, Lendkey, etc), however you would lose the benefits of federal loans (forgiveness, income based repayment schemes, deferral/forebearance options, chances to rehab or consolidate should you default).

[Anonymous]

There's a way to reduce the amount you pay but it depends on your goals. Are you intending to pay it off or are you thinking about a route of forgiveness? What is the total of the loans? What is your income/ family size?

Regardless, I would suggest signing up for an Income-driven repayment plan. These are more affordable and if you want to pay more you can. The interest also does not capitalize on these plans. If your income is not as high and your loan balance is, then you can benefit from the subsidy benefits on IBR and REPAYE. Without more information I can't give more specific help but I agree with @calyx. 6% is a good interest rate and I would keep the loans as is.