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"I've already gotten a letter from Direct Loans saying that my interest rate will go down to 6.79%. (If anyone knows why it's this and not 5.99%, please let me know). Haven't heard from Sallie Mae"

w505a is correct that all loans in repayment are the T-bill + 310 for loans in active repayment disbursed after a certain date. For the specifics, please go to the following link at Sallie. These rates would apply in the same way to the Direct loans.

I agree that 4% would be awesome and I know great rewards is still in effect, but I think that Sallie can change the details at their discretion, and they have never done me any favors. IMHO, I would always elect the fixed consolidated rate at the 5.75% range than the promise of lower from Sallie.

Disclaimer, I am gung-ho about the Direct program, because it has the potential to save me $1500+/year over the next ten.

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