I have a question. My husband and I each have student loans. Several years ago we consolidated our loans through Sallie Mae. His payment is $407 and mine is $129. OUCH. I understand that the government lowered interest rates. What I don't know if this applies to us. If our loans have already been consolidated, can we still get a lower interest rate? If so, how do we go about doing that?? I'd appreciate any information that anyone can share. Thanks!
Hello,It depends on your consolidation loan. Certain types are indexed to the 90 day T-bill, but they were rare. Most are fixed, and the only possibility that you may have is further consolidation of your separate loans into a single loan with a lender who will give you a better rate, such as Direct Consolidation loans (links from www.ed.gov).Luck,mjk
Yeah, you can always do better at Direct by .8% than whatever you currently have (have after the July 1 rate adjustment). Find out what your consolidation lender is charging, and then reconsolidate over at t Direct.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |