How can I refinance a student loan or $46,000 I have at 8.5% into a lower rate?
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I've also heard about student loan forgiveness programs. How is one eligible? I owe a lot of money and don't make that much now. The interest alone is over $350 a month.
How can I refinance a student loan or $46,000 I have at 8.5% into a lower rate?If you could provide a little additional information, that would help. What kinds of student loans do you have? Have they been consolidated? Are you a teacher?
If the loan is private, there isn't much that you can do to lower your rate -- most private loan rates are variable meaning that they change with the market and, sometimes, with your credit.
If your loans are federal I have to ask: Are you sure the rate is 8.5%?? Federal Stafford loan interest rates have been capped at 8.25% for years. And the only way your rate would be FIXED that high there would be if you had consolidated when rates were at an all-time high (the last time rates were that high was in 1999).
If you haven't consolidated yet, consider doing it right away -- it's the easiest and safest way to (1) lower your monthly payments and (2) lock in a low interest rate while still maintaining the protection of the Federal student loan programs (just make sure you apply for a *Federal* Consolidation Loan). When you consolidate, any eligible, Federal student loans that you have will be lumped into one new loan, your rate will be fixed at today's rate (5.3% if you're consolidating only Stafford loans) and your repayment term will be extended out beyond the standard 10-year repayment term (for a loan of $46,000, you will probably receive 25 years to repay). Extending your repayment term will mean that your monthly payment will be lowered (often significantly).
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