Can I Lower My Interest Rates on My Federal and Private Student Loans?
Posted August 5, 2014 3:57 p.m. EDT
Updated November 8, 2014 6:45 p.m. EST
WRAL Reader Question
I have around 75k of debt from college and have been paying it off for two years. I have two Stafford loans (at 4.66%) that I want to consolidate into a single payment. I then have the biggest loan which is a private loan with Discover. This loan is split up into several different interest rates on different amounts of the principle.
Should I do some loan consolidation for the Stafford loans? Is there anyway to lower my interest rate for either my private loan with Discover or lower my Stafford loan interest rate?
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What you have here are two types of student loans that have about as much in common as an apple and an elephant. The government backed student loans have plenty of options to help you repay the loans based on what you can afford to pay.
The private student loans may have been used for school but private lenders have no requirement to make your payments affordable, adjustable, or anything else they don't want to do.
Your options for lowering your Discover rates would be to find a lender with lower rates to get a new loan from and payoff the old loans or see if Discover will lower the rates.
In regard to your Stafford loans you can roll those into a new loan for no charge. See this publication for details.
Before I go, here are to tackle your issue.
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