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Student Loan Debt Question
Posted on 5/25/12 at 10:14 am
Posted on 5/25/12 at 10:14 am
Does anyone know how to get a lower rate on student loans?
Details:
Wife went to Vet School and has student loans in 6 figures. Part is Perkins loan at 5% paying back currently over 10 yrs. The bulk is consolidated Dept of Ed loan at 5.375% (this is with the direct debit discount) that we will start paying back in August. The term is 25 years. Just wondering if there is anything more we can do to get a lower rate.
I'm not complaining, just trying to find a way to save money on interest.
Details:
Wife went to Vet School and has student loans in 6 figures. Part is Perkins loan at 5% paying back currently over 10 yrs. The bulk is consolidated Dept of Ed loan at 5.375% (this is with the direct debit discount) that we will start paying back in August. The term is 25 years. Just wondering if there is anything more we can do to get a lower rate.
I'm not complaining, just trying to find a way to save money on interest.
3
Posted on 5/25/12 at 10:15 am to LSUSUPERSTAR
Did you cosign?
Posted on 5/25/12 at 10:18 am to LSUAfro
No, why should that matter?
Posted on 5/25/12 at 10:57 am to LSUSUPERSTAR
5% on all her student loans is pretty damn low for the type she took out.
Posted on 5/25/12 at 3:01 pm to LSUSUPERSTAR
quote:
Does anyone know how to get a lower rate on student loans?
She can consolidate all of them together. By meeting certain requirements (auto debit and x months paid in a row) she can get a lower interest rate, though not much.
If she wants a lower monthly payment, she can apply for income contingent or income based, but alot of the benefit from the lower rate will depends on whether you have loans or whether you file jointly or separately.
If she works at a 501c3, she can apply for the public service loan forgiveness after 10 years of repayment.
Posted on 5/26/12 at 11:39 am to LSUSUPERSTAR
if you're a homeowner, you might be able to do a cashout refi, then use the cashout to pay down the higher interest loans.
she'll likely make too much to have them forgiven.
she'll likely make too much to have them forgiven.
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