Lower student loan interest rate?

Discussion in 'Credit Talk' started by laurie33, Aug 12, 2003.

  1. laurie33

    laurie33 Well-Known Member

    I already consolidated my student loans several years ago and the interest rate is 7.25%. I'm constantly getting things in the mail saying I could get 3-4% but I don't think I can re-consolidate can I? Is there any way to lower my current rate?
  2. amish

    amish Well-Known Member

    I wouldn't think there's any reason you can't. I'd do mine but they're already at 4.25%. Given the volume of people consolidating their SLs right now I'm sure you're elligible. You could always go to the loan consolidation site and www.ed.gov (I think that's the DOE website) and see for yourself.
  3. marci

    marci Well-Known Member

    I asked the same question a week ago, and the answer I got was "no". Unless you have a new unconsolidated loan, you can't re-consolidate consolidated loans to take advantage of the new rates.
  4. the other

    the other Well-Known Member

    right on Marci! correct answer. It does stink!
  5. amish

    amish Well-Known Member

    Yikes! That's too bad. I guess I got lucky w/ my rates and haven't had to check up on it.
  6. laurie33

    laurie33 Well-Known Member

    Re: Lower student loan interest rat

    Thanks marci, I sure wish that weren't the case. On a $21K loan those 3-4 percentage points would sure help a lot.

Share This Page