2006-07-25 20:13:51 · 4 answers · asked by Going Under 1 in Business & Finance ➔ Personal Finance
That's a tough one. Unforunately, you've been a victim of the recent US rate hikes meant to protect the dollar and control inflation. Shopping around for lower rate loans MIGHT help (FYI every percent drop will lower your interest by about 75 per month) but is not likely given that deposits get interest of up to 5%. Also, they might ask for a shorter repayment period of the principal to accomodate the rate drop. It's worth trying but I wouldn't bet my life on it.
I'd suggest that if you have access to 'soft' personal sources of cash such as family or friends, you might do so and fully or partly repay your loan then use the interest savings to pay for principal, thereby lowering your total payment over time.
2006-07-25 22:01:13 · answer #1 · answered by puppy 3 · 0⤊ 0⤋
Typically a person would take on an additional amount on their home mortgage (low rate), pay off the student loan (in full) and then pay it off slowly over time at a much lower interest rate. If you're not a home owner, I don't know really besides to see if you can get a lower interest loan from somewhere else.
2006-07-25 20:17:07 · answer #2 · answered by bombhaus 4 · 0⤊ 0⤋
well, one upside about it is the interest is tax deductable. you should get a job and pay as much as you can. good luck
2006-07-26 03:30:08 · answer #3 · answered by jean 4 · 0⤊ 0⤋
If you join the Army, they pay it off for you! Thats right...check it out!
2006-07-26 02:22:31 · answer #4 · answered by skigod377 5 · 0⤊ 0⤋