Help with Student Loan Payback!!!
Here is my situation:
I will be graduating in May with a lot of student loans. I have about
$26,000 in student loans. $8000 in perkins loans, those are cheap
4-5% loans so i'm not so worried about them. The other $17,000 loans
are from subsidized Direct loans. Right now with the treasury bill at
about 5.6 % i will probably pay the max of 8.25%. I want to lower
this anyway possible. I will definately do automated payments which
should cut it down to 8%. I am looking to pay back my loan in about
15 years or so, time isn't an issue as long as I get a low rate.
Here is my question:
Can anyone give me names of companies (ie, sallie mae, citibank) that
can help lower my interest rate. I read about a lot of companies which
will cut 1/4% off the loan if I make automatic payments, some which
will cut it another 2% if i make my first 24-48 payments on time, etc,
etc. Also, should I consolidate or not. Should I even look for
another company to take my loans or stay with the William Ford Direct
Loan program. Ugh! I hate this! Anway, I would like advice from
someone who's recently been through this and/or someone who has some
good advice.
- You will save far more by paying them off as quickly as possible than trying
to shave off an interest point or two. If you have a good running car, I
suggest you skip the traditional "I've finally graduated, now I get the new
car" error that so