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Student Loan Interest?

I graduated med school in 2000 with a ton of subsidized & unsubsidized student loans. I consolildated in 2001 and got a 7.75% fixed rate interest rate. I currently owe $109,000. 2 years ago, a private company “bought” my loan giving me a 1% rebate and an interest reduction from 7.75% to 7.25% after 36 on-time payments. I will qualify for the rate reduction next year. I am wishing or hoping there is some way I can refinance this loan to get a better interest rate. I do have a very small loan I never consolidated still outstanding (the principal is about $500). The smaller loan is a HPSL (health professions student loan). Does anyone know if I can reconsolidate my huge already consolidated loan and combining it with my tiny HPSL loan? If not, anyone have ANY suggestions on how I can get a lower interest rate? I do NOT own a home or have any collateral except my car. My income is $115,000/year. I pay $2,000/mo on the stud loan. The interest I’m paying gnaws at me constantly.

I’m in a 25% tax bracket so am not taking home $115,000 by a long shot!! I’m taking home about $86,000. And no matter how fast I pay it off, 7.75% interest is just so high. Really, I just want to know if there’s any way to get a lower interest rate without having a home as collateral. I don’t see how I can pay more than $2,000/month and even at that rate, it’s still gonna take me five more years even with the reduction to 7.25 percent. I’m in agony over how much i’m paying in interest! Thanks in advance for any ideas.


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4 Responses to "Student Loan Interest?"

  1. AJ says:
    I was able to re-finance about $20,000 of my wife’s subsidized loans with Citiassist in 2006 at 3.5% fixed interest. Was very easy and fast.

    However, I originally also wanted to re-finance all unsubsidized loans ($15k) because the interest rate went through the roof. Citiassist didn’t want to take those at all. I had to just pay it.

    Hope this helps. Good luck.

  2. Kevin C says:
    dude, if you are making 115K a year, live on 55K a year and have this thing paid off in 2 years.
  3. SICARIUS says:
    You can live on about $40,000 per year and use the rest to pay your loans off. This interest is compounding and with your balances, you are going to eat up a lot of interest every year.
  4. Jennifer says:
    I used “Credit Solution” to settle my student loan and auto loan.They managed to reduce my debt up to 58%.It’s legitimate.I came across this company on NBC News Special Edition.Check it out here:

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