If you’re trying to lower your Sallie Mae student loan interest rate, you’re not alone. One reader of AskTheMoneyCoach.com shared their frustration about consolidating loans with Sallie Mae back in 2001 at a fixed 7% interest rate. While payments have been consistently made for over a decade, Sallie Mae offered no solutions when asked about […]
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When you say “Direct Loan,” I believe you are referring to the U.S. Department of Education’s Direct Loan Program (http://www.dl.ed.gov), where you can transfer and consolidate your federal education loans into a single, new loan which offers lower monthly payments. Whether or not it makes economic sense to transfer the loans depends on a host of factors, including: how manageable (or unmanageable) your monthly payments are; how many payments are left on your existing loan; the amount of time and interest you are willing to pay over time; and the interest rates on your current loans.
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