A reader of AskTheMoneyCoach.com wanted to know how they could lower the rate on a student loan being paid to Sallie Mae. Here’s the question the person asked: Q: Being fresh out of graduate school and still learning about the financial world, I consolidated my federal subsidized and unsubsidized loans through Sallie Mae at a …
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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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