A question about student loans

[marcie26]

Ok, it is my understanding that student loans cannot be discharged, but possibly be put into forbearance. My question is, is there any way to lower the interest or get lower payments? I pay 500$ per month at 9.?% and owe 63,000$ - I will be paying until I die

[Carlysmom]

I am not aware of a way to reduce the interest. Are they Federal or Private. If they are Federal and you haven't yet, I'd suggest Consolidation, especially with the Federal Direct Loans Program, I hear they are the best.

If they are Private, I don't think there is anything really you can do. I am unsure if they do Private Loan Consolidations

[mysterie91]

You can try to consolidate for a lower fixed rate but I believe student loans can only be consolidated once. If you get a forbearance your payments will actually go up once you enter the repayment status again as the interest keeps accruing while in the forbearance. Found that out the hard way!

[marcie26]

You can try to consolidate for a lower fixed rate but I believe student loans can only be consolidated once. If you get a forbearance your payments will actually go up once you enter the repayment status again as the interest keeps accruing while in the forbearance. Found that out the hard way!

yeah, I found out the hard way that private student loans are just as bad as credit cards (or maybe worse)