I recently refinanced my car loan and credit card to lower interest rates so I am searching for more ways to save money! I don't have much in student loans... only 7,000 after obtaining my master's degree. I have a federal subsidized loan with a rate of 6.65 I believe. Is there a way I can get a lower interest rate? Thanks for your help!
Wealthy family member. Borrow at 5% with monthly direct deposits to a new jt. account. Download a template loan contract, amortization schedule, discuss the payment structure and methods of remediation if you should lose your job, and sign it. Borrow money at said rate, pay off the bank, BAM! - 1.65% savings.
If you're currently taking a student loan interest deduction on your federal tax return this rate savings may not help unless it's closer to 4%. You're welcome.
Mine were lowered for 1) a history of on time payments 2) setting up automatic payments from my checking account.
Do you own your house? You might be able to get a better rate if you take out a home equity loan and pay off the student loan at once.