I owe a considerable sum to Sallie Mae for Stafford Loans.?
Several years ago I consolidated all of my loans and locked in at 8.5% Needless to say, that rate is horrible. Is it possible to get a new rate, or is Congress considering a change to the law so student loans can be refinanced?
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Once you consolidate you can not change that. As for new laws there is nothing in them that talk about the ability to change the rates on consolidation loans. If you are having issues with your payment contact Sallie Mae they would be more then happy to assist in any way they possibly can. Keep in mind to that most rates are going up and I think for old Stafford loans the rate is at around 6-7%. They went up this year. Looks like you capped the rate at 8.5 when you combined those loans.
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