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Topics - impagd

1
Navigating Repayment / FFEL Loan Help
January 09, 2021, 07:54:10 pm
Hello,

I have 2 FFEL loans totaling about 42000. Loans were taken out in 1992 and are locked in at 8%. At this point would it be worth consolidating into a direct federal loan? Would I be able to get a lower rate? Would these enable me to qualify for a portion to be canceled as currently being proposed in congress or freezing interest accumulation under Cares Act? Unfortunately for many years I made payments but did not pay attention to balance. After taking a closer look I found that my payments were only covering interest and sometimes not even that. My balance has actually increased. I am paying $283 per month and can really pay an extra $50 per month. A little late to be asking but would appreciate any recommendations.

Thanks
David