Show posts
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
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