Repaying private college loans

my daughter has 1 @ 7.99% and i @ 7.73%. i kno they r NOT bankruptable and must b paid back in full. i get that.
i think what they charge these kids in interest is criminal!! other than paying them off in full any ideas how to lower the interest rates? wells fargo is the loaner,OUCH!!

If you are able to act as guarantor, I suggest that you find the best rate that you can elsewhere and use it to pay off these loans. Perhaps the college have some info on this,

Tonyrob

Go to Oakland and throw rocks through windows, or go to NYC and take a crap on a police car. Some folks think doing this will make college loans disappear.

Suze Orman has a show on Sat. nites, cnbc I believe, and she talks about student loans all the time.
Mostly about what a ripoff they are, and you can't claim bankruptcy on student loans!

So, can tune into Suze or check out her website. suzeorman.com
Worse comes to worse, can also send her an email. They are pretty good about responding.
Good Luck

So the question is how does one dodge an obligation into which he/she freely entered?

As someone noted, are you in a position to swap out another instrument that would lower the monthly tab if not the overall cost?

If you are in the lucky number of people with equity in your home you might be able to take a loan against that at a smaller interest rate and swap.

You can also combine the loans into one and extend its life which would lower the monthy payment.

Recent legislation has lowered interest rates on student loans by removing the "middle-man" fees that banks used to charge on them. I dont know if this applies to refinancing them or not.

8% interest is criminal now? I've got credit cards that would charge me 19% if I didn't pay them off each month.
One way to reduce your student loans is to join the military.

Laughable. That is the only word to describe anyone who knowingly enters into a loan contract and then whines when it is time to repay the loan. What were you thinking when you agreed to the loan? Bankruptcy should not be an option. Repay what you owe and stop with the asinine complaints. Just another example of what is wrong with this nation and the idiots who live here.

Some of you folks need to chill a bit. The original poster just asked about lowering the interest rate, tryi to get away from the loans. I assume you have the same venom for any friend or family member who was foreclosed on or sort sold. You should be screening that they keep that debt to be repaid whenever they have money.

On to the original post...in many cases you can consolidate multiple loans into one new one, even if you are in repayment. Also, the new consolidated loan can often be for a longer term so you can decrease the monthly payment. It has gotten a bit tougher to do these days, but it is still possible.

I hope the education your daughter received was worth it an I commend you on trying to find a way to help her.

Well said Stomper - there are a few here who specialize in vitriol. Lets hope that if they ever do fall on hard times, they will be treated with the same contempt that they dish out.

Meanwhile, SantaFeRail, your question was a legitimate one - I hope that you find a way to help your daughter.

Tonyrob