What are the current student loan rates? Can I reduce rate?

[mvan]

My student loan is serviced through AES, at 7%. Since mortgage rates are now so low, I was wondering if stu loans have dropped as well. If so, is there a way to have my interest rate reduced? My loan is about 4 years old.

[jayhawk1979]

FFELP loans are now at 3.42% the lowest they have ever been. You might consider consolidating.

[fla-tan]

My student loan is serviced through AES, at 7%. Since mortgage rates are now so low, I was wondering if stu loans have dropped as well. If so, is there a way to have my interest rate reduced? My loan is about 4 years old.

 

mvan

 

It sounds like you have a consolidated rate. If I am correct and you do, then you can not reconsolidate unless you have a Federally Guaranteed Student Loan outside of the consolidation. If your loans are not consolidated then your rate, depending on when the loans were dispersed will be at either 4.22% or 3.42% (not including any interest rate reduction for automatic payment).

 

 

fla-tan

[fla-tan]

FFELP loans are now at 3.42% the lowest they have ever been. You might consider consolidating.

 

jayhawk

 

That is not quite accurate. The rate you are quoting is only for those Stafford Loans in repayment that have never been consolidated and were dispersed after July 1, 1998. There are other rates for other loans.

 

 

fla-tan