Help with making my loans easier!

[innosin]

So I was one of those poor bastards who consolidated with Sallie Mae and I'm frustrated. I'm able to make my $470 (!) monthly payments, but it depresses me how over $300 of that goes toward paying interest because it feels like I'm making no progress.

 

Excel-UNSUB/NELLIE MAE, FNBC AS TRUSTEE $10,589.93 10.25%

NELLIE MAE, FNBC AS TRUSTEE $13,955.29 10.25%

Excel-UNSUB/SLM EDUCATION CREDIT FINANCE COR $11,078.00 10.50%

Signature Student-UNSUB/CHASE-JPMORGAN CHASE BANK, N.A. $326.89 6.5%

Consolidation-SUB/SLM EDUCATION LOAN CORP $12,451.27 2.875%

Consolidation-UNSUB/SLM EDUCATION LOAN CORP $1,138.75 2.875%

 

My main problem, as you can see, is that most of those loans have a beautiful 10.25 or 10.50 rate.

 

These loans are all consolidated as one, so it's not like I can put more money toward the high-rate ones while leaving the low-rate ones alone for now. Do I have -any- options on either lowering my rates, transferring the loan, or basically anything to get me out of this mess? I'm not sure what my credit is like now, but it was pretty much non-existant when I took out the loans, so my parents co-signed. Still, I'd imagine my credit is good as I've never missed any payments on anything, my credit card debt is low, and I've fallen into the habit of paying for everything with a credit card (and paying it off monthly).

 

Thanks for any help!

[Guest Bree82]

Im no help but I thought when someone consolidated they took ALL their loans and turned them into one loan with one payment. You have a bunch of loans up there so Im not seeing the consolidation? Im learning here so I was just wondering...

[innosin]

Mine are consolidated, but they still keep the information on what the loans were beforehand. Mine are private loans rather than federal, if that makes a difference there. For example, two of my good-rate loans in the 'consolidation' are eligible for a 1% rate drop after a few more payments. Unfortunately those 10+% ones don't have any sort of relief in sight.

 

But payments I make still get split up between all the loans somehow. I can't, for example, pay $500 specifically toward one of my high-rate loans.

[innosin]

Also, is it possible to pay Sallie Mae via credit card? I'm assuming it's either impossible or very well hidden, because I see no way of doing so on their site.