I am getting a %7.65 rate on my loans and it is killing me. I am hearing about these lower interest rates, but I already consolidated with Sallie Mae and I feel very helpless. Instead of watching what I owe decrease, it just seems that it stays the same.
What do I need to do?
Please help me.

Unfortunately there is nothing you can do. Interest rates are set by the rate that you orginally took out when you borrowed the money. Even if you consolidated today while they are advertising the lower rates, your rate would be the same.

Are you taking advantage of any/all back end perks Sallie Mae might offer to lower the interest rate??

There has to be something I can do. How do all these people consolidate there student loans to much lower rates?
I am drowning in this rate. It is either find a way to lower it or rob a bank to pay it off.

Basically, everyone is consolidating at lower interest rates than yours because we hadn't consolidated before. Actually, your interest rate doesn't even decrease when you consolidate -- it goes up (very slighty, but still up). It's the weighted average of your current interest rates, averaged up to the nearest 1/8th percent. It just makes them fixed rate loans and allows you to potentially extend your repayment period. Really, the only thing available is if you have additional SLs that weren't consolidated into the original consolidation loan. However, even that's of limited help since they use the weighted average of the interest rates and unless it's a substantial amount that was left out and has a lower rate, it doesn't do too much.

Consolidation is a one-time deal. There are others in your situation who have tried to lobby Congress to change the law and allow for additional consolidations, but that obviously hasn't gone anywhere (Congress is currently looking at making consolidation loans variable, so they're sort of going the other direction). Those really, really low rates you've been seeing are only applicable to loans disbursed after 7/1/1998, which is when they changed the method in which they determined the interest rate on SLs. For those of us with loans older than that, the rates are a little higher.

If you're unable to make your payments, have you talked with SM? There are repayment plan options and another one may work better for you, including an income-sensitive option. If you're really having problems that are likely to be temporary, forbearance or deferment options are available.

I hope this helps (and that bank robbery isn't ultimately necessary -- I don't think there's a deferment option for while you're in prison!!)!! Good luck!!

The other people loans originated at a lower rate. Are you taking advantage of any rate reductions sallie mae offers???

http://studentaid.ed.gov/PORTALSWebApp/stu...sp?tab=repaying

Consolidation loans have fixed interest rates that are based on the weighted average of the interest rates on the loans being consolidated. A lender can provide a new consolidation loan borrower with the lowest statutory weighted average interest rate for loans by using the lower of the weighted average of the interest rates on the loans being consolidated as of July 1 or the date the lender received the borrower's consolidation loan application. The lender should apply a consistent method of determining when an application is received.

don't feel bad about your rate. I consolidated in 1995 and have 9% on mine

Hi. You can also think about doing a forbearance on your account which will allow to take a break for as many months (I can't remember what the maximum is, I only did for about 6) as you need. This could help you at least have some months without the loans and allow you to either save money to pay them in the future or pay off other debt now.....

During periods of forebearance the interest continues to accrue...it is capitalized when the forebearance is over.