How Can My Son Get Lower Rates on His Student Loans? – Niki

“Dear Steve,

My son recently completed a masters program where he incurred $24K in student loans. loan repayment began in July, with a monthly payments of about $400, and an interest rate of 6.8% for 10 years. he has tried to locate a loan with a lower interest rate but has been unsuccessful.

Do you have any information or advice on how he can obtain lower interest rates?


Dear Niki,

His best bet, if these are government backed student loans is to look into the Income Based Repayment Program, IBR, to get a payment based on his income.

Please post your responses and follow-up messages to me on this in the comments section below.


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1 thought on “How Can My Son Get Lower Rates on His Student Loans? – Niki”

  1. thanks for the advice.  i’ll pass it onto my son but don’t think this will work for him.  he’s really looking to lower his interest rate, not extend the life of the loan or reduce the principal.  he currently makes about 45K which is a little low for his $400 per month payment.  however the site charges a fee of about $500 and appears to try to eliminate some of the debt or extend the loan.  i’ve known others in past years able to consolidate loans at a lower interest rate but that was before our current economic state.


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