I have recently put two of my kids through college (one out of state) using Parent Plus and US Dept of Education loans.
My children have also borrowed from the US dept of Education. We deferred payments and interest during college and are now in repayment.
I owe the US Dept of Education approximately 50K @ (7%) and private lenders about 75K @ (8.50%). Even though I agreed to the terms at the time of borrowing, the private lender loans have been sold several times and their interest calculations are flat out thievery.
I can make the payments, but will not make substantial progress paying these off for some time, given the current terms & conditions.
I am ten years from retirement, have a 170K home mortgage with a fixed 3.85 rate, and make about 90K per year.
I have used the calculator on the Obama Student loan relief site and do not appear to be eligible for any of those programs. I would like to pay off these loans with a consolidation that has some type of simple interest loan with one payment. What methods or lenders could help me streamline this debt? Thank you,