My son is out of the country and I am paying off his loan. We are seniors. He has volunteered to pay himself. However, by the time currency exchanges have been calculated, it is cheaper for us the pay his loan. We have ‘myfedloan.org’ loans at 6.8% which I think is very high.
Is there anywhere we can get a lower interest rate.
I am not aware of a lower available rate for consolidating this into a new loan. Under the Direct Loan consolidation rates the new rate would be based on the weighted average of the current loan rate. You can see the links to rates and how the new interest would be calculated by visiting this link. Right now the maximum rate cap of 8.25% no longer exists.
If you wanted to use the online calculator to check what your specific rate would be, since it depends on the type of loan, click here.
Please post your responses and follow-up messages to me on this in the comments section below.Big Hug!