I have about 96,000 in PRIVATE student loan debt. I got off to a rough start with payments when I graduated in 2011 but since late 2012 I have been paying faithfully and haven’t made a dent in the balance. I have written numerous times to Wells Fargo, Navient (first Sallie Mae) and AES (previously Chase) to ask for a reduction in my interest rate to no avail.
I have every intention to pay these loans back and really just need a way to lower the interest rate so that more of my payment would go to principal. I have tried loan consolidation and have been turned down numerous times.
All I am trying to do is find a way to make my payment go to the principal in order to get the balance down. I have a good job but the payment of over $1000 leaves me with little disposable income after car, food and rent.
Is there any kind of a program that would let me consolidate these loans at a lower interest rate to be able to pay them off?
Unfortunately when it comes to private student loans there are not many good programs that will actually lower the already low interest rates.
Private student loans are a terrible problem for many people. It’s why I recently wrote Why Defaulting on Private Student Loans is Not as Crazy or Irresponsible as it Sounds.
If you can make your payments, you should make them, but the article goes into the myriad of issues that have led to the private student loan problem today.