We took out over $150K of parent direct loans to finance our college tutition. Do you have any advice on how to consolidate and lower the interest rates on the loans? We are on the hook for 7% interest rate.
Yes, you must pay 7% because that’s what you agreed to.
You can check So-Fi but not sure if you are going to find a better rate.
I’m confused…you took out parent plus loans to fund “your” college education? Or did you mean to say you took these loans to fund your kids’ college educations?
Your kid has just graduated, right? Have you been paying any money off over the years in college? And you wouldn’t have chosen PP loans had you had access to lower rates, so what is different in your financial situation that would position you to get a better rate? Home equity? Does early pay off of PP loans have penalties? PP loans seems to be an expensive option for people with no other funding choice. Will you borrow for your next kid in college?
Is this for just your eldest child or are they loans for different children? If you cosigned loans for multiple children I doubt they can be combined.
Are you trying to figure out how to finance your daughter’s education? If you’re $150k in debt for the kiddo graduating this year and that amount of debt is an issue, saving a few percent on loans might not help much. I hope she’s looking for merit aid.