Best answer from question by sky:
Answer by Jdub
You can’t really do anything about the interest rate unless you consolidate a second batch of loans (say from a grad program). As for reducing your payments, you should contact the lender to see if there any plans for which you may qualify that will reduce your payments. Most lenders offer income sensitive payment plans that increase as you make more money.
Best answer from question by Mom of Two Cuties:
Answer by Rose
Research People to People financing..We have used these 2 with success.
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Best answer from question by nockmdead:
Answer by sunnyday11
It sounds like you may have a variable interest rate loan?
Here are some aspects to consider for anyone wanting to consolidate student loans.
Student loan consolidation has a lot to offer. That is what many experts often say. To find out what consolidation has to offer, let’s read on.
Overall Interest Savings
Over time, the student loans you have borrowed have been assigned with different variable interest rates. Note that the key word here is variable. While the loan you received may have offered, say, 3.5 percent at first, the rate will actually go up as the interest rates go up. So, if you have two or more of these loans, there is a great possibility that you may have owed amounts at different rates, and these rates can rise and fall yearly. Considering that the interest rates have nowhere else to go but up, it is no doubt a safe bet that the debt you have accumulated will mount faster than it would if you consider a student loan consolidation.
By considering consolidation and remaining on your 10 years payment plan, it is possible that you can lock your interest at today’s current loan rates and save some bucks over the long haul. Aside from that, all of those loans that may have come from different lending companies or banks can be a burden to deal with. So, if you consolidate, it means that you only deal with one single company and one payment rather than several. Other than that, you have the great chance to receive added bonuses like payment and interest rate reductions in case you pay your debts on time over a period of months. These benefits are also possible to come if you have automatically withdrawn your monthly payment from a checking or savings account.