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REPAYE for Federal Loans and Options for Private Loans
October 27, 2015
9:39 pm
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bconway12
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I graduated with a BSN in 2006 from a private university. Currently, I have about $28,000 at 4.75% in federal loans, $22,600 at 3.75% in private loans and $8,000 at 5.5% in private loans. I pay about $465 per month total and can no longer make these payments. I have consistently made these payments and have an excellent credit score. I’m reading about the REPAYE for federal loans and hope I can participate in the future. What are my options for the private loans? I consolidated in 2006 or 2007. I was with Sallie Mae but recently Navient is who I pay. Help please.

October 27, 2015
9:47 pm
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Indiana
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Forum Posts: 334
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May 3, 2014
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Based on your response, I’ll assume you are already signed up for IBR for the federal loans. For now it will likely result in the lowest monthly payment… that is until REPAYE goes into effect.

As for your two private loans, your interest rate is actually pretty good on both of them. Though it is possible to consolidate at an even lower rate, this requires a large income in addition to your excellent credit score. Unfortunately, there is no way to leverage your excellent credit alone into lower payments.

Because you are with navient, one option that you might look into is their rate reduction program. It was created to help out borrowers who have fallen behind on their loans or who are on the brink of falling behind. The nice part about this program is it gives you lower interest rates, so you pay less each month, but you put a dent in the principal balance. The article on the Navient Rate Reduction Program is here: https://studentloansherpa.com/interest-rate-navient/

One word of caution that I would offer is to avoid the temptation of a deferment or forbearance. Unless you are a few months away from starting a much higher paying job, deferring payment makes little sense. If you just delay payment, interest will continue to accumulate and your problem will only get bigger. Its a very temporary solution to a long term problem and should be avoided.

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