Hi,

I have a federal loan with sallie mae and I am locked into an un-godly interest rate of almost 8%. Can you please tell me what my options are to reduce this usurious interest rate?

Since it is a federal loan, banks will not allow me to access a “line of credit” or other lower interest product to pay off the sallie mae loan. In addition, since my loan has already been consolidated many years ago, the U.S. dept of education is not an option to consolidate further. So does this mean that I am locked in to this rediculously high rate until it’s paid off, or I die?

Thanks for your input.