When I went to college I had both federal (direct loans) and private (citi bank).  I consolidated the federal together and paid them off a few years ago.  The private loans were also consolidated by Education Finance Partners (If I remember correctly) and now it is currently serviced by ACS-education.com.  Until about a year ago, the ACS website indicated the loan type was FFEL and now it currently indicates “Private Loan Programs.”  It states the lender is “Student Loan Funding 2A-GT-2013”  and the guarantor is Bank of New York Mellon Trust Co.  The interest rate is a fixed 9.09% and it is making me sick!  I have about $74k remaining.  What type of loan is this and is there anything I can do to get the interest rate down?  I feel very stuck.  I am able to make the minimum payments, but only about 1/6 of the payment is going to principal.  In this day and age of rock bottom interest rates it seems like I got a payday loan for a student loan.

Hmm.  That’s weird.  A FFEL loan is a federal student loan.  Here’s what to do:  log in to the National Student Loan Data System: http://nslds.ed.gov AND get a free copy of your credit report at http://annualcreditreport.com

Look for the loan on NSLDS.  If it’s there, it’s a federal loan of some sort.  If it’s not on NSLDS, it should be on your credit report, and it should be a private student loan (unless it is somehow missing from the federal database).

There isn’t much to do about interest rates in any event, unfortunately.  If it’s a private loan (which seems likely to me with that interest rate), you might be able to refinance at a better rate, but only if your credit is substantially better than it was when you borrowed.  Be very careful about refinancing federal loans with private debt because then you’d lose important protections that only come with federal loans.

Sorry to hear you are facing this.  You are not alone.  I’ve seen private loans at 18%.  Loads of people have federal loans at 8.25%.  There are current legislative initiatives that could help if passed; try to get involved with some of that if you’re inclined.

I have the same lender!!! At acs-education.com. You do have to contact the ACS Specialized Servicing Group to see if there are other repayment options available to you. They don’t really give you any information on the website about it. Here is the number: 1-800-508-0806, Monday through Friday 8:00 am - 11:00 pm EST

Hope this helps you get an answer!

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Strangely, they gave you an FFEL type loan because it’s a student loan. Apparently, they incorrectly combined a standard loan for you. Because the interest rate is too high, you urgently need to contact the bank or the firm from which you took the loan, solve this issue, and try to make your interest rate about 7 percent. Therefore, you need to hire an economist or a lawyer who understands the credit system. Unfortunately, I can’t help you. After all, when I took out a mortgage, I immediately hired for myself a mortgage adviser from this company—Mortgage Broker Sunderland—who helped me get and arrange a mortgage on favorable terms.