Paying Off High Interest Student Loans

Are there any financial institutions or private lenders that can help pay off high interest student loans? My daughter borrowed just over 20K and it will take 15 years to pay off for a total of nearly 80K! That's a heck of a lot of interest!

Kelly from Renton, WA

By teapot68

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By Carol in PA (Guest Post) 09/23/2008

My kids made double payments to cut down on interest paid. If your former student can make two payments a month, it would not only take half as long to repay but cut interest in about half or more depending on how its compounded. If two payments per month arent possible, try one and a half payments per month. Even ten extra dollars per month paid on a loan adds up in the long run.

Go to the library and read books by Suzie Orman. Best of luck

By crazyliblady (Guest Post) 09/22/2008

I know that there are certain ways that people can get at least part of their student loans forgiven. These are the resources I know of. Hope this helps.

Cancellation/Deferment Options for Teachers
http://studentaid.ed.gov/PORTALSWeb ... glish/teachercancel.jsp?tab=repaying

Teach for America
http://www.teachforamerica.org/frie ... fety_basics.htm#paying_student_loans

Peace Corps
http://www.peacecorps.gov/index.cfm?shell=learn.whyvol.finben

FinAid
http://www.finaid.org/loans/forgiveness.phtml

Federal Student Loan Forgiveness
http://www.staffordloan.com/repayment/federal-student-loan-forgiveness.php