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USA congressional bill HR5 is being discussed today, but it only lowers interest rates on “some” college loans, and only saves a person $6.42 per month over 6 months yet 225 representatives are in favor of that bill. Please suggest better ways of saving money with regard to college education since our reps don’t seem to understand the situation. emails accepted so that I can submit those to congress.
actually I was looking for answers like: schooling and working at the same time; going to community college for two years and then going to a senior college to finish your education; getting grants; like telling colleges to cut their bills and not charge so much……so what are YOUR ideas so we can submit them to congress.
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Tags: College Costs, College Education, College Grants, College Loans, Colleges, Congress, Congressional Bill, Education Grants, Hr5, Interest Rates, Person 6, Regard, Student Loans, Ways Of Saving Money
September 10th, 2008 at 5:05 am
Check with the lender to see what options you may have with lowering the interest rate. Direct Loans allows you to save 0.25% off your interest rate if you sign up to have your payments withdrawn via electronic funds transfer when your loan is in a repayment status.
If you want to save more, you can always extend the life of the loan. I used the graduated plan which is set for 15 years rather than 10. The monthly payment amount starts low, then increases every year or two. Before I changed the repayment status, I was paying $180/mo under the regular 10-year plan. When I switched to the graduated play, my payments started at $88.75 and will increase by $20 every couple of years. It will be more interest down the road and a longer pay-off period, but it won’t financially hurt me while repaying it back.
September 10th, 2008 at 7:37 pm
i used this site to lower my student loan. it’s great! and all you have to do is fill out a simple form and they’ll help you..
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