Private College Student Loan

Is it possible to lower interest rates on private student loans?

I got in a pickle while in college and had to take out $10,000 in private student loans....now it is kickin my butt! I can manage the monthly payment its just that 90% of the payment goes to interest. How do I go about going to another company? anything to lower this rate!! and Wells Fargo is not budging on the rate...its soooo high like over a 16%....any suggestions, advice?

Public Comments

1. In the beginning of a loan, most of the payment goes toward interest. The amount goes slowly down with time as you have more paid off. I recommend adding something extra to the payment such as $25 or $50 a month. It will make it go down faster. You could talk to your student loan company about lowering it. It is worth a try.
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